What is a government loan? Non-market and market. Loans of modern Russia

Many Russian residents are interested in law regulating the issuance, circulation and redemption of mortgage bonds. Under the USSR, bonds were attractive financial investment for the population of the country, and they were issued exclusively by the state. Nowadays, almost all banking institutions in the country are engaged in the sale of this type of securities. largest companies. The state did not deviate from this area of ​​activity and continued issuing bonds in 1992.

Actually repayment of government bonds represents a repurchase of paper confirming the existence of a debt. The bond is redeemed at par, taking into account the interest agreed in advance. Usually there is no provision for early redemption of such securities, so it is possible to sell them to other investors.

Specific bond maturity date determined taking into account the circulation. The standard period for circulation of such securities is a three-year period, although it may be determined by other time frames. After the agreed time, the issuer is obliged to buy his bonds and pay a reward to their owner, which covers his risks and acts as income for the investor.

Considering procedure for circulation and redemption of bank bonds, Russians should understand their options for generating income. Banking institution or the company is bought out securities:

• at nominal price – bonds were initially sold at a discount;
• with payment of interest, conversion of income into securities or transfer of property equivalent - coupon bonds.

Typically, the bond issuer chooses the following: ways to repay bonds:

• indicates the exact date of payment of the value of the security and the provided remuneration;
• determines the period during which debt obligations on the security are covered.

It is the second option that is most often used, since it saves the security holder from having to stand in queues, and the issuing organization from technical inconsistencies and financial difficulties when applying for money from all investors at the same time. The order of payments in this case is determined by the date of receipt of the application for redemption of the bond.

In some cases, it is possible to repay part of the issuer's debt. This must be reflected in the concluded contract. In a similar way, payments are made on overdue bonds when their holder was unable to apply for money at established deadlines. It should be noted that the standard maturity of such securities is 1-6 months. This period is established based on the specifics of the issuer’s activities.

You should be aware that it may be carried out even earlier than the agreed upon date. In this case, the issuer is obliged to warn about this possibility when placing its debt obligations, and also explain the procedure for calculating the remuneration paid. Typically, the company that has placed the bonds resorts to this measure when:

• availability of sufficient financial resources to repay the loan received with interest;
• desire to issue the next issue of bonds on more attractive terms.

Installed bond redemption price, formula which is calculated using two methods, should always bring income to the investor. It consists of:

• interest paid on the face value of the bond;
• the difference between the nominal price and the discounted price for which the security was purchased.

A common option for redemption of bonds is to pay out the money unless the investor agrees to re-allocate them to the issuer's securities or obtain rights to certain property.

The process of exchanging bonds for money requires the following conditions to be met:

• maturity date;
• presence of an application from the investor.

The issuer has no right to refuse payment cash in the presence of the specified circumstances. If this happens, it is necessary to seek redemption of securities in judicial procedure. The issuer prepares a corresponding report on the fact of payment on debt obligations, which is submitted to a special commission for the operation of the stock market.

Federal loan bonds for individuals are high-yield securities issued by the Ministry of Finance. You can buy new OFZ 3rd issue in 2018 at Sberbank and VTB from March 15 to September 14.

Federal loan bonds or, as they used to be called, “bonds government loan“is far from a new and not very popular financial instrument.

However, the news that the Russian Ministry of Finance plans to produce new release federal loan bonds for individuals produced the effect of a bomb exploding.

Not only advanced investors, but also ordinary people who were previously content with opening deposits in banks.

In 2018, federal loan bonds are presented by the Ministry of Finance as an alternative to bank deposits of individuals, since the yield of OFZ-n is comparable to interest rates on deposits. And there is no need to talk about their reliability.

Now the 3rd issue of OFZ-n is being placed. The first issue was sold from April 26 to October 25, 2017. The second - from September 13, 2017 to March 14, 2018.

Let's take a closer look at the conditions for investing money in new federal loan bonds, the OFZ yield for individuals - 2018, and also tell you where and how you can buy “people's bonds” of the 3rd issue, issued since March of this year.

Federal loan bonds - 2018: profitability and conditions

People's federal loan bonds are very different from those securities that are already in circulation in Russia. What are their features?

OFZ validity period: 2018

Federal loan bonds - 2018 are issued for a period of 3 years. Individuals who purchased OFZ-n will have to hand them back to the state after three years and receive the invested money with interest. Start date of placement of bonds of the third issue: March 15, 2018. Repayment is March 24, 2021.

By the way, it is not necessary to run to the bank and crowd in line to urgently sell bonds that day. There is provision for automatic repayment of OFZ-n upon expiration. After 3 years, the money goes to the investor’s current or brokerage bank account.

