Bonds. State registration of shares State shares

Stock - investment instrument companies. When opening a joint-stock company, the founders issue securities that anyone can buy. The money goes to the company, allowing it to develop, and the owners of the shares receive guarantees. Subsequently, they can count on dividends (share of profits) or part of the property if the company closes.

The question is, who guarantees that the shareholder will receive dividends or cash after the liquidation of the company?

The answer is simple: the state. Or rather, its central bank. The fact is that before selling securities (and generally starting activities), the company conducts state registration of shares. It is registration that makes shares securities.

Procedure for registration of shares

The procedure and rules for registering securities - shares, bonds - are enshrined in local legislation. In Russia, this is the Federal Law “On the Securities Market”.

The issuer (ie the company issuing securities) is obliged to register the issue of shares within one month after the establishment of the legal entity. Otherwise, the joint-stock company may be closed.

For this:

1. A joint-stock company holds a meeting at which a decision is made on the issue of securities. This decision is fixed in the document.
2. The issuer submits documents for registration of the issue of shares with the Central Bank of the Russian Federation.
3. Immediately after registration, securities are placed, that is, they are transferred to shareholders.
4. The issuer submits documents for registration of the report on the results of the issue. This must be done within 30 days after the end of the issue.

If the Central Bank of the Russian Federation refuses to register the report, the shares are withdrawn. Successful registration of the report means that the issue has passed according to the law, and the shares have value. The results of the issue are published in open sources (press). Each issue of shares is assigned a unique number.

Format and methods of placement of shares

Depending on the organizational and legal form and purposes of the issue, a joint-stock company has the right to place shares by open or closed subscription. With a closed subscription, securities are transferred to a limited circle of persons, with an open subscription - to an unlimited one. It also depends on how you place it.

The modern economy seems to be quite a complex mechanism. No less complex is the system of money, securities and other various means of payment. Government bonds are important place in this niche, while they can rightly be called one of the oldest financial instruments. You can read about why the state issues bonds, what types of bonds exist, as well as about many other things related to the securities market, in this article.

The need for additional government funding

money like means of payment, can be compared with the blood circulating in the body of the economy. In other words, without money, or any other analogue of it, the economic system simply cannot function. For any economic activity, commercial or even government, a foundation is needed, financial support. To some extent, government bonds and other securities may well be considered legal tender.

And if the purpose of commercial enterprises is to make a profit, because it is precisely for this reason that they are created, operate, produce and sell their products or provide services, then it is quite obvious that the state also needs Money Oh. In addition, it is a participant in this system of distribution of material wealth, performs its functions and obligations to people, collects taxes and provides other services. As always happens, sometimes there is not enough money, and not only private business but also the state.

Where to get money?

Why do you need a release anyway? government bonds? Being a link economic system, the state needs the money that it needs to provide all kinds of management functions. The receipt of money in the country's budget comes mainly from taxes and customs duties. Therefore, in cases where the state needs additional funding, a logical solution would be to increase taxes and other fees. However, such measures do not always give the desired result, because an increased one can provoke a reduction in the activities of a business or force it to hide from paying taxes.

Another solution could be emission - the issuance by the state of additional money, which, it would seem, will help to resolve all the accumulated problems. But even here, not everything is as simple as we would like, because the increase in the number money supply in circulation without a corresponding increase in the production of goods and services leads to the depreciation of money. Inflation makes it simply pointless to issue new notes, as prices rise, which may even aggravate the situation.

The only way out is to borrow money. This solution is beneficial in that to raise funds, you do not need to raise taxes and print new ones. banknotes, the influx of which will inevitably lead to inflation.

Bonds as a guarantee from the borrower

Government bonds are securities, the owner of which, upon expiration of their validity period, the state guarantees the return of the face value, as well as the payment of a certain percentage. In this case, the issuer, that is, the guarantor for debt obligations, is the state or individual executive authorities that have the right to issue securities. Unlike stocks, which fluctuate in price, the yield on government bonds does not change, so investing in them seems to be quite reliable.

Many countries resort to government loans to obtain additional resources and solve financial difficulties. Bonds seem to be a good way to attract investment. If we study the structure public debt developed countries, it can be seen that government bonds placed both on domestic and foreign markets account for the largest part of all debt obligations.

