1 bonds issued by an enterprise express relationships. Issuing bonds is a way to attract borrowed funds without losing control over management

18. When inflation increases:









30. The main goal of finance

1. Bonds issued by an enterprise express the relationship:
12. Outgoing cash flows are:
14. The securities market in a developed market economy is for an enterprise:
15. Incoming cash flows are:
16. The financial system includes:
18. When inflation increases:
2. Risk diversification is:
21. The interests of the seller at any price of the security are:
22. Risk in financial management is:
23. Planning the activities of an enterprise in a market economy begins with:
24. The increase in the value of money is the process of determining:
26. The criterion for the effectiveness of decision-making on use Money is:
28. Income and profitability are:
29. The value of any security is determined as:
3. The time value of money states that:
30. The main goal of finance owl management of corporations in developed countries market economy are:
32. The interests of the buyer at any price of the security are:
5. The monetary management of enterprises includes:
8. Financial management at the enterprise is:
9. The basic bond valuation model is based on the assumption that

1. Bonds issued by an enterprise express the relationship:
12. Outgoing cash flows are:
14. The securities market in a developed market economy is for an enterprise:
15. Incoming cash flows are:
16. The financial system includes:
18. When inflation increases:
2. Risk diversification is:
21. The interests of the seller at any price of the security are:
22. Risk in financial management is:
23. Planning the activities of an enterprise in a market economy begins with:
24. The increase in the value of money is the process of determining:
26. The criterion for the effectiveness of decision-making on the use of funds is:
28. Income and profitability are:
29. The value of any security is determined as:
3. The time value of money states that:
30. The main goal of finance The basic management of corporations in countries with developed market economies are:
32. The interests of the buyer at any price of the security are:
5. The monetary management of enterprises includes:
8. Financial management at an enterprise is:
9. The basic bond valuation model is based on the assumption that

1. Bonds issued by an enterprise express the relationship:
12. Outgoing cash flows are:
14. The securities market in a developed market economy is for an enterprise:
15. Incoming cash flows are:
16. The financial system includes:
18. When inflation increases:
2. Risk diversification is:
21. The interests of the seller at any price of the security are:
22. Risk in financial management is:
23. Planning the activities of an enterprise in a market economy begins with:
24. The increase in the value of money is the process of determining:
26. The criterion for the effectiveness of decision-making on the use of funds is:
28. Income and profitability are:
29. The value of any security is determined as:
3. The time value of money states that:
30. The main goal of finance The basic management of corporations in countries with developed market economies are:
32. The interests of the buyer at any price of the security are:
5. The monetary management of enterprises includes:
8. Financial management at an enterprise is:
9. The basic bond valuation model is based on the assumption that

Bond- a debt security that reflects the loan relationship between the investor (lender) and the issuer (borrower). Simply put, a bond is a debt. By issuing bonds, a company borrows money and agrees to return it to the bondholder over time with interest. For a company, this is one of the ways to raise money for its development.

Main properties of bonds:

• The presence of a final validity period of the bond. When issuing bonds, the issuer specifies the maturity date - that is, the date when the company buys back the bonds from investors, paying them par value bonds. Most often, bonds are issued for a period of several months to a year (short-term), from 1 to 5 years (medium-term), from 5 years or more (long-term).
• Payment of interest on bonds is the responsibility of the issuer. This is the fundamental difference between bonds and stocks. If the company is not obliged to pay dividends on shares, and pays them on the recommendation of the board of directors, and the decision on payment is made by the meeting of shareholders, then the payment of interest on bonds is the responsibility of the company. If a company does not pay interest when due, it is called a default. In which case, bondholders can demand payment of interest through the court. The issuer determines the amount and frequency of payments when issuing bonds. The yield is expressed as a percentage of the bond's face value and shows the annual yield.
• In the event of liquidation of a company, bondholders have priority in payment, since first of all the company pays off with all creditors, which include bondholders. Typically, liquidation occurs when a company goes bankrupt. If the company does not have enough funds to pay all creditors, then the property is sold. Settlements with shareholders occur after all obligations have been repaid, and it may turn out that the shareholders ultimately receive nothing.
• Bondholders, being creditors of the company, do not participate in its management.

