With the issue of series C bonds, GPW has ensured a stable attractive cost of financing for part of its debt. The bonds were placed at a very low margin against Treasury bonds
On 6 October 2015, GPW issued PLN 125 million of seven-year unsecured series C bonds maturing on 6 October 2022. The bonds have been listed since December 2015 in the alternative trading system operated by GPW and BondSpot. Interest is fixed at 3.19% p.a. and paid semi-annually. At the date of issue, the interest rate was the lowest of all long-term fixed-coupon PLN corporate bonds listed on Catalyst. The cash raised in the issue of the series C bonds was used to redeem part of series A and B bonds.
Series A and series B bonds have been traded on the GPW regulated market and in the BondSpot alternative trading system since 2012. The bonds were issued at the turn of 2011 to 2012 in a total amount of PLN 245 million, of which GPW redeemed PLN 124.5 million at PLN 101.20 per bond in October 2012. PLN 120.5 million of bonds remained in trading. GPW’s series A and B bonds assimilated under a single ISIN code are unsecured floating-rate bonds. Interest is fixed within six-month interest periods at WIBOR 6M plus a margin of 117 basis points. The interest rate on the bonds was 3.22% in H1 2015 and 2.96% in H2 2015. In 2015, the GPW bond price ranged from PLN 100.40 on 21 December 2015 to PLN 101.60 on 28 September 2015.
Interest on GPW series A and B bonds
| Interest period | Interest payment date | Interest paid (per bond) | Interest rate in the period |
|---|---|---|---|
| I | 2 July 2012 | 3.21 | 6.17% |
| II | 31 December 2012 | 3.18 | 6.31% |
| III | 1 July 2013 | 2.62 | 5.29% |
| IV | 31 December 2013 | 1.95 | 3.87% |
| V | 30 June 2014 | 1.93 | 3.89% |
| VI | 31 December 2014 | 1.95 | 3.87% |
| VII | 30 June 2015 | 1.60 | 3.22% |
| VIII | 31 December 2015 | 1.49 | 2.96% |
| IX | 30 June 2016 | 1.471 | 2.94% |
[1] Interest for the IX interest period will be paid to GPW bondholders on 30 June 2016
Interest on series C GPW bonds at PLN 1.60 will be first paid on 6 April 2016 for the first interest period.