Rola banków w emisji obligacji komunalnych
The role of banks in municipal bond issue

Summary/Abstract: Municipal bonds in addition to loans and bank loans play an important role in financing investment projects of local government. Banks organize the technical issue and, moreover, usually acquire the entire issue in the primary market for their own account. This article presents the role of banks in Poland, as organizers of municipal bond issues. The subject of analysis are value and structure of the investors in the municipal bond market in Poland.

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