Characteristics of bonds.

Bond face value— this is the price at which the bond will be redeemed (purchased by the issuer from the investor) at the end of its term. Most bonds are issued with a par value of 1000 rubles.

maturity date- the date on which the bond will be repaid. There is also an offer - sometimes the issuer can set an offer date, this is when he can buy the bond from the investor before the maturity date. An investor can submit a bond for an offer.

Market price— on the market, the price of a bond may differ from the par value and be more or less than the par value. The bond price is expressed as a percentage of the par value, 100% - the price corresponds to the par value of 1000 rubles, 101% - the price is 1% higher than the par value, the price is 1010 rubles. In the market, the price of a bond fluctuates depending on market conditions, interest rates, supply and demand. Typically the fluctuation range is 95-105% of the nominal value. But if there is a risk of non-payment of the coupon, then the price may fall even more. The closer the maturity date, the closer the bond price is to par.

Coupon- This is the money that the issuer periodically pays on the bond. The coupon rate is expressed as a percentage per annum and shows the bond's annual coupon yield relative to its par value. For example, the face value of a bond is 1000 rubles, the coupon is 10%, payment is made twice a year. This means that the investor will receive an income of 100 rubles in two payments of 50 rubles.

Types of bonds.

According to the method of generating income, bonds are divided into:

• coupon
• zero-coupon (discount)

By coupon bond The issuer pays cash (coupon) at regular intervals. Payments on bonds can be made once a year, once every six months, once a quarter - this is the coupon period. Coupon income is accrued every day, but is paid only on the coupon payment date, which is known in advance. The money usually arrives in your account 2-3 days after the coupon payment date.

The amount of coupon income that has accumulated during the coupon period but has not yet been paid is called accumulated coupon income (ACI). After payment coupon NKD resets to zero and begins to accumulate again.

If you buy a bond, you must pay the seller the NKD that has accumulated by the day of the transaction, thereby compensating him for the lost income (since he loses the coupon upon sale). If you sell a bond, the buyer pays the IRA to you.

The bond coupon can be fixed or variable. For a bond with a fixed coupon, the coupon amount is constant for the entire payment period; for a bond with a variable coupon, the amount may change.

Magnitude variable coupon tied to some basic interest rate, for example the LIBOR rate (the rate on the international inter-bank market) bank loans) or the refinancing rate, and is set as base rate+ some other percentage (surcharge). Since the base rate may change over time, the coupon size will also change. For example, the coupon value is calculated as the base rate + 2 percentage points. In the first year the base rate is 3%, which means the coupon size is 3+2=5%, in the second year 3.5+2=5.5%.

By discount bonds no coupon is paid, the investor receives income due to the fact that the bond is sold below its face value (at a discount). For example, a company sells a bond with a par value of 1000 rubles for 900. Due to the difference between the sale price and the redemption price, the investor receives income.

According to the collateral method, bonds are divided into:

• secured (mortgages) - to increase the reliability and attractiveness of its securities, a company can issue secured bonds, payments on which are guaranteed by some assets. The collateral can be real estate (mortgage obligations), property, loans, securities and other assets. In the event of bankruptcy, these assets can be sold and used to pay off bond obligations.
• unsecured (mortgage-free) — unsecured bonds are not backed by any assets, and the guarantee of payments depends only on the overall solvency of the company.

According to the status of the issuer, bonds are divided into:

• state - issued by the government, in Russia government bonds called OFZ () and issued by the Ministry of Finance, in the USA these are treasury bonds or treasuries
• municipal - issued by local (regional) authorities, for example bonds of the Moscow region
• corporate - issued by commercial companies, for example Sberbank bonds

According to the type of repayment, bonds are divided into:

• early redeemable - for such bonds the issuer has the opportunity to redeem them early before the maturity date
  • revocable - right early repayment bonds are owned by the issuer
  • returnable - the right to present the bond for redemption early belongs to the investor
  • amortizing - the issuer gradually pays its face value in installments during the bond's circulation period in order to reduce the amount of payments at maturity
• irrevocable - bonds are redeemed once on a set date

