Polish corporate bond issuance hits record but private sector lags

Polish corporate bond issuance reached a record 17.8 billion zł in 2025, up 25% year-on-year, with strong momentum continuing into H1 2026. However, the growth is driven by state-owned or quasi-state entities, not private businesses, which are constrained by regulatory burdens. This suggests a bifurcated market where public sector issuance dominates, potentially crowding out private issuers.