Bonds secured by collateral. Bonds secured by a pledge of property. Examples of issue in world and Russian practice Pledge of bonds

Bonds with real estate collateral (LG = 1,000) 20 Preference bonds (LG-100) 5 Ordinary shares (N-40) 20 Retained earnings 5 ​​5.14 13.4 17.11 16 40 22 10 4.5 40 32 10 8 5.14 13.4 17.11 16 33 6.8 48.1 12

Bonds secured by a pool of mortgages (mortgages). The same bonds are issued by a lender who is secured by a pool of mortgages against real estate loans issued by him. The receipt of payments on these loans is the source of repayment and interest payments on a bond loan secured by a pool of mortgages.

Additional bonds may not be issued if, within 12 of the 15 months immediately preceding the issue, the Company's net profit does not exceed twice the annual interest on all collateralized bonds and bonds and all other bonds then outstanding or in issue. , or the amount of appropriations for the purchase of property (meaning net income before amortization, income tax and interest). Or if the bond issue is not issued on full payment terms or is subject to early redemption or purchased within two years on the terms of additional property qualifying for a short-term priority loan secured by property (which simultaneously turns into a bond priority bond) and the bonds are issued within two years prior to maturity redemption of bonds with priority pledge, which is their security (sections 3, 4, 7, art. III). With an interest rate on new bonds of 11% per annum (excluding the impact of a decrease in interest due to debt refinancing), net profit for the 12 months through June 30, 1985 will be approximately 4.7 times higher than the cumulative interest discussed above. This interest coverage ratio will allow the issuance of bonds backed by real estate, approximately 1.25 billion dollars. (in addition to new bonds) at an assumed interest rate of 11% per annum secured by additional property or cash deposits, although the additional issue of bonds worth approximately $ 540 million. may be issued soon in accordance with the restrictions on the mortgage loan.

Among the many investment areas covered by the dictionary, there are antiques, art objects, bank deposits and securities, bonds, collectibles, commodity markets, foreign exchange markets, debt obligations, diamonds, stock exchanges, futures, government securities, insurance, investment trusts, investment legislation, metals, collateralized bonds, mutual funds, oil investments, securities issued on the basis of a pool of mortgages or other loans, pension funds, real estate, stocks, tax-free bonds, tax havens and venture capital.

In the field of credit relations, their other forms are also widespread: a) consumer credit (sale of goods to individuals through retail stores with deferred payment, bank loans for consumer purposes) b) mortgage loan (long-term loan secured by real estate - land, buildings) c) inter-farm credit (issue by enterprises and organizations to provide each other with shares, bonds and other securities) d) government credit (issue of bonds of government loans purchased by businessmen and the population).

The introduction of the monitoring procedure is not a basis for the removal of the head of the debtor and his other management bodies. They continue to fulfill their powers, albeit with certain restrictions, transactions related to the transfer of real estate for rent, a pledge with the introduction of property as a contribution to the authorized capital of business entities with the disposal of the debtor's property, the book value of which is more than 10 percent of the book value of the debtor's assets. as well as those related to the receipt and issuance of loans, sureties and guarantees, the assignment of rights of claims, the transfer of debt, with the institution of trust management of the debtor's property can be performed only with the consent of the temporary administrator. The debtor's management bodies are not authorized to make decisions on reorganization and liquidation on the creation of branches, representative offices and legal entities or on participation in other legal entities on the payment of dividends on the placement by the debtor of bonds and other securities on the withdrawal from the debtor's participants, on the acquisition from shareholders of previously issued shares. The decision to participate in various associations of legal entities can be made by the debtor's management bodies only with the consent of the temporary administrator. The arbitration court has the right to remove the head of the debtor from office if he violates the requirements

Bonds with collateral are such bonds of a credit institution, the fulfillment of obligations under which is secured by a pledge, surety, bank guarantee, state or municipal guarantee. Only securities and immovable property can be the subject of pledge for the bank's bonds with collateral.