According to convertibility, bonds are divided into:

• convertible - the investor has the right to exchange bonds for a certain number of shares or other bonds of the same issuer
• non-convertible

According to indexation of payments, bonds are divided into:

• indexed - the amount of payments is adjusted depending on changes in some indicator, for example the inflation rate
• non-indexable

Separate group - income bonds. On income bonds, the company has the right to pay interest income only if there is profit. Income bonds are divided into:

• simple - the company is not obliged to reimburse unpaid income in the future
• cumulative - unpaid income accumulates and the company will be obliged to pay it in the future

If a company issues bonds abroad, they are divided into:

• foreign bonds - issued on the market of another country in the currency of that country
• Eurobonds - placed simultaneously on the markets of several European countries and also in foreign currency

Find out the par value, market price, coupon rate, maturity date and other parameters of bonds traded on Russian market, available on the websites of the Moscow Exchange, Rusbonds.ru, RBC.

Bonds have lower volatility compared to stocks and are most often used as a conservative measure. investment portfolio. Coupon bonds provide stable cash flow. Some investors use bonds as a temporary home for their money while waiting profitable deals by shares.

Main risks of bonds.

Interest rate risk.

Interest rates on financial market reflect the value of money. Interest rates change over time depending on the economic situation. In this regard, the issuer and investor bear interest rate risks on bonds. The risk is as follows. If a bond is issued with a fixed coupon income, then if rates rise, the investor will receive less income, since he receives income from the bond that is lower than current interest rates on the market. For example, an investor bought a bond with an 8% interest rate, which corresponded to the average market rate at that time. A year later, market rates rose to 10%, and the investor still received 8%. The difference of 2% is potential lost profit.

For the issuer, the risk lies in a decrease in interest rates - if bonds are issued with a coupon of 8%, and market rates have dropped to 5%, then the issuer is still forced to pay 8%, that is, borrowed money costs him more than now.

To avoid such risks, the issuer issues bonds with variable coupon income or with the right of early repayment.

Default risk— the risk that the issuer will not be able to fulfill its debt obligations. Some bond issues are assigned credit ratings, by which one can judge the reliability of bonds. Usually, if the risk of default is high, this can be seen in the bond's yield to maturity - it is noticeably higher than the market average.

Inflation risk— the risk that inflation will rise and exceed bond yields. Then the real return (return minus inflation) will be negative. For example, the yield of a bond is 10%, and inflation for the year was 12%, then the real yield is -2%, that is, in real terms, investments in bonds have depreciated by 2%. The income on bonds is fixed, so if inflation rises, the investor will either have to suffer losses or transfer from bonds to some other, more profitable instrument.

Taxation of bonds

Income individuals bonds are taxed at 13%. Tax is paid on coupon income and on income from the sale of bonds. The tax on coupons is paid by the issuer himself, that is, the money comes to your account “clean”. Tax on sales income is collected by your broker by debiting your account at the beginning of the year or when you withdraw funds.

The tax base for the sale of bonds is calculated as follows:

(Income from sale + ANC received) – (Purchase expenses + ANC paid) + Coupon income

Tax base for redemption of bonds:

Bond par value – (Purchase expenses + ANC paid) + Coupon income

Conditional example: bought a bond at a price of 99% - 990 rubles, the income tax at the time of purchase is 5 rubles, which means the cost of purchase is 990 + 5 = 995. Coupon 40 rubles. After some time, they sold it at a price of 99.5% - 995 rubles, NKD 10 rubles, which means the income from the sale is 995 + 10 = 1005. Income 1005-995=10 rubles. Tax = 10 * 0.13 = 1.3 rubles. The tax on the coupon is 40 * 0.13 = 5.2 rubles, that is, not 40 rubles, but 34.8 rubles will be credited to the account. The tax on coupon income is withheld immediately upon receipt of income into the account. The broker will withhold tax on income from operations at the beginning next year or when withdrawing funds from the account.

