17:46 2 November 2026
Largest developers refinancing debt
Polish developers issued PLN 810 mln in bonds in the third quarter of 2026, down from PLN 893 mln a year earlier. Established issuers Arche and Okam paid margins of 3.7 to 3.9 percentage points above WIBOR, while smaller companies paid 4.4 to 6.0 points. As of September 30, PLN 1.8 bln in developer bonds was due to mature over the following 12 months, including PLN 1.1 bln around late February and early March 2027.
Archicom and Murapol have arranged refinancing, while PHN raised PLN 250 mln in October. Investors are closely watching Ghelamco’s plans to repay PLN 405 mln in March 2027.