For bonds. The committee drafted a bill under which commercial banks could issue bonds secured by loans or monetary claims, whereas today it is possible to issue bonds secured by either real estate pledges or securities. We believe that the main asset of banks is loans, and, accordingly, this would enable banks to work more actively in the capital market, issue securities for appropriate loans and borrow money from individuals or legal entities. However, the President of the Russian Federation vetoed this bill, we carefully studied his comments, they are of a technical nature. I hope that during the first quarter all these issues will be removed, the law will begin to work and, accordingly, will create an opportunity for banking organizations.

S. also differ depending on the nature of the borrower's activities and the purpose of obtaining a loan. The most common trail, types S. S. bargaining, and prom. companies with S. dealers and brokers of the stock exchange, as well as individuals on the security of stock values ​​(stocks, bonds, etc.) of the agricultural sector. S. (iodine pledge of crops, land, buildings, etc.) S. for real estate (chap. For the purchase of residential buildings) consumer S. (for the purchase of goods lasts, use with payment in installments - cars, televisions, furniture , as well as to cover one-time costs - tuition fees, renovation of the premises, payment of treatment costs, etc.).

All other things being equal, bonds backed by specially segregated property are always considered less risky than unsecured bonds of the same issuer (the so-called general security bonds, that is, backed by all the property of the issuer). The apparent contradiction can be easily explained. Separate property has the character of a pledge, it is considered encumbered with obligations to repay the loan and cannot be alienated (sold) by the issuer until repayment. In the event of a default on secured bonds, this property is liquidated (sold) under state control, and the proceeds are directed towards the repayment of the corresponding bond issue. Collateral is considered to be of higher quality, the more liquid it possesses. For example, convertible currency collateral is preferred over real estate collateral. In the event that the issuer declares a default on bonds with general collateral, the bankruptcy procedure of the issuing company is required to satisfy the financial claims of the bondholders. In this case, the procedure for returning funds to investors is delayed. In addition, if the balance sheet of the issuer is unsatisfactory, the proceeds from its liquidation may not be enough to satisfy all claims of bondholders in full.

In pre-revolutionary Russia, K. k. Did not receive wide development. On Jan 1. In 1913, the amount of bond debt of the cities was 444.5 million rubles, of which over 80% were in 9 large cities. The first communal bank under the name of the city bank was organized in 1809 in the town of Slobodskoy, Vyatka province. Such banks under the name of urban public banks have been more widely developed since the middle of the 19th century. (see City banks). In addition, there were other institutions of K. k. Cash office of city and zemstvo credit (see), city and provincial credit societies, the funds of which were created through share contributions and the issue of bonds, the activities of credit societies were controlled by the city and provincial governments, they issued loans, as a rule, against the security of urban real estate. On Jan 1. 1914, there were 36 of these, the balance of loans issued was 1.3 billion rubles. with a total city mortgage debt of 1.7 billion rubles.

Each particular issuer can issue many different securities at a given time. In addition to coupon and maturity, one bond issue may differ from another in the type of collateral on which the issue is based. Issues can be senior or, conversely, junior in terms of requirements for the issuer's assets. Senior bonds are secured securities, since they are based on a legally justified claim to the assets of the issuer (in the form of a mortgage. - Approx. Scientific pea). Such issues include real estate bonds secured by real estate financial bonds secured by the securities of other companies owned by the bond issuer but held in trust by a third party equipment purchase certificates that are secured by specific types of equipment (the most popular among owners of railway or aviation companies), finally, bonds with a combined collateral (first and refunding bond), which combine bonds secured by the first (senior) mortgage, and junior bonds secured by a mortgage on other company property (i.e. bonds are partially collateralized by the first mortgages on certain assets of the issuer, and partially second or third mortgages on other assets, therefore such issues are less necessary, and therefore should not be mixed with bonds secured by the first mortgage).

Mortgage bonds (9) are bonds with a priority right of claim on a company's assets backed by its real estate.

