Olivia Fin: corporate bonds on Catalyst
Olivia Fin has 8 bond series listed on Catalyst with an issue value of PLN 166.9m + EUR 21.2m. Next maturity: OBC1126, PLN 27m, 22 November 2026.
Key figures
2025 annual report (oliviacentre.com) · as at 11 Nov 2026and 2 more
- maturities in the next 12 months exceed cash
- negative operating cash flow in 2025
Not shown yet: net debt / EBITDA. We only show figures verified against the company’s report, and these have not been confirmed yet.
Data on series and maturity dates come from GPW Catalyst. This page describes the company’s data and is not an investment recommendation.
Olivia Fin Sp. z o.o. SKA, based in Gdańsk, is a special purpose vehicle that issues bonds on Catalyst and lends the proceeds to companies of the Tonsa Commercial REI N.V. group, owner of the Olivia Centre office buildings in Gdańsk Oliwa. The issuer has no sales revenue and negative equity, so repayment depends on the guarantor’s group: Tonsa guarantees its bonds. In July 2026 Tonsa sold the Olivia Star building to the STRABAG group.
Financial results
PLN million, standalone figures; figures from the company’s reports. A dash (–) means the figure is not in our database.
| Item | 2023 | 2024 | 2025 | 6M 2026 |
|---|---|---|---|---|
| Revenue | 0.00* | 0.00* | 0.00* | 0.00* |
| Operating profit (EBIT) | −0.99 | −1.37 | −1.10 | −0.45* |
| Net profit | −4.97 | −4.28 | −1.96 | −2.73* |
| Total assets | 275.8 | 283.8 | 294.6 | 280.8 |
| Equity | −1.24 | −1.52 | −1.48 | −0.21 |
| Total liabilities | 277.0 | 285.3 | 296.1 | 281.1 |
| Cash and cash equivalents | – | 2.14 | 17.2 | 14.1* |
* Figure matches the company document (annual report for 2023; annual report for 2024; annual report for 2025; half-year report for H1 2026) but has not yet been confirmed by a later report.
Sources: annual report for 2023, annual report for 2024, annual report for 2025, half-year report for H1 2026, half-year report for H1 2026, annual report for 2025.
Debt and repayment capacity
Ratios based on annual reports (standalone), using only figures verified against the company’s filings. A dash (–) means the figure is not available; a negative interest cover means an operating loss.
| Ratio | 2023 | 2024 | 2025 |
|---|---|---|---|
| Interest cover (how many times operating profit covers interest expense) | – | −0.05× (EBITDA) | −0.04× (EBITDA) |
| Equity / total assets (share of assets financed by equity) | −0.5% | −0.5% | −0.5% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | 2.3 | −2.6 |
Sources: 2023 annual report, 2024 annual report, 2024 annual report (2), 2024 annual report (3) and 1 more.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| OBC1126 | 22 Nov 2026 | 9.84% | Floating (3M WIBOR) | +6.00 pp | Guaranteed | 5.81% |
| OBC0127 | 14 Jan 2027 | 9.86% | Floating (3M WIBOR) | +6.00 pp | Guaranteed | 4.01% |
| OBC0627 EUR | 8 Jun 2027 | 8.15% | Floating (3M EURIBOR) | +5.50 pp | Guaranteed | 4.96% |
| OBC0828 EUR | 7 Aug 2028 | 7.40% | Floating (6M EURIBOR) | +4.70 pp | Guaranteed | 6.79% |
| OBC1028 | 22 Oct 2028 | 8.37% | Floating (6M WIBOR) | +4.40 pp | Guaranteed | 7.56% |
| OBC0429 | 24 Apr 2029 | 7.97% | Floating (6M WIBOR) | +4.00 pp | Guaranteed | 7.50% |
Series codes link to the series pages in Polish. Yield to maturity is calculated by the Polish brokerage DM BDM, before tax and commissions; for floating-rate bonds it assumes the reference rate (WIBOR or EURIBOR) stays at its current level. “No quote” means no recent price.
Questions about Olivia Fin bonds
How many Olivia Fin bond series are listed on Catalyst?
Olivia Fin has 6 bond series listed on Catalyst with a total nominal value of PLN 142 million and EUR 14 million (amounts in different currencies are shown separately). Their maturity dates range from 22 November 2026 to 24 April 2029.
When does the next Olivia Fin bond mature?
The next maturity is series OBC1126 on 22 November 2026 (nominal value PLN 27 million). The following ones are OBC0127 (14 January 2027) and OBC0627 (8 June 2027). An early redemption at the issuer’s request can change these dates.
How is the interest on Olivia Fin bonds set?
All 6 series pay a floating rate: 3M WIBOR (2) or 3M EURIBOR (1) or 6M EURIBOR (1) or 6M WIBOR (2) plus a margin of 4.00 to 6.00 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Olivia Fin bonds secured?
Security by number of series: guaranteed: 6. Secured or guaranteed series give bondholders an additional source of repayment if the issuer cannot pay.
Source: our database of Catalyst series, terms and conditions of the bonds and company announcements.
Our full analysis, financial results and news on Olivia Fin are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.