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GPW Benchmark Launches Corporate Bond Market Monitoring System

GPW Benchmark has launched the Corporate Bond Market Monitoring System, a new initiative designed to enhance the transparency of information relating to activity in the non-Treasury debt securities market. As part of the new service, two indices have been introduced: the Warsaw Public Debt Instruments Index and the Poland Corporate Bond Financials Index.

The Corporate Bond Market Monitoring System is published on a monthly basis and provides, among other things, daily index values, information on portfolio composition and selected market data relating to individual bond issues. As part of the project, GPW Benchmark has added two new benchmarks to its offering: the Warsaw Public Debt Instruments Index (WIPID), which reflects developments in the market for publicly traded debt instruments listed on Catalyst, and the Poland Corporate Bond Financials Index (POLCBF), which tracks the market for corporate bonds and covered bonds issued by financial institutions. The company has also announced further expansion of its family of non-Treasury debt securities indices.

The Warsaw Public Debt Instruments Index (WIPID) reflects developments in the market for corporate bonds and covered bonds listed on Catalyst. However, the index portfolio excludes corporate bonds and covered bonds characterised by the lowest levels of trading activity.

The Poland Corporate Bond Financials Index (POLCBF) was developed by GPW Benchmark at the request of PZU TFI, the owner of the index methodology, which was prepared as part of a collaborative process based on agreed assumptions and analytical work. POLCBF reflects the market for corporate bonds and covered bonds issued by entities from the financial institutions sector, as defined by PZU TFI. The index also includes private placements.

The input data used for both indices are sourced from the Catalyst market and from data covering transactions settled through KDPW. Detailed methodologies are set out in the following documents adopted by the administrator and available on its website:

• POLCBF Corporate Bond Index Rules (PL version only)
• Warsaw Listed Debt Instruments Index Rules (PL version only).

GPW Benchmark acts as a licensed benchmark administrator and develops its indices in accordance with the standards set out in the EU Benchmark Regulation (BMR). Both indices are made available for use by financial market participants as benchmarks and have been incorporated into GPW Benchmark’s product offering.

In view of the growth potential of the non-Treasury debt securities market and ongoing efforts to strengthen the foundations of both the primary and secondary markets, GPW Benchmark intends to continue the dynamic expansion of its family of non-Treasury debt securities indices.