The tax base is reduced by the amounts of actually incurred and documented expenses associated with the acquisition, storage, sale and redemption of securities.

The following income of individuals on transactions with: securities:

• coupon income on government interest-bearing bonds (OFZ) for the period of ownership of the security by an individual;
• coupon income on interest-bearing bonds of constituent entities of the Russian Federation and local governments.

Bonds

Translated from Latin, “bond” literally means “obligation.” This refers to the obligation to repay the borrowed amount, i.e. debt obligation. The organization that issued the bond (issuer) acts as a borrower of money, and the buyer of the bond (investor, or bondholder) acts as a lender.

A bond is a security that certifies the deposit by its owner of funds and confirms the obligation to reimburse him the nominal value of this security within a specified period with the payment of a fixed percentage (unless otherwise provided by the rules of issue). A bond is a security that: 1) expresses a borrowed, debt relationship between the bondholder and the issuer; 2) independently circulates on the stock market until its redemption by the issuer and has its own exchange rate; 3) has the properties of liquidity, reliability, profitability and other investment qualities.

The bond has basic characteristics - par value, rate, point, coupon (coupon percentage), maturity date, discount, etc. The bond rate is determined as a percentage of the par value. Discount - (like premium) is the difference between the sale price and the par value of the bond; in the case of a premium, this difference is positive, and in the case of a discount, it is negative. Another name for a discount is a rebate. Coupon (coupon interest) is a fixed percentage that is set at the time of bond issue. Based on this percentage, the bondholder receives regular payments on the bond. The coupon is usually issued as a detachable part of the bond. The higher the coupon interest, the higher its investment attractiveness. The size of the coupon depends on the image and reliability of the issuer. It is also affected by the maturity of the bond. How longer term, the larger the coupon, since market risk is directly proportional to the maturity of the bond.

A bond belongs to the main securities, is actively used in the stock market and is a fixed-term debt security that certifies the loan relationship between its owner and the issuer. It is issued, as a rule, for a period of one year or more. When purchasing a bond, the buyer credits the seller. The issuer undertakes to repurchase the bond at fixed time. The bond is monetary document, confirming the borrower’s obligation to reimburse the buyer the nominal value of this security within a certain period of time with the payment of a fixed or floating income.

The main differences between a bond and a stock:

The bond generates income only during the period indicated on it;

Unlike the unguaranteed dividend of a common stock, a bond usually provides its owner with income in advance. set percentage from its face value (face value);

A bond of a joint-stock company does not give its owner the right to act as a shareholder of this company, i.e. does not give the right to vote on general meeting shareholders.

Bond returns are typically lower than stocks, but they are more reliable because they are less dependent on market conditions and cyclical fluctuations in the economy.

Bonds are issued in order to attract additional funds for carrying out any activities that help increase profits or the volume of production of goods. Proceeds from the sale of bonds government loans used to cover deficits state budget. Bonds have the right to issue only legal entities(enterprises and their associations, joint-stock companies, cooperatives, banks, state or municipal administrative bodies).

Bonds are of the following types:

Registered - the owners of these bonds are registered in a special book, so such bonds are usually zero-coupon;

Bearer - have a special coupon, which is evidence of the right of the bond holder to receive interest upon the due date;

Ordinary (non-convertible) - often provide for the possibility of early repayment through redemption;

Convertible -- issued under borrowed capital with the right of conversion (after a certain period at a predetermined price) into ordinary or preferred shares;

Secured - issued on the security and secured by the issuer's real estate or trust property of other companies. The claims of the owners of such bonds as creditors are subject to priority satisfaction;

Unsecured bonds are not secured by real estate, so holders of such bonds are not given advantages over other creditors. In view of this, they have real value only if the issuer has a strong financial position and a high “bond” rating;

With a full coupon - sold at par and characterized by a coupon yield equal to the current market rate;

With a zero coupon - income on them is paid upon maturity by accruing interest to the face value without annual payments.

