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Bonds and other instruments 'The market valued the investment certificates of the Skarbiec-Gwarancja 2002 fund at a hefty 107 zloty at their debut. This is the first investment fund to be listed on the Exchange', wrote the Gazeta Wyborcza in May 2000 about the first day of trading in investment certificates issued by a closed-end investment fund. Certificates issued by Skarbiec-Gwarancja 2002 are traded in the continuous trading system. This was not the only debut of a new instrument in 2000. In April, corporate bonds were traded for the first time in the WSE's history. The issuer of three-year floating-interest bonds was Centrum Leasingu i Finansów Clif SA, a company listed on the free market of the WSE. Until April 2000, only Treasury bonds had been traded on the Exchange. At the end of 2000, 47 series of T-bonds (2-, 3-, 5-, and 10-year) were being traded, all in the continuous trading system, where the transaction unit is one bond. Enhancement of the range of instruments available on the bond market failed to stimulate investors' interest in these securities. Stagnation prevailed on the bond market in 2000; total turnover for the year approached 4.6 billion zloty, which is a nearly 4% decline over 1999, and a 50% fall compared with 1998. The average value of a bond transaction was 18,700 zloty - somewhat higher than in 1999, when it was 17,600 zloty.
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1992 Introduction of first Treasury bonds into trading. 2000 Trading in corporate bonds launched (Centrum Leasingu i Finansów Clif SA). First investment certificates introduced into trading (Skarbiec-Gwarancja 2002 closed-end investment fund). |
