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Opțiune emitent la purtător, Bond (finance)

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Etymology[ edit ] In Englishthe word " bond " relates to the etymology of "bind". In the sense "instrument binding one to pay a sum to another"; use of the word "bond" dates from at least the s.

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The most common process for issuing bonds is through underwriting. When a bond issue is underwritten, one or more securities firms or banks, forming a syndicatebuy the entire opțiune emitent la purtător of bonds from the issuer and re-sell them to investors. The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have direct contact with investors and act as advisers to the bond issuer in terms of timing and price of the bond issue.

Bond (finance)

The bookrunner is listed first among all underwriters participating in the issuance in the tombstone ads commonly used to announce bonds to the public. The bookrunners' willingness to underwrite must be discussed prior to any decision on the terms of the bond issue as there may be limited demand for the bonds.

In contrast, government bonds are usually issued in an auction. In some cases, both members of the public and banks may bid for bonds. In other cases, only market makers may bid for bonds. The overall rate of return on the bond depends on both the terms of the bond and the price paid.

In the case of an underwritten bond, the underwriters will charge a fee for underwriting.

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An alternative process for bond issuance, which is commonly used for smaller issues and avoids this cost, is the private placement bond. Bonds sold directly to buyers may not be tradeable in the bond market.

Aspecte introductive După cum este binecunoscut, practica bancară realizează cea mai frecventă utilizare a biletului la ordin în alb[1]. Astfel, împrumutatul, încheind contractul de credit cu banca creditoare, garantează executarea contractului de credit, respectiv restituirea sumei împrumutate și a dobânzii aferente acesteia, precum și plata eventualelor penalități de întârziere distincte aplicabile asupra tranșei de credit și dobânzii neachitate la scadență, prin contracte de cauțiune, gaj ori ipotecă.

This was called a tap issue or bond tap. Treasury Bond Nominal, principal, par, or face amount is the amount on which the issuer pays interest, and which, most commonly, has to be repaid at the end of the term.

Some structured bonds can have a redemption amount which is different from the face amount and can be linked to the performance of particular assets.

Bond (finance) - Wikipedia

Maturity[ edit ] The issuer is obligated to repay the nominal amount on the maturity date. As long as all due payments have been made, the issuer has no further obligations to the bond holders after the maturity date.

The length of time until the maturity date is often referred to as the term or tenor or maturity of a bond.

Băncii și alte instituții financiare Organizații supranaționale Tipuri de obligațiuni[ modificare modificare sursă ] Tipuri de obligațiuni în funcție de dobândă[ modificare modificare sursă ] Obligațiune cu rată fixă sau directă negarantată Certificat cu rată flotantă Obligațiune cu cupon zero Obligațiunea cu rată fixă sau directă negarantată nu are nici un fel de caracteristici speciale și raportează investitorilor o dobândă fixă de-a lungul întregii perioade până la scadență. La un termen final de scadență, când se plătește ultima tranșă de dobândă se rambursează capitalul de bază al împrumutului. O astfel de obligațiune se mai numeste și plain vanilla sau vanilla. Dacă capitalul de bază este rambursat la investitori într-o singură tranșă la scadență obligațiunea se mai numeste și obligațiune bullet. Obligațiunea cu cupon zero este o obligațiune care nu raportează nici un cupon pe toată durata sa de viață.

The maturity can be any length of time, although debt securities with a term of less than one year are generally robinet bitcoin gratuit money market instruments rather than bonds. Most bonds have a term shorter than 30 years. Some bonds have been issued with terms of 50 years or more, and historically there have been some issues with no maturity date irredeemable.

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In the market for United States Treasury securities, there are four categories of bond maturities: short term bills : maturities between zero and one year; medium term notes : maturities between one and ten years; long term bonds : maturities between ten and thirty years; Perpetual: no maturity Period.

Coupon[ edit ] The coupon is the interest rate that the issuer pays to the holder. For fixed rate bondsthe coupon is fixed throughout the life of the bond. For floating rate notesthe coupon varies throughout the life of the bond and is based on the movement of a money opțiune emitent la purtător reference rate often LIBOR. Historically, coupons were physical attachments to the paper bond certificates, with each coupon representing an interest payment.

On the interest due date, the bondholder would hand in the coupon to a bank in exchange for the interest payment. Today, interest payments are almost always paid electronically.

Interest can be paid at different frequencies: generally semi-annual, i. Yield[ edit ] The yield is the rate of return received from investing in the bond.

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It usually refers either to: The current yieldor running yield, which is simply the annual interest payment divided by the current market price of the bond often the clean price. The yield to maturityor redemption yield, which is the internal rate of return earned by an investor who buys a bond at a given market price, receives all interest and principal payments on schedule, and holds the bond to maturity. Because it takes into account the present value of a bond's future interest payments, it is a more accurate measure of the return on a bond than current yield.

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Credit quality[ edit ] The quality of the issue refers to the probability that the bondholders will receive the amounts promised at the due dates. In other words, credit quality tells investors how likely the borrower is going to default.

This will depend on a wide range of factors. High-yield bonds are bonds that are rated below investment grade by the credit rating agencies. As these bonds are riskier than investment grade bonds, investors expect to earn a higher yield. These bonds are also called junk bonds'. Market price[ edit ] The market price of a tradable bond will be influenced, among other factors, opțiune emitent la purtător the amounts, currency and timing of the interest payments and capital repayment due, the quality of the bond, and the available redemption yield of other comparable bonds which can be traded in the markets.

The price can be quoted as clean or dirty. The net proceeds that the issuer opțiuni opțiuni emitent are thus the issue price, less issuance fees. The market price of the bond will vary over its life: it may trade at a premium above par, usually because market interest rates have fallen since issueor at a discount price below par, if market rates have risen or there is a high probability of default on the bond.

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Others[ edit ] Indentures and Covenants—An indenture is a formal debt agreement that establishes the terms of a bond issue, while covenants are the clauses of such an agreement.

Covenants specify the rights of bondholders and the duties of issuers, such as actions that the issuer is obligated to perform or is prohibited from performing. In the U. The terms may be changed only with great difficulty while the bonds are outstanding, with amendments to the governing document generally requiring approval by a majority or super-majority vote of the strategie de tranzacționare a opțiunilor binare 1 oră. Optionality: Occasionally a bond may contain an embedded option ; that is, it grants option-like features to the holder or the issuer: Callability—Some bonds give the issuer the right to repay the bond before the maturity date on the call dates; see call option.

These bonds are referred to as callable bonds. Most callable bonds allow the issuer to repay the bond at par.

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With some bonds, the issuer has to opțiune emitent la purtător a premium, the so-called call premium. This is mainly the case for high-yield bonds. These have very strict covenants, restricting the issuer in its operations. To be free from these covenants, the issuer can repay the bonds early, but only at a high cost.