Bonds can be freely circulated or have a limited circulation. Bonds of state and municipal loans are issued to bearer. Corporate bonds are issued both registered and to bearer. If a bond provides for periodic payment of income, it is usually made through coupons. Coupon income can be paid quarterly, semi-annually or annually. The more often the coupon income is paid, the greater the benefit the investor receives. Therefore, bonds with quarterly payment at equal annual percentage are always quoted higher than bonds that pay only once a year.

3.1. general characteristics

Another important object of trading on the securities market are bonds. A bond is a security that certifies the loan relationship between its owner (lender) and the person who issued it (borrower).

Current Russian legislation defines a bond as “an emission security that secures the right of its holder to receive from the issuer of the bond, within the specified period, its nominal value and a fixed percentage of this value or other property equivalent.”

Thus, a bond is a certificate of debt, which certainly includes two main elements:

The obligation of the issuer to return to the bondholder after the agreed period the amount indicated on the title (front side) of the bond;

The issuer's obligation to pay the bondholder a fixed income in the form of a percentage of the face value or other property equivalent.

The fundamental difference between stocks and bonds is this. By purchasing a share, an investor becomes one of the owners of the issuing company. By purchasing a bond of the issuing company, the investor becomes its creditor. In addition, unlike shares, bonds have a limited circulation period, after which they are redeemed. Bonds have an advantage over stocks when sold property rights their owners: interest on bonds is paid first and only then dividends; when dividing the property of the issuing company in the event of its liquidation, shareholders can count only on that part of the property that will remain after the payment of all debts, including bond issues. If shares, being a title of ownership, give their owners the right to participate in the management of the issuing company, then bonds, being a loan instrument, do not give such a right.

Bonds are the main instrument for mobilizing funds by governments, various government agencies and municipalities. Companies also resort to organizing and placing bonded loans when they need additional financial resources.

The issue of bonds contains a number of attractive features for the issuing company: through their placement economic organization can mobilize additional resources without the threat of interference from their holders-creditors in the management of the financial and economic activities of the borrower. However, bonded loans of companies should be considered as an addition to borrowed funds received in the form of bank loans. Even in countries with developed stock market By issuing bonds, companies do not cover all the needs for borrowed money Oh. Since a bond loan expresses relations regarding the return movement of the loaned value, it is similar in essence and purpose to bank loan. In this regard, it should be noted that the right to issue bonds can only be granted to companies that meet the creditworthiness requirement.

The procedure for issuing bonds by joint stock companies is regulated Federal law"About joint stock companies Oh". In accordance with the said Law, when issuing bonds by joint stock companies, the following must be observed: additional conditions:

The nominal value of all bonds issued by the company must not exceed authorized capital company or the amount of security provided to the company by third parties for the purposes of the issue;

The issue of bonds is allowed after full payment of the authorized capital;

The issue of unsecured bonds is permitted in the third year of the company's existence and subject to proper approval by this time of two annual balance sheets of the company;

The company does not have the right to place bonds convertible into shares of the company if the number of declared shares of the company is less than the number of shares the right to purchase which the bonds provide.

To summarize what was said above about a bond, we can think of a bond as:

Debt obligation issuer;

Source of financing for budget expenditures exceeding income;

Source of financing for investments of joint-stock companies;

A form of savings for citizens and organizations and their receipt of income.

3.2. types of bonds

Since there is a wide variety of bonds, to describe their different types, we classify bonds according to a number of criteria. To give a detailed classification of bonds, we use not only the still small experience of the functioning of the Russian bond market, but also the rich Foreign experience organization of bond loans. The following classification can be proposed:

Depending on the issuer, bonds are distinguished: government;

corporate; foreign.

Depending on the terms for which the loan is issued, the entire variety of bonds can be divided into two large groups:

A. Bonds with some specified maturity date, which in turn are divided into: short-term; mid-term; long-term.

The time frames limiting the listed bond groups are different for each country and are determined by the legislation in force in that country and established practice. For example, in the United States, short-term bonds usually include bonds with a circulation period of 1 to 3 years, medium-term bonds - from 3 to 7 years, and long-term bonds - over 7 years. Concerning Russian legislation, then it contains instructions on the maturity dates only for government debt obligations.

