How to buy corporate bonds on Catalyst: account, order and costs

First identify the series and market access

A Catalyst purchase concerns a particular instrument, not just an issuer’s name. Find its ISIN, face value, currency, market segment and issue documents. Then confirm that your brokerage account supports orders in that series. Access to GPW shares does not establish access to all bonds.

When opening an account, check required documents, funding methods, the fee schedule and service terms. Overseas residents should also check residence requirements, currencies and intermediary restrictions. A procedural description guarantees neither customer acceptance nor access to an offer.

A price quoted as a percentage of face value

A bond quote may be expressed as a percentage of face value. With PLN 1,000 face value, a quote of 101.2 means a PLN 1,012 clean price per bond. Settlement adds accrued interest payable to the seller and commission. Check the settlement amount and date with the broker: accrued interest shown today may differ from interest on the settlement date.

Hypothetical purchase of four bonds: 4 × PLN 1,012 clean price = PLN 4,048. Assuming PLN 12 accrued interest per bond on the chosen settlement date adds PLN 48. An assumed PLN 15 commission brings the total to PLN 4,111. These inputs are illustrative, not a particular broker’s tariff. A different settlement date or execution pattern can change actual costs.

Price limit and quantity

A limit order sets the maximum purchase price or minimum sale price under market rules. Check whether the price field expects a percentage of face value and whether quantity means individual bonds. A purchase price limit is not a cap on the complete settlement amount including interest and commission.

A limit does not guarantee execution. With few available offers, an order can remain unfilled or execute only partly. Check order validity and the costs of small trades, including minimum commission. The broker provides binding rules and supported order conditions.

What to check after execution

Compare the trade confirmation with your assumptions: ISIN, quantity, execution prices, accrued interest, commission and settlement date. Keep records and establish where the broker provides payment history and tax information. Account or data fees may be charged separately from commission.

Before a later sale, check available orders and documents again. Your acquisition price and the maturity date do not ensure that a buyer will be available earlier. Secondary-market purchases differ from subscribing to a primary offer. This material is educational and is not investment advice.