GPW bonds

GPW bonds of three series (C, D and E) in a total nominal amount of PLN 245 million were listed on the regulated market operated by GPW and in the alternative trading system operated by BondSpot as at 31 December 2017.

On 6 October 2015, GPW issued PLN 125 million seven-year series C bonds maturing on 6 October 2022. The bonds are unsecured. The bonds are listed in the alternative trading system operated by GPW and BondSpot since December 2015. The series C bonds have fixed interest at 3.19% p.a., interest is paid semi-annually. At the date of issue, the interest rate was the lowest of all corporate long-term fixed-coupon PLN bonds listed on Catalyst. The proceeds from the issue of series C bonds were used for partial redemption of series A and B bonds which were due for redemption on 2 January 2017 but were redeemed early in October 2017. As a result, GPW’s series A and B bonds in a total amount of PLN 124.5 million were redeemed by GPW at PLN 101.20 per bond. The price of GPW’s series C bond (ticker GPW1022) ranged in 2017 from PLN 100.52 on 2 January 2017 to PLN 105.60 on 7 June 2017.

Series A and series B bonds in a nominal amount of PLN 120.5 million were redeemed on maturity on 2 January 2017. Those were the outstanding series A and B bonds issued at the turn of 2011 to 2012 in a total amount of PLN 245 million. The bonds were introduced to trading on Catalyst (regulated market and alternative trading system) and assimilated under a single ISIN code. GPW’s series A and B bonds were unsecured floating-rate bonds. Interest was fixed within six-month interest periods at WIBOR 6M plus a margin of 117 basis points.

High demand for series D and E bonds combined with the margin level confirms the robust position of the Company and strong trust of investors in GPW

Series D and E bonds in a nominal amount of PLN 120 million were issued by GPW in October 2016 and registered in January 2017. Those are five-year bearer bonds. The GPW Management Board decided to issue the bonds in connection with the redemption of the second part of series A and B bonds, maturing on 2 January 2017. Series D bonds were addressed to institutional investors and series E bonds to individual investors. The issue price of series D bonds was PLN 100 per bond. The issue price of series E bonds depended on the date of subscription as follows: PLN 99.88 for subscriptions submitted on 2 January 2017 and PLN 99.89 for subscriptions submitted on 3 January 2017. The total nominal value of the issue was PLN 120 million. Series D bonds were allocated on 29 December 2016 and series E bonds were allocated on 5 January 2017. The series D and E bonds were assimilated under a single ISIN code. The average cost of issue was PLN 0.60 per bond with a nominal amount of PLN 100. The bonds have a fixed interest rate at WIBOR 6M plus a margin of 0.95 percent p.a. The interest rate in the third interest period ended on 31 January 2018 was 2.76%. Interest is paid semi-annually. The bonds are listed on the Catalyst regulated market operated by GPW and on the Catalyst regulated market operated by BondSpot.

The price of GPW’s series D and E bonds (ticker GPW0122) ranged in 2017 from PLN 100.65 on 3-4 January 2017 to PLN 102.00 on 23-24 January 2017.

Interest on GPW series D and E bonds

Interest PeriodFirst Day of Interest PeriodNumber of days in Interest PeriodRecord DateLast Day of Interest
Period and Payment Date
1  Issue DateNumber of days from Issue Date
(inclusive) to 31.01.2017 (exclusive)
23.01.2017 31.01.2017
231.01.201718121.07.201731.07.2017
331.07.201718423.01.201831.01.2018
431.01.201818123.07.201831.07.2018
531.07.201818423.01.201931.01.2019
631.01.201918123.07.201931.07.2019
731.07.201918423.01.202031.01.2020
831.01.202018223.07.202031.07.2020
931.07.202018422.01.202131.01.2021
1031.01.202118123.07.202131.07.2021
1131.07.202118421.01.202231.01.2022