Of course, the owner of OFZs has the right to surrender them to the state even earlier than three years, for example, after one year of owning the bonds. But his income in this case will be significantly lower than after three years. Therefore, returning OFZ-n to the state in the first year after purchase will be unprofitable.

In short, in order to receive the maximum possible income, the owner of OFZ-2018 will need to keep them for all three years.

Federal loan bond yield - 2018

Federal loan bonds issued in March–September 2018 will already have relatively high interest rates.

But in order to stimulate long-term investment of money, a gradual increase in the interest rate is provided.

Rates and dates of payment of coupon income of OFZ-n third issue

As a result, the rate of return excluding commissions, as well as when holding OFZ-n of the third issue for 3 years before the maturity date, will be up to 7.25% per annum.

Agent banks (Sberbank and VTB) will charge a commission from the buyer, the amount of which will depend on the transaction amount: 1.5% - for a transaction amount of up to 50 thousand rubles, 1.0% - from 50 to 300 thousand rubles . and 0.5% – from 300 thousand rubles. Similar commissions will be charged to investors in case of presentation of bonds for early redemption.

Thus, in order to get the maximum benefit from OFZ-n of the third issue, you need to purchase them in an amount of over 300 thousand rubles and hold them until March 24, 2021.

The OFZ yield for individuals, after three years, will exceed that offered today by the largest banks in Russia.

How much do federal loan bonds cost - 2018

One federal loan bond for individuals, issued in March–September 2018, will cost 1 thousand rubles in the first two days of placement, then the price will change depending on the market situation. The cost will be published weekly on the official website of the Russian Ministry of Finance. When an individual purchases bonds, all conditions (price and yield) are fixed and no longer depend on market conditions.

It will be possible to buy bonds of the first issue within 6 months from the start date of placement, then the sale of this issue will stop and the sale of the next one will begin. In this case, the investor will be able to buy securities in the amount of 30 thousand rubles to 15 million rubles in one issue.

Where and how to buy federal loan bonds - 2018

Federal loan bonds for individuals, which were issued in March - September 2018, can only be purchased at Sberbank and VTB.

In order to buy OFZ, you will need to come to a branch of Sberbank or VTB, open the necessary accounts there, sign an agreement and, accordingly, become the owner of the securities. Clients of Sberbank or VTB who have personal account in Internet banks, they can do this remotely.

“People's Bonds” of the 3rd issue arrived in banks on March 15, 2018. End date for bond placement: September 14, 2018.

It will not be possible to buy OFZ-2018 from intermediaries, private traders or on the stock exchange. They do not provide for any donation or contributions to capital. It is also prohibited to use them as collateral for obtaining a loan.

The owner of the OFZ will be able to sell them only in the bank where he took them, without the right to transfer them to third parties. OFZ can be transferred to another person only by inheritance. This will help avoid abuse.

Whether to buy federal loan bonds for individuals in 2018 or not, everyone decides for themselves! Find out more about the conditions for purchasing and repaying OFZ-n from Sberbank and VTB, as well as from information messages from the Ministry of Finance of the Russian Federation.

Today in Russia, OFZs issued by the state earlier are in circulation. These federal loan bonds are of the following types:

• OFZ-PK (with a variable coupon) began to be issued in 1995, and after the 1998 crisis, the issue was discontinued. The coupon was paid every six months. The value of the coupon rate changed and was determined by the weighted average yield on GKOs over the last 4 sessions (trading).
• OFZ-PD (with constant income) began to be issued in 1998. The coupon was paid once a year and was fixed for the entire circulation period.
• OFZ-FD (fixed income) appeared in 1999. They were issued to owners of GKOs and OFZ-PK, frozen in 1998 as a novation. The circulation period is 4-5 years. The coupon was paid quarterly. The rate was reduced annually (30% in the first year, 10% at the end of the term).
• OFZ-AD (with debt amortization) periodic repayment of the principal amount of the debt.
• OFZ-IN (with indexed denomination) have been issued since 2015. The nominal value of bonds is indexed monthly for the coming month in accordance with the consumer price index for goods and services in the Russian Federation.

It is federal loan bonds that can provide an alternative to individual deposits that are losing profitability.

Yield on federal loan bonds of previous years

According to Teletrade Group analyst Mark Goikhman, who expressed “ Rossiyskaya newspaper", the population may also be interested in those that appeared in 2015 Russian bonds federal loan linked to inflation (OFZ-IN).

