Poland's corporate bond issuance falls while average size rises

The Polish corporate bond market recorded its lowest number of issuances in a decade, with only 233 deals in the past 12 months. Public offerings aimed at retail investors dropped sharply, falling about 70 % in the first half of the year, and the total number of prospectus‑based issues has stayed at historic lows for over two years. At the same time, the average size of each issuance increased to just above PLN 70 million, driven by a handful of large deals exceeding PLN 500 million.

Bank‑related debt offerings remain robust. The volume of bank and financial‑institution bonds stayed near record levels, with more than 150 issuances annually and a cumulative value above PLN 80 billion over the last 12 months. The average single bank issuance now exceeds PLN 0.5 billion, roughly a 60 % rise from four years ago. Smaller investors have limited access, as most new issues target institutional investors, while banks continue to dominate the market.