Wpływ pandemii COVID-19 na rynek dłużnych papierów wartościowych – analiza na przykładzie wybranych krajów
The impact of the COVID-19 pandemic on the debt securities market – an analysis based on the example of selected countries

Summary/Abstract: The aim of the study is to present the impact of the COVID-19 pandemic on the debt securities markets in seven selected European countries, i.e. Spain, France, Italy, Slovakia, the Czech Republic, Hungary and Poland. The analysis is based on the observation of statistical data on debt securities presented by the Bank for International Settlements. The period covered by the analysis is 2020. The volume of debt due to debt securities in selected countries was analyzed, broken down into debt securities issued by financial corporations, non-financial corporations and government and local government institutions. Trends in changes in debt are also shown based on the size of overall debt securities in the countries under review. Quarterly data was used to illustrate changes in the debt securities market during the COVID-19 pandemic more accurately. The analysis of the topic allows us to conclude that the COVID-19 pandemic had a positive impact on the development of the debt securities market in the discussed countries. All countries registered an upward trend in the amount of total debt arising from debt securities issued. The increase in indebtedness concerned both financial and non-financial corporations, as well as central and local government institutions. The observed trends did not depend on the level of economic development of the country or the degree of development of the debt securities market.

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