In addition, banking regulators use risk-adjusted assets to calculate the ratio of a bank's capital to its assets. This is done in the following way. Regulators treat cash, US government securities, and federally guaranteed National Mortgage Association securities backed by a pool of mortgages as risk-free assets, so they are assigned zero risk. Assets with relatively low credit risk, such as interbank deposits, general guaranteed municipal bonds, Federal National Mortgage Association and Federal Housing Mortgage Corporation securities, backed by a mortgage pool and partially guaranteed by the federal government, are assigned a 20% risk. Riskier assets, such as the first mortgages secured by real estate and municipal income bonds, received a risk level of 50%. All other bank securities and loans are considered to have a risk level of 100%. Finally, off-balance sheet commitments, such as loan commitments, are accounted for by converting them into dollar-denominated credit risk equivalents. Then an appropriate level of risk is set for them. All risk indicators are added together. This total is the amount of risk-adjusted assets.

There are several specialized long-term credit banks in the UAR. The oldest of these is the Egyptian Land Loan (1880). For many years, he issued long-term loans mainly against the security of large land plots. After limiting land ownership rights to 200 feddans in 1952, he switched to providing mortgage loans for urban real estate. The share of loans secured by land fell from 64% of all his loans in 1950 to 25% in 1960. Small agricultural loans. producers are provided by two other banks: Agricultural and Cooperative Loans (founded in 1931) and Egypt's Mortgage Loans (founded in 1932). Both banks are under the control of the pr-va. In addition to lending activities, the Agricultural and Cooperative Credit Bank carries out distribution of seeds and fertilizers, storage of crops. To replenish his resources, he issued guaranteed bonds of 3% for 25 million pounds. The overwhelming majority of the bank's loans (84% in 1960) are provided by agricultural companies. cooperatives (about 4 thousand cooperatives). Long-term, as well as short-term crediting of industrial enterprises is carried out by the Industrial Bank, created in 1949, with a capital of 1.5 million pounds, 51% of which belongs to the pr-vu. Loans are provided mainly to enterprises of the machine-processing and textile industries. In recent years, the bank has expanded lending to small, including agricultural. enterprises, as well as cooperative societies. In lending to small farms. manufacturers and urban artisans still play an important role in usury.

See pages where the term is mentioned Real estate bonds

:                            Investment Basics (0) - [

By collateral, bonds are divided into collateralized and unsecured.

Secured bonds(secured bonds) are bonds issued by issuers against collateral, i.e. the issuer guarantees the fulfillment of financial obligations both in matters of repayment of the full amount of the debt within the specified period, and in matters of timely payment of the corresponding dividends. Secured Bonds, in turn, are subdivided according to the type of collateral, which can be: physical assets (property), securities, real estate, etc. The issuer, being in extreme economic conditions, makes an acceptable decision for itself.

Provided with physical assets: in the form of property; in the form of equipment (bonds with such a collateral are most often issued by transport organizations that use ships, airplanes, etc. as collateral).

Bonds secured by physical assets (both in the form of real property and in the form of equipment) include the so-called: first pledge bonds; second-mortgage bonds, or second-mortgage bonds. Bonds under the second pledge are in second place after the first pledges and are also called general bonds. Claims on bonds under the second pledge are considered after settlements with holders of bonds under the first pledge, but before settlements with other investors.

The purpose of the collateral is that in the event of bankruptcy or insolvency of the company, the holders of the secured bonds can claim part of the company's assets.

Examples of issue of bonds secured by collateral.

Bonds secured by spiders from Mars.

Singer and composer David Bowie, known for his love of image change, has found a new face - the serious man on Wall Street. He was able to successfully place $ 55 million in bonds secured by future royalties. This is the first such incident in the entertainment industry.

The bonds are issued for a period of 10 years and should bring their owners 7.9% per annum. Their profitability will be provided by royalties for the duplication of old Bowie discs, as well as royalties for the release of new records.

The idea to issue Bowie bonds came to the head of the executive director of the investment bank Fahnestock and Co. David Pullman. The transaction took place in the so-called asset-backed bond market, which is currently growing rapidly. Major US insurance companies bought Bowie's shares. Retail brokerage firms also showed great interest in unusual securities, but did not receive anything, since under the terms of the placement the bonds should not be sold to private individuals.

As a result, $ 55 million, which Bowie would otherwise have received gradually, as deductions from record sales, went to him immediately.

Gazprom: first issue of secured bonds.

