Abstract:

The main aim of the article is presentation of the changes that have occurred on the primary covered bonds markets in Poland in the period 2000-2019 with emphasis on the impact of changes in legal regulations. Based on the conducted analysis, it can be concluded that domestic mortgage banks benefited from new legal solutions, which resulted in a significant increase in the quantity and value of issued covered bonds and their introduction onto European markets. The abolition of withholding tax and increased investor protection resulted in increased interest in Polish mortgage bonds from foreign investors who became the main purchasers of mortgage bonds issued since 2016. A bold statement can be made that the covered bonds market in Poland has transformed from the local market into foreign market.