B. Bonds without a fixed maturity include:perpetual, or non-repayable;

Callable bonds can be called (called) by the issuer before maturity. Even when issuing a bond, the issuer sets the conditions for such demand - at par or with a premium;

bonds with the right of redemption provide the investor with the right to return the bond to the issuer before the maturity date and receive the face value for it;

Rollover bonds provide the investor with the right to extend the maturity date and continue to receive interest during that period;

deferred bonds give the issuer the right to defer repayment.

Depending on the procedure for confirming ownership, bonds can be:

registered, the ownership rights of which are confirmed by entering the owner’s name in the text of the bond and in the registration book maintained by the issuer;

to bearer, ownership of which is confirmed by simple presentation of the bond.

According to the purposes of the bond issue, bonds are divided into: ordinary ones, issued to refinance the issuer’s existing debt or to attract additional financial resources that will be used for various numerous activities;

targeted funds, the proceeds from the sale of which are used to finance specific investment projects or specific activities (for example, building a bridge, installing a telephone network, etc.).

According to the placement method, they are distinguished: freely placed bond issues;

loans involving a forced placement procedure. Most often, government bonds are forcibly placed (for example, State bond issues of the USSR of the 40-50s).

Depending on the form in which the borrowed amount is repaid, bonds are divided into:

with compensation in in cash;

natural, repayable in kind. An example of natural bonds is the USSR grain loan bonds of the 20s, AvtoVAZ bonds issued in 1993.

According to the method of repayment of the face value there can be:

bonds, the par value of which is redeemed in a one-time payment;

bonds with repayment distributed over time, when a certain portion of the par value is repaid over a certain period of time; bonds with sequential repayment of a fixed share of the total number of bonds (lottery or circulation loans). Depending on what payments are made by the issuer on a bond issue, there are:

bonds for which only interest payments are made and capital is not returned; more precisely, the issuer indicates the possibility of their redemption without committing itself to a specific period. This group of perpetual loan bonds includes, for example, English consoles issued back in the mid-18th century. and those still in circulation;

bonds that only return capital at face value but do not pay interest. These are so-called zero coupon bonds;

bonds that do not pay interest until maturity and, at maturity, the investor receives the face value of the bond plus total interest income. Such bonds include Series E savings certificates issued in the USA;

bonds for which capital is returned at par value, and the payment of interest is not guaranteed and is directly dependent on the performance of the issuing company, those. whether the company makes a profit or not. Such bonds are called revenue or reorganization bonds, since they are issued, as a rule, by companies that are facing bankruptcy;

bonds that give their owners the right to receive a periodically paid fixed income, and the par value of the bond in the future, when it is redeemed. This type of bond is most common in modern practice In all countries.

Periodic payment of income on bonds in the form of interest is made using coupons. A coupon is a cut-out coupon with the coupon (interest) rate number indicated on it. According to the methods of paying coupon income, bonds are divided into: bonds with a fixed coupon rate; bonds with a floating coupon rate, when the coupon rate depends on the level loan interest;

bonds with a uniformly increasing coupon rate over the years of the loan. Such bonds are also called indexed; they are usually issued in conditions of inflation;

bonds with a minimum or zero coupon (small-interest or interest-free bonds). The market price for such bonds is set below the nominal price, i.e. implies a discount. The income on these bonds is paid at maturity at par value and represents the difference between par value and market value; bonds with payment at option. The owner of this bond can receive income both in the form of coupon income and bonds of a new issue;

mixed type bonds. For part of the term of the bond loan, the owner of the bond receives income at a fixed coupon rate, and for part of the term - at a floating rate.

According to the nature of circulation, bonds are: non-convertible;

convertible, giving their owner the right to exchange them for shares of the same issuer (both ordinary and preferred). The conversion ratio and conversion price are important to holders of convertible bonds. The conversion ratio shows how many shares can be received in exchange for such a bond. A conversion ratio of 10:1 means that when you convert one bond you can get 10 shares. The conversion rate is the ratio of the nominal price of the bond (for example, 100,000 rubles) to the conversion coefficient (10) and in this case equals 10,000 rubles.