On July 23, 2004, Gazprom raised funds in the amount of USD 1.25 billion by placing structured bonds secured by proceeds from export contracts. The bonds are secured by proceeds from gas sales to the Italian company Eni and the Dutch company Gasunie.

The yield on the bonds was 7.201% per annum. The maturity date is February 1, 2020. The Eurobonds are amortized, the redemption of the par value of the securities will begin in the third year after the placement. Partial early redemption of the issue is envisaged.

The joint organizers and bookrunners of the issue were investment banks ABN Amro, Merrill Lynch and Morgan Stanley. The bonds were issued by Gazprom International S. A., registered in Luxembourg.

Gazprom placed secured bonds for the first time in its history. Largely due to this, the rating agencies S&P and Fitch assigned an investment grade rating of BBB- to this issue. Thus, two goals were achieved. First, the cost of the loan was lower compared to the unsecured issue. The new loan became the cheapest in the history of the company.

Second, a bond issue has a broader investor base, since some investors (in particular, American pension funds) can only invest if the issue has an investment rating.

CJSC Mortgage Agent Vozrozhdenie1

By the decision of the extraordinary general meeting of shareholders of CJSC Mortgage Agent Vozrozhdenie 1, adopted on October 27, 2011 No. 5, it was approved to issue non-convertible documentary bonds with mortgage coverage to bearer with obligatory centralized storage of class B, in the amount of 1,140,086 pieces, with a par value of 1 RUB 000 each, due August 10, 2044, placed by private subscription. In this case, the bonds are secured by a mortgage collateral.

"UniCredit may issue € 25bn in secured bonds."

According to Ria Novosti, as of January 25, 2012, the Italian banking group UniCredit SpA plans to issue secured bonds worth up to 25 billion euros in the face of continuing pressure from the debt crisis in the euro area on the liquidity of financial companies. The proceeds from the issue of secured debt securities will be used "for general financing purposes, including financing the group's mortgage business." The bank also does not exclude the preservation of some part of the funds to be used as collateral to receive liquidity from the European Central Bank (ECB). [6].

Sometimes we hear that bonds are a risk-free instrument. We hasten to assure you that this is not the case. There is always some risk, this risk may be lower or higher compared to other financial instruments. And what risks do exist and how they relate to the same risks of other tools, we will try to make out in the article.

Credit risk

The most obvious risk. Credit risk is the risk of non-return of invested funds, exactly as well as violation of the payment schedule, i.e. untimely return of invested funds.

In the case of bonds, it may look like this: failure to pay the next coupon due to a worsening financial situation. Inability to pay off bonds. Such an event is called a bond default. In this case, the issue will be resolved through debt restructuring (for example, the approval of a new payment schedule) or through the bankruptcy procedure of the enterprise.

However, the default can be technical, I will introduce events unforeseen by the financial plan. Unforeseen expenses (for example, court decisions on the payment of large sums of money, the need to eliminate any major accidents at work), as well as not receiving the expected income (for example, not fulfilling a contract).

Now let's try to compare such risks for different groups of issuers.

Credit risk on government bonds

If we talk about ruble bonds, the credit risk is the lowest. It is generally accepted that since the state itself regulates the country's financial system, it cannot afford such miscalculations in any way to drive itself into a trap and become insolvent. There is always money in the national currency. In the most extreme case, the Central Bank can print money - here it is naturally exaggerated, and entails other problems, but nevertheless it reduces the state's credit risks in its currency to almost zero.

There are also other government bonds that are not issued by the federal government. These are sub-federal bonds (bonds of the regions of the Russian Federation) and bonds of municipalities. The situation with them is different (we have already described in more detail here http: // site / subfed-obl-rf / # i-3), but in general, this is almost the same reliable instrument as federal loan bonds.

In addition to ruble bonds, Russia and the regions issue bonds,. Here, the credit risk is already higher. This is primarily due to the fact that the Russian Federation receives very little income in foreign currency. Taxes are collected in rubles, and the currency to pay off the debt must be bought on the market, on market conditions. Thus, exchange rate risk is superimposed on credit risk. Naturally, the state has an airbag - the reserves of the Ministry of Finance.

