21:43 7 April 2021
Default Rate Index exceeds 10% for first time
Over the last 12 months, the value of bonds outstanding on the stock exchange reached PLN 659.4 million, already recording the sixth consecutive upward quarter. According to the calculations of Obligacje.pl, outstanding securities accounted for 10.6 percent of debt expiring in the last 12 months, long ago beat the worst results from 2014, when the Catalyst market was suffering from childhood disease (the percentage of defaults was then 7-7.5 percent).
"The list of outstanding bonds is still built mainly by scandals (GetBack, ZM Henryk Kania), which now includes unsuccessful restructuring (PBG). Only these two categories accounted for over PLN 551.8 million of outstanding debt last year," Michał Sadrak, Obligacje.pl, wrote.
In his opinion, contrary to the presented statistics, bond failures on Catalyst have become much more predictable. We usually find out about the troubles of companies now when they attempt to repair them under court protection, and not – as in the past – only on the day of debt redemption.
