Bond Issue Extends to new markets

Warsaw 17th March 2012

The Bond issue is chasing new markets; continued downsizing of bank business and the distinct lack or availability of financial instruments with the continued apathy for project in the banking sector in Central Europe is driving significant money to the bond markets.

WSE already has over 200 corporate bonds listings Polish Corporate Bonds and with coupons for every type of development business, generally new issues are well subscribed and despite being in infancy it illustrates a very good cross section of active local business.

Many of the local real estate firms have a very strong following on the bonds market and its not just the locals putting up the money. Warsaw was again voted number 2 European City after London for real estate best investments at this years MIPIM meeting in Cannes. In any event project owners and investment hopefuls see issuing a coupon on the Polish Bond Market far more fruitful than wooing the bankers in their current demise.

Its not just real estate and a common industrial offering, the renewable energy sector is well represented it is now turning to the Corporate Bonds Market for raising cash; as banks continue to be reluctant to lend so even the renewable energy borrowing [and lending] business is going to the Corporate Bonds Market.

The renewable energy industry is in its infancy in Poland and as Poland still holds pride of place the dirtiest Country in Europe the market has a long way to go before we can see the top rung. Current Bond issues in this sector are Biomass and alternative fuels and technologies rather than wind, the local solar industry is so far a farce.

Wind and Biomass were it seemed equal in offering in the early days. Wind is definitely on the decline because of costs, it simply cannot compete as technology in biomass improves everywhere not just in Poland. The wind industry has had a hard time, many developers have given up against the endless odds of Polish bureaucratic and corrupt authorities whilst most European investors have seen it fit to stay well away.

One irony is although there is no domestic market for solar and solar products in Poland solar is well liked and there are several very successful firms who export solar modules  from Poland. There are solar Bonds on the UK markets which are surprisingly well subscribed to by Poles and so much so one London firm is actually considering a piggy back to the Polish Corporate Bonds market to attract new revenues.

The solar coupon would do well on the Polish market a recent street survey showed the majority of Poles to be green and very much in favor of changing Europe low opinion of Poland regards the environment.

The majority of government does not take the environment seriously; according to most Poles the Polish authorities are apathetic and few politicians see the environment as being consequential to votes. According to a recent survey over 8o% of the population believe that the European Union would take things into their own hands before the local government would react at all.

If investors appetite on the Bond Markets were a lesson to the local politicians we would have a lot more environmentalists in City Hall in Poland say many.

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