Czynniki kształtujące bond spread polskich obligacji skarbowych
Determinants of Polish sovereign bond spread

Summary/Abstract: The aim of this article is to determine which of the fundamental bond spread’s drivers described in the international literature have the largest effect on risk premium of Polish sovereign bonds. Firstly, empirical and theoretical research was reviewed in order to identify and present key variables. Secondly, econometric analysis using least square regression was conducted. The findings support the propositionsof the worldwide literature in this field. Bond spread of Polish sovereign bonds is determined predominantly by (i) creditworthiness, (ii) global risk aversion, and (iii) liquidity of governmental bonds market.

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