In addition to states, commercial enterprises are also able to issue securities to attract investment. Compared to government bonds, the acquisition of such bonds carries more risks, because if such an enterprise goes bankrupt, you can lose the invested funds. Nevertheless, in the event of bankruptcy of a legal entity, obligations to bondholders are a priority.

History of bonds. Securities in Tsarist Russia

Perhaps it would not be superfluous to tell the background of the appearance of bonds. The word itself comes from the Latin obligatio, which translates as "obligation." In the Middle Ages, the main financial centers were moneylenders who gave out loans. They could also give their money "in growth". An alternative to usurers, whose activities, by the way, were condemned by the church, are bonds that appeared in Holland in the 16th century. Initially, they were an analogue of bills, and they were issued by merchants who paid interest on debt obligations from their profits. The terms of redemption and interest on the first bonds were strictly stipulated in advance.

As for Russia, here government bonds appeared on the initiative of Catherine II. She just conquered the Crimea, however, for this she had to get into debt. The creditors who supplied the Russian army demanded payment, so Catherine was forced to look for money abroad. English and German banks met her halfway, and then the first Russian securities were born. The bond market began to develop rapidly approximately from the moment of the abolition of serfdom. The country was actively building railways, created big enterprises- for these purposes, new funds were attracted. Bonds were issued by metallurgical companies, banks and Russian rulers, the latter especially in need of money during the wars. In those days, the owner of the bonds received about 4% per annum, and the terms of their actions usually ranged from 5 to 50 years.

Securities of the USSR

As mentioned earlier, government securities seem to be a fairly reliable means of investing money, but in 1917, after the Bolsheviks seized power in the country, all debentures Russian Empire and the provisional government were declared invalid, that is, the new government simply refused to pay the old bills. But already in the 1920s, the government of the USSR began to issue its own so-called winning bonds, the interest on which was drawn and paid according to the lottery principle. Since there were not so many who wanted to buy new securities, their purchase was made voluntary-compulsory.

In Soviet times, they produced different types bonds, their mandatory purchase was canceled by Khrushchev, and the debt to creditors was partially repaid only after 1977. Under Brezhnev, winning securities gained some popularity. And just before the collapse of the USSR, commodity bonds appeared in the country, the owner of which received the right to purchase various goods in the near future, for example, household appliances or even a VAZ car. But, as in 1917, after the collapse of the country, no one really paid for these debt obligations.

Release goals

Nowadays, a country can issue bonds government loan for different reasons and for different purposes. Consider the main ones:

• To cover the budget deficit.
• If necessary, reduce the maturity of previous debt obligations.
• For cash replenishment of the state budget.
• When special purpose programs are funded by local authorities.
• To ensure uniform and uninterrupted receipt of tax funds throughout the financial year.
• In the case when various organizations and institutions, whose activities are of great economic and social importance for the state, need financial support.

Types of securities

Since there are different types of government bonds, the investor has the opportunity to choose the most suitable options for himself, based on his own priorities.

In addition, government securities are nominated as national currency, as well as in foreign. Currency bonds have a slightly higher interest rate, while they are not without guarantees of protection from the state. Still such securities are market and non-market purposes. The former include notes, bonds, treasury bills, which can always be sold or bought. The bond market is not intended for savings certificates and some other types of bank securities.

Also, securities may differ in terms of validity. For example, government short-term bonds typically last from 7 days to one year. Medium-term notes can have maturities from one to five years, while long-term bonds are redeemed in 5 years or more. However, such bonds can be presented for payment at any time, however, in this case, interest payments will be significantly lower.

Market structure

A creditor purchasing government bonds can be either an individual or entity, and the borrower is the state or some of its subject. At the time of the purchase of securities, an agreement is concluded with the lender, which clearly indicates all the conditions regarding the repayment period of the loan, interest on payments and other rights and obligations of the parties.

The securities market itself is primary and secondary. Bonds, shares, certificates and bills are placed on the primary market, that is, on the stock exchange, where anyone can buy them, of course, if he has money. All other transactions not related to trading on the stock exchange, when the purchase and sale of securities is carried out through personal contacts or using the Internet, are classified as the secondary market. However, today most financial institutions and other serious players work for secondary market securities or make transactions with the help of intermediaries.