Depending on the collateral, bonds are divided into two classes:

A. Secured by collateral:

are secured by physical assets: in the form of real estate; in the form of equipment (bonds with such collateral are most often issued transport organizations, which use ships, airplanes, etc. as collateral). Bonds secured by physical assets (both physical property and equipment) include so-called first mortgage bonds and second mortgage bonds, or second mortgage bonds. Second mortgage bonds are in second place after first mortgages and are also called general mortgage bonds. Claims for bonds under the second mortgage are considered after settlements with holders of bonds under the first mortgage, but before settlements with other investors;

secured bonds stock securities are secured by securities of any other company (non-issuer) owned by the issuer;

bonds secured by a pool of mortgages (mortgages). These bonds are issued by a lender that holds a pool of mortgages against the real estate loans it has issued. The receipt of payments on these loans is the source of repayment and interest payments on the bond loan secured by the pool of mortgages.

B. Not secured by collateral:

bonds that are not backed by any tangible assets. They are supported by the “good faith” of the issuing company, i.e. the company's promise to pay interest and repay the full amount of the loan upon maturity; bonds for a specific type of income of the issuer. On these bonds, the issuer agrees to pay interest and repay the loan out of some specified proceeds;

bonds for a specific investment project. The funds received from the sale of these bonds are used by the issuer to finance any investment project. The issuer uses the income received from the implementation of this project to repay the loan and pay interest; guaranteed bonds. Bonds are not secured by collateral, but the fulfillment of loan obligations is guaranteed not by the issuing company, but by other companies. Most often, the guarantor is a company that is stronger from an economic point of view, which makes these bonds more reliable;

bonds with distributed or transferred liability. The obligations under these bonds are this loan either distributed among a certain number of companies, including the issuer, or taken over entirely by other companies, excluding the issuer;

insured bonds. The issuing company insures this bond loan with an insurance company in case of any difficulties in fulfilling obligations under this loan.

Depending on the degree of investment protection, investors are distinguished:

Investment-worthy bonds are reliable bonds issued by companies with a solid reputation and well-backed;

waste paper bonds of a speculative nature. Investments in such bonds always involve high risk.

3.3. bond valuation

Bonds have a nominal price (par value) and a market price. The par price of a bond is printed on the bond itself and indicates the amount that is borrowed and must be repaid at the end of the bond's term. The nominal price is the base value for calculating the income generated by the bond. The interest on the bond is set to par, and the increase (decrease) in the value of the bond for the corresponding period is calculated as the difference between the par price at which the bond will be repaid and the purchase price of the bond.

Typically, bonds are issued with a high face value. They target wealthy investors, both individual and institutional. This is how they differ from shares, the nominal value of which is set by the issuer with the expectation that they will be purchased by the widest segment of investors. It should be noted that if for shares the par value is a rather arbitrary value, shares are both sold and bought primarily at a price not tied to the par value (shares, as is known, can be issued without indicating the par value), then for bonds the par value is a very important parameter, the value of which does not change throughout the entire term of the bond issue. It is at the initially fixed par value that the bonds will be redeemed at the end of their circulation period.

As noted earlier, bonds are an attractive investment object for buyers, and therefore a commodity, an item for resale. From the moment of their issue until maturity, they are bought and sold at prices established in the market. The market price at the time of issue (issue price) may be lower than the par value, equal to the par value, or higher than the par value. Subsequently, the market price of bonds is determined based on the situation prevailing in the bond market and the financial market as a whole at the time of sale, as well as the two main elements of the bond loan itself. These elements are:

The prospect of receiving the par value of the bond at maturity (the closer the maturity date at the time of purchase of the bond, the higher its market price);

Right to regular fixed income(the higher the income a bond generates, the lower its market value).

The market price of bonds also depends on a number of other conditions, the most important of which is the reliability (degree of risk) of investments.

Since the denominations of different bonds can differ significantly from each other, there is often a need for a comparable measure of bond market prices. This indicator is the exchange rate.

The bond rate is the value of the market price of the bond, expressed as a percentage of its face value:

K 0 = ^-100%,

where K and is the bond rate, %;