This title analyzes the recent evolution of the Polish fixed-income securities market, including the money market, the government bond market, and the non-government bond market, focusing in particular on the sub-national bond market. It examines key policy challenges facing the development of the sector, including policies to stimulate the development of the classic repo market, increase the reliability of the government bond yield curve, stimulate the overall development of the non-government bond market, and undertake a reform of the legal and regulatory framework for local government borrowing.