Control of the bond market in Russia

To ensure the legitimate and stable operation of the securities market, both state and all others, the government is obliged to exercise control over the activities of its participants. In Russia, a special Federal Commission has been created for these purposes. Central Bank(FCSM), whose activities are regulated federal law RF. In each region of the country, special territorial bodies have been created that are subordinate to the FCSM. They have a wide range of powers and have the right to:

• Issue to securities market participants general licenses to implement them professional activity and revoke or suspend those licenses.
• To empower local authorities, to control their work in this area.
• Qualify securities, types of bonds, as well as determine aspects of their further distribution.
• Establish all kinds of indicators and standards in order to reduce the risks for market participants associated with securities transactions.
• Make decisions on the liquidation or establishment of additional branches of the FCSM in the regions.
• Monitor compliance with all regulations and standards governing the operation of the securities market, participate in the identification of violations, as well as in further proceedings on this matter.

These bodies and commissions, as well as the Federal Law and other regulatory legal acts, also control government bonds of the Russian Federation.

Investing in government bonds

The government bond market may not be suitable for every investor due to a number of its features. Investing in a government loan is the most suitable tool for those who prioritize the safety of their savings and obtaining a stable income, rather than high interest, because government bonds usually have a small yield.

Today it is almost impossible to find a more reliable way to invest your personal funds than to invest them in government securities. They are under the jurisdiction of legislative acts, which guarantees their stability and reliability - this compensates for the low yield to maturity of a bond issued by the state. Government bonds are highly liquid due to their undoubted win-win, so it will not be difficult to sell them. In addition, the reliability of such securities is due to the fact that they are supported not only by economic opportunities state structure but also its assets and property.

Government bonds issued by the state, which is a very common practice in most countries of the world, are considered the most reliable and stable investment instrument.

Gazprom is the largest joint stock company in Russia. The total number of accounts holding 23,673,512,900 Gazprom shares is over 470,000. The state controls over 50% of the Company's shares.

* Companies controlled by the Russian Federation

Gazprom shares are one of the most liquid instruments of the Russian stock market. The company's shares occupy the largest share in RTS indices and MICEX. Gazprom shares are included in the first (highest) level of listing on Russian stock exchanges CJSC MICEX Stock Exchange and PJSC Saint Petersburg Stock Exchange.

The voting principle General meeting shareholders - "one voting share of the company - one vote", with the exception of cumulative voting in the case provided for by the Federal Law "On Joint Stock Companies".

History of share capital

May 20, 1993 Ministry of Finance Russian Federation registered under No. MF73-1p-0204 an issue of shares of RAO Gazprom in the amount of 236,735,129 shares, the nominal value of each of which was 1,000 rubles.

October 21, 1994 Russian fund federal property in accordance with Presidential Decree No. 1705 dated 12/31/1992, based on the results of a specialized voucher auction for the sale of shares of RAO Gazprom, held from 04/25/1994 to 06/30/1994 in 61 regions of the Russian Federation, split the shares of RAO Gazprom. Crushing has been done in the following way: 1 share with a par value of 1,000 rubles was split into 100 shares with a par value of 10 rubles.

August 19, 1998 by the Federal Commission for the Securities Market in accordance with Decree of the Government of the Russian Federation of February 18, 1998 No. 217 “On the Peculiarities of the Circulation of Securities in Connection with the Change in the Face Value of Russian Banknotes and the Price Scale”, Resolution of the Federal Commission for the Securities Market of Russia of April 20. 1998 No. 6 "On the procedure for amending the decision on the issue of securities, prospectuses for the issue of securities, privatization plans and constituent documents related to the change in the face value of Russian banknotes and the scale of prices" and the decision of the Federal Securities Commission of Russia dated 17.08.1998 were introduced and registered amendments to the prospectus for the issue of ordinary registered non-documentary shares (No. MF73-1p-0204 dated May 20, 1993), as a result of which the nominal value of ordinary registered shares amounted to 0.01 rubles.

After that, all ordinary registered non-documentary shares of OAO Gazprom (since July 17, 2015 - PJSC Gazprom) of the first issue (state registration number MF73-1p-0204 dated May 20, 1993) with a nominal value of 0.01 rubles. in the amount of 23,673,512,900 units were canceled on the basis of the conversion into ordinary registered uncertificated shares of OAO Gazprom of the second issue with a par value of 5 rubles carried out on December 30, 1998. in the amount of 23,673,512,900 pieces.

Capitalization

The market capitalization of PJSC Gazprom at the end of 2018 amounted to RUB 3.6 trillion, which corresponds to USD 52.3 billion.

