Abstract:

The aim of this article is to characterise the market for green bonds issued by Polish companies and to highlight the key features of this segment in comparison with traditional debt financing (WSE, WSE Catalyst, 2025). The analysis is exploratory in nature and is based on publicly available information about issuers for whom the use of green bonds or related sustainable finance instruments has been confirmed. The data collected indicate that the market in Poland is no longer purely sporadic and encompasses entities from sectors such as energy, banking, property, telecommunications, retail and logistics (Parkiet, 2025). At the same time, its structure remains centred on a few major issuers and several large transactions, including Polenergia issue worth PLN 750 million and Mosty Magazynów Energii issue worth PLN 100 million. To organise the findings, a simple descriptive analysis was carried out using a benchmark consisting of the average spreads of ordinary corporate bonds listed on Catalyst. The spreads of green bonds were also compared to those of KGHM S.A. bonds, which were treated as representative of the most creditworthy corporate debt issuer (GPW, 2026). The results suggest that green bonds on the Polish market serve not only a financial function, but also a reputational and communicative function vis-à-vis investors. Compared with the issuer with the highest creditworthiness (KGHM S.A.), green bonds exhibit a higher spread, which mainly reflects the difference in credit risk; however, compared with the average spread on the Catalyst market, they are cheaper by approximately 1 percentage point, indicating a moderate price premium (greenium).