It would not hurt to look at the ratings of major international rating agencies here. This refers to the rating in foreign currency. For example, the reliability rating of a certain Russian company in the oil and gas sector may turn out to be higher than the rating of the Russian state, due to the fact that the company has large profits in foreign currency.

Credit risks of unitary enterprises and state corporations

We now come to the next very important group of bond issuers. It is important to note here that both a unitary enterprise and a state corporation are NOT the same as a state. And the state in general is not responsible for the obligations of these issuers. As for unitary enterprises in the Federal Law of 14.11.2002 N 161-FZ "On State and Municipal Unitary Enterprises", Article 7 states that the Russian Federation, a constituent entity of the Russian Federation, a municipal entity are not liable for the obligations of a state or municipal enterprise, except in cases if the insolvency (bankruptcy) of such an enterprise is caused by the owner of its property (i.e. the state).

There is also no state responsibility in relation to state corporations. ФЗ dated 12.01.1996 N 7-ФЗ "On non-profit organizations", Article 7.1. paragraph 1.

The same clauses can be found in the federal law on specific state corporations. For example, in the case of Venesheconombank, Federal Law No. 82-FZ of 05/17/2007 "On the Development Bank", Article 5, paragraph two determines that Vnesheconombank is not liable for the obligations of the Russian Federation. The Russian Federation is not liable for Vnesheconombank's obligations.

Thus, in the case of this group of enterprises, one cannot rely on the fact that their founder is the state. It will not be obliged to take responsibility in the event of deterioration in the financial situation of these enterprises. And it is necessary to assess the risks of state corporations and unitary enterprises only by their financial statements - how stable their financial position is.

Credit risks on bonds of banks and companies

Now let's move on to the largest group of bond issuers. Here, if you are faced with a choice of whose bonds to buy, you need to either look at the financial statements, or trust the ratings assigned by the rating agencies, or both.

There are specialized agencies that assign ratings as a result of a deep and comprehensive analysis of the activities, reporting and environment, both of individual companies and states.

Analysis of the reporting is to assess the severity of the financial burden. Comparing the cost of servicing debt versus income, comparing the amount of debt versus property, etc.

Comparison of the credit risk of a bond and a deposit

An interesting point arises when comparing a deposit and a bond. The fact is that the state insures the amount of up to one million four hundred thousand and thus, in relation to this amount, the risk of a deposit is equal to the risk of investments in OFZs. But in relation to the amount in excess of the insured, the risk is already equal to the risk of investing in the bonds of the bank in which the deposit is placed.

At the same time, the credit risk of the bank is always, in the first approximation, quite high, since the debt burden is approximately equal to the assets, its own funds, authorized capital cannot greatly outweigh this ratio.

Liquidity risk

This risk is associated with the possible need to sell bonds before maturity. That is, at the moment when it is necessary to sell bonds, there may simply not be those who want to buy this security. It looks like in the picture - a glass with a small number of buy orders and at a very low price (large spread).

It follows from this that at the right time you will not be able to sell the entire required volume and / or will not be able to sell at a price that suits you, i.e. will have to sell below market price.

It should be noted that such a problem is unlikely to be relevant for a private investor today on the Russian stock market. But for large players (banks, funds), liquidity risk is a fairly significant factor.

Risk of an increase in interest rates

In the general case, the yield of all bonds is approximately equal, i.e. adjusted for the characteristics and risks of a particular instrument, the yields of all bonds are at the same level. This is called the cost of borrowing or market interest rates. In fact, the rates in the economy are regulated by the Central Bank by changing the key rate (the rate at which the Central Bank issues loans to banks and accepts deposits from them).

In such a situation, bondholders will have to wait until maturity or a cut in the key rate.

The way to reduce this risk is as follows. If you expect the key rate to rise, then you need to take bonds with - they will fall less when the rate rises.

Exchange rate risk

This risk applies to bonds denominated in foreign currencies. For example, Eurobonds. The risk is that the strengthening of the ruble (growth) against the dollar and the euro can practically eat up income and even create a loss in ruble terms.