The state in the securities market can act as an issuer and investor. As an issuer, it can only issue . The issue of shares at the state level is a priori impossible, because country is not joint stock company and cannot issue securities that provide ownership of it (you cannot buy a share in the state).

By issuing bonds, the state, thus, draws up the state. debt by paying investors interest on it. However, as an investor, the state can purchase securities Russian companies and be the owner of these organizations in proportion to the purchased share.

State shares are the property of the country in relation to Russian companies

There are a number of major issuers in Russia that are flagships Russian economy, and share state participation in such companies is sometimes very significant. State shares are acquired for the purpose of control at the federal level, such organizations are also called state. enterprises.

State shares - list of federal property

Below, in descending order of the state share of participation, the economic-forming companies of Russia are listed. The state owns the shares federal agency for the management of the state property.

• – 79.55% belongs to the state.
• – 78.1% owned by the government.
• - 75.16% is owned by the Russian Federation.
• - 75.5% property of the Russian Federation.
• - 60.38% refers to the property of the Russian Federation.
• – 57.58% belongs to the Bank of Russia.
• - 51.17% owned by the Russian Federation.
• - 50.002% is owned by the state.
• – the state owns the company through JSC GAZPROM, whose share in it is 10%.
• - the share of the state is 6.86%.
• - the largest private oil company, whose papers are mainly owned by legal entities.
• – the organization is private, management is the owner of 60% of the shares of the company
• - the most closed company, which has not yet disclosed the exact structure of the capital of shareholders, only there is information that more than 90% of the shares belong to other shareholders.

Thus, state shares are securities of the most significant enterprises in the country, and one must always take into account that the share may change. The exact share can be found on the official website of the respective company in the "Shareholder Structure" section.

Risks and taxation

How to start?

A bond is a debt security, according to which the issuer undertakes to return to the investor the amount borrowed from him, as well as to pay interest within a certain period of time. Buying a bond means you are lending money to the issuer. A bond is issued for a limited period during which the issuer pays the bondholder a percentage of the face value.

Types of bonds

Bonds there are interest and discount.

By interest-bearing bonds During the life of the bond, the issuer pays a periodic interest called a coupon. The vast majority of bonds traded on Russian stock exchanges are interest-bearing.

By discount bonds coupons are not paid. These bonds are issued at a discount, i.e. less than the face value of the bond, and they are redeemed at face value. Thus, the income of the bondholder is the discount - the difference between the issue price and the face value.

By type of issuer bonds are state, municipal, corporate.

Corporate bonds are issued by corporations ( industrial groups and institutions).

Government bonds are issued by the Ministry of Finance of the Russian Federation (OFZ) and the ministries of finance of the constituent entities of the Russian Federation (sub-federal bonds).

Bond characteristics

• nominal cost bonds (nominal). Each bond has face value. The coupon size is determined as a percentage of the face value. Most bonds traded on Russian stock exchanges have a face value of 1,000 rubles.
• Market price . In addition to the face value, each bond has its market price. Unlike face value, the market price is constantly changing depending on the current market conditions. interest rates, supply and demand of bonds on the stock exchange. The market price is determined on the exchange during the trading process. The market price is quoted not in rubles, but as a percentage of the face value of the bond. And it can be both higher (for example, 101.2%) and lower than the nominal value (98.7%). This price is also called the net price of the bond.
• Bond Coupon- this is interest payment by bond. The size and dates of coupon payments are usually known to the investor in advance. The coupon size is determined as a percentage of the face value.
• Depreciation is the payment of debt on bonds through regular payments.
  The borrower resorts to depreciation in order not to find a significant amount of money on the maturity date, for example, the face value of bonds.

Bonds are considered less risky than stocks, but at the same time, there are both external risks that affect the activity of the issuing company, and internal events that affect the price and, consequently, the yield of bonds. Bond prices may change depending on macroeconomic events and events affecting the activities of the company - issuer.

Credit risk of bonds is the risk of non-payment or delay in payment of coupons and/or the principal amount of a bond. Depending on the level of risk of a particular issuer rating agencies assign certain reliability ratings to issuers.

Market risk of bonds is the risk of a change in the value of a bond as a result of changes in the value level or volatility of the current market yield.

Taxation- income tax rate individuals residents of the Russian Federation is 13%. Taxation of transactions with securities is regulated by article 214.1 of part 2 Tax Code RF.