ANALYSIS OF DETERMINANTS OF INTEREST RATES OF CORPORATE BONDS LISTED ON THE CATALYST BOND MARKET IN POLAND
Published: 28 Aug 2016
Abstract: The Catalyst market is an organised bond trading market in Poland, and was launched in 2009. Since then, it has developed into the leading market of debt financial instruments in the region of Central and Eastern Europe. This paper defines the determinants of interest rates of corporate bonds listed on the Catalyst market using multiple regression. The sample comprised 302 series of bonds issued by 93 enterprises in 2012-2015. The determinants that negatively affect the interest rate level of corporate bonds may include covenants, financial liquidity of the issuer, sales revenues of the issuer, face value of the bonds and their maturity while the factors with positive effect on the interest rate level of bonds include the collateral of bonds.
Keywords: corporate bonds, interest rate, catalyst bond market
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