It should also be noted that the periods of ruble strengthening sometimes lasted for several years. Although it can be said that at a long distance in history, the opposite picture has always been observed.

Interest rate reduction risks

Reinvestment risk

Investments implying the reinvestment of income are faced with the problem of lowering interest rates, which makes it possible to invest the freed up funds only at a lower interest rate.

Early repayment risk

Most of the bonds of companies provide for the possibility of early redemption or redemption of bonds by the issuer. For the company, it is a way to reduce its debt burden while reducing interest rates. And for the investor, this is a nuisance due to the lost income, on which he originally counted.

However, on the other hand, investors often agree on variable coupon bonds, and understand that one way or another, their yield will change when interest rates change. There is no sense to redeem early - no, the issuer will simply reduce the coupon size.

Inflation risk

This is NOT a risk of investing money, so to speak, or investing money at a low interest rate. Inflation is constantly decreasing the purchasing power of money. And for 100 rubles in a year, you can buy only as many goods as you could buy today for 95 rubles (with inflation of 5% per year).

Bonds from this point of view provide a very modest return. Compensate for inflation with a small premium.

Economic theory says that investing in stocks is a hedge against inflation, but in the case of stocks, there is a different spectrum of risks.

This is the big picture, but there is no need to despair. An increase in risk also has a downside - an increase in profitability. Any of the paragraphs of the article has a reverse - a positive side.

That's all. Have a good investment.

One of the types of bond security is collateral. At the same time, the issuer provides certain property as security, and in case of non-fulfillment or improper fulfillment of its obligations, the property will be transferred to the use of the pledgee.

In addition to a bank loan, in a market economy, one of the most effective ways to raise funds is to issue securities (CB). Thanks to them, there is a redistribution of capital from the investor to the consumer who needs resources.

Issuing bonds, unlike loans, does not always solve problems now and completely. It is necessary that they be purchased by buyers at an appropriate price on the terms provided. There are several ways to attract the attention of an investor:

• providing a high income;
• by providing reliable collateral.

Having studied the behavior of investors, we can conclude that some of them are ready to invest in projects, even risky ones, if they provide high returns and quick payback. Such an investment is not always justified, but many stock market participants can afford it and deliberately take risks. The other part of the investors is more cautious, they do not "take off the shoulder", do not chase excess profits and carefully analyze the risks, try to conclude an additional pledge agreement before investing financial instruments.

Collateralized bonds are a safe investment. They are fully secured, so the buyer can be sure that his funds will be returned. The profitability of them, secured by collateral, is significantly lower than that of unsecured ones. This is due to the fact that:

• the risk of buying them is minimal;
• the loan provided is liquid;
• thanks to the pledge agreement, their holder is legally more protected.

Security in the form of a pledge

The following are the guarantees for collateralized bonds:

• real estate;

Such collateral is liquid, and its value is significantly higher than the value of the issued collateralized bonds. This provides the securities holder with confidence that his funds and interest income will be received in full.

In order to assess the real value of the subject of the loan, an agreement is concluded with an independent appraiser. He analyzes and evaluates the property. The pledge agreement is considered valid immediately after the first owner has the right to the pledged bonds. If the subject is real estate, in this case, after the issue of securities, it is necessary to register the mortgage in a special register. Without this, their implementation is prohibited. Also, the contract must be certified by a notary.

In case of non-fulfillment or improper fulfillment of obligations by the issuer, according to the agreement, the property can be sold. This takes place at the written request of one of the pledgees. It is sent to the mortgagor, the issuer and the person who will carry out the sale of the property.

The sale is carried out at auction. All the money raised from this goes to meet the requirements of the investor. Usually repayment is carried out in proportion to the equity participation of the securities owners. If the claim was presented by one of them, the repayment is carried out primarily in his favor, and then distributed among the rest.

Features of working with federal loan bonds

The Central Bank can also act as collateral. The procedure for them is the same - an agreement is drawn up, the Central Bank is transferred from the pledger to the pledgee for the duration of its validity. There are nuances of working with federal loan bonds.

Federal loan bonds are uncertified. That is, they are not issued in paper form, but exist in the form of entries on DEPO accounts, where they are accounted for. The transfer of federal loan bonds as collateral is not possible from one account to another. Its registration takes place on the account of the pledger in the section “blocked in the pledge”. This is not a classic loan, but transactions with securities are blocked, and their movement becomes temporarily impossible.

Collateralized bonds are a more effective financial instrument than a bank loan. They are secured as real estate or securities. Due to their reliability, they are an attractive investment. Despite the fact that the income on them is significantly lower than that of those that do not have collateral, they are consistently in high demand.

Firms issue bonds of various types and types. Several types can be distinguished depending on which classification criterion is the basis for the grouping.

Secured bonds are secured by the physical assets or securities of a firm. Historically, mortgage bonds have emerged on the basis of mortgage bonds. A mortgage as a legal document confirming that the company has pledged land, buildings, other property against its debt, and giving the creditor the right to take possession of the pledged property in case of default by the debtor, has been known for a long time.

Bond pledge agreement

Rasputny Yu. N. Gorbacheva N. A. et al. Commentary on the Federal Law On the Securities Market, Delovoy Dvor. 2009 - go to the content of the textbook Article 27.3. with collateral, the registration of rights to the Securities is carried out in the BANK's Custodian: in accordance with the Custody Account Agreement and the Conditions for Carrying Out Depository Activities or the Terms of Activities of Authorized Depositaries; in accordance with the Regulation of the Central Bank of the Russian Federation of 16.

Debt securities

A bond is related to a bill. This security, unlike a stock, has a lifespan. It is issued for a certain period of time, after which it is redeemed. Therefore, the bond has a par, exchange rate and redemption price (value). The redemption price is called the redemption price. A bond differs from a stock in that it generates income only for a certain period and loses its use value at the time of maturity.

Pledge of bonds

Bail (preventive measure) - This term has other meanings, see Bail. Bail is one of the preventive measures provided for by the criminal procedure legislation and applied to a suspect accused of committing a crime. The deposit consists of ... ... Wikipedia

Bail in a criminal case - 1. Bail consists in the deposit or transfer by the suspect, the accused or another natural or legal person at the stage of preliminary investigation to the body in charge of the criminal case, and at the stage of judicial ... ... Official terminology

We ensure the fulfillment of obligations with the help of a pledge

By entering into various agreements, such as a loan or purchase and sale, the parties can provide for such a way of securing the fulfillment of obligations, such as a pledge. Its subject can be any property that either remains with the mortgagor or is transferred to the mortgagee. How can pledge transactions be reflected in the accounting and tax accounting of these persons?

By virtue of the pledge, the creditor (pledgee), if the debtor fails to fulfill the obligation, has the right to receive satisfaction from the value of the pledged property, mainly to other creditors of the person who owns this property (the pledger).

Rosneft conducted a secret placement of its bonds

At the same time, as the newspaper Kommersant writes on December 12, the placement of Rosneft's securities became the largest in the history of Russia and took place in an atmosphere of the strictest secrecy. Rosneft accepted bids for the securities within one hour. The only organizer of the placement was the All-Russian Regional Development Bank (RRDB) controlled by the company.

Who became the buyer of Rosneft bonds, as well as why the funds were raised, are not reported.

Stocks and bods market

Since there is a wide variety of bonds, to describe their different types, we classify bonds according to a number of characteristics. To give a detailed classification, we use not only the still small experience of the functioning of the Russian bond market, but also the rich foreign experience of organizing bonded loans.

The time frames that limit the listed bond groups are different for each country and are determined by the legislation in force in that country and established practice.

The Samara Regional Administration will now be able to take

Yesterday at a press conference in the Samara regional administration, the head of the finance department Pavel Ivanov and the director of the Samara representative office of Trust Bank Maxim Soifer told reporters how pleased they were with the results of the placement of a bonded loan in the Samara Region, which took place a week ago (Kommersant wrote about the placement on July 9 in detail). The loan solved many of the region's financial problems without relieving it, however, of the need to borrow from banks.

Article 27. 3. Bonds with collateral

The pledge secures the obligations of the bond issuer within one issue. Thus, the security relationship connects all bondholders of the same issue with its issuer.