« An income rate of 2.5 percent plus inflation compensation provides a combination of reliability and sufficient profitability of these securities“, notes the interlocutor of Rossiyskaya Gazeta.

The entrance ticket to this market is available to the absolute majority - the face value of one bond is one thousand rubles.

General Director of Peramo Management Company Olga Meshcheryakova also told Moskovsky Komsomolets that the best option for a beginner is federal loan bonds or corporate bonds of the “first echelon” - the most reliable Russian companies.

“Default on such securities can only occur if Russia defaults and state corporations go bankrupt. The probability of our country defaulting at the current low level of public debt is practically zero, and the same can be said about first-tier issuers. Moreover, if we recall the default of the Russian Federation in 1998, when GKO holders suffered, we will see that even in such a difficult time for the country, the same Gazprom paid off its bond issues,” argues Meshcheryakova.

Where to an individual buy federal loan bonds from previous years

Since OFZs from previous years are traded on the stock exchange, it is necessary to open an investment account with a broker. You can also purchase bonds through open-end mutual investment funds (OPIFs) managed by large management companies.

By the way, among the alternatives to bank deposits one can also highlight investment and savings life insurance.

In the context of the global financial and economic crisis, the most pressing issue is attracting money from outside.

And if individual borrowers often take out small amounts and for short repayment periods (and, as a rule, to achieve personal goals), then the state attracts funds in much larger volumes and for the implementation of global goals.

Concept

In essence, the contract is state. A loan is the same loan agreement, which differs from a regular agreement in a special subject composition.

A government loan is a loan or borrowing in which the Russian Federation acts as a guarantor for another borrower, or assumes all debt obligations.

Creditors of the Russian Federation can be any person - both individuals and legal entities. It is possible to attract funds not only from Russian, but also from foreign investors. In some cases, another country may act as a creditor of the Russian Federation.

Legislation

The procedure for obtaining and repaying government loans was previously regulated by 76-FZ of December 26, 1994 “On government external borrowings...”. Regulatory act was valid from the moment of publication until the end of 1999. Currently, the document has lost its legal force.

Now regulatory regulation legal relations in this area are carried out:

• Civil Code of the Russian Federation, in particular, as well as Chapter 7 (on securities and their turnover);

How is it different from a bank loan?

State and bank loan differ significantly from each other.

The main difference is in the nature of the security. When registering a bank loan, the collateral is specific material assets– property, equipment, goods. In the case of state The collateral for the loan is property owned by the state.

If a default is declared, all property, even those located abroad, may be seized. Sanctions may affect the buildings of trade missions, accounts of organizations with state form property, etc. Seizure cannot be imposed only on property under the jurisdiction of consulates.

Registration of a government loan

The contract is concluded in accordance with the requirements established in Art. 817 of the Civil Code of the Russian Federation.

First you need to decide on the parties involved in the process. According to Part 1 of this article, the following persons take part in legal relations:

• as a borrower - the Russian Federation or a constituent entity of the Russian Federation (including a municipal entity within a constituent entity of the Russian Federation);
• as a lender - a citizen or legal entity.

Part 3 of the above article regulates the procedure for registration of state registration. loan Based on regulatory provisions, the agreement is concluded through the acquisition by the lender (citizen or legal entity) of a state package. bonds or other securities.

Based on the purchased securities, the lender has the right to demand that the borrower (state, constituent entity of the Russian Federation or municipal entity) repay the debt. Repayment usually occurs along with interest.

After the release (issue) of securities, changing the terms of the government loan agreement is not allowed, as stated in Part 3 of Art. 817 of the Civil Code of the Russian Federation.

Variety

State loans are divided into types, depending on the subject of legal relations and the currency of the transaction:

Issue of securities

As a rule, state loans are provided as credit products from various financial organizations global significance. They can be issued in the form of securities, international loans, guarantees or guarantees of the country itself.

That is, the borrowing state issues a certain volume of its securities and then places them on international financial platforms. Participants in global financial circulation (international banks and other financial corporations) can buy these securities, thereby providing a loan.

The issue of government securities has one important goal - to balance tax revenues to the state budget. After all, an imbalance may arise between budget revenues and expenses that needs to be equalized.

If we talk about domestic government loans, the most reliable method of compensating for budget shortfalls is issuing money or receiving a loan from the Central Bank of the Russian Federation.

What is emission

Government loans are also divided into types according to issuing entities:

• securities issued by the Government of the Russian Federation;
• issued by constituent entities of the Russian Federation;
• issued by local administration bodies.

Accordingly, depending on the issuer, it will depend on which budget the funds will go to - federal, regional or local.

Bill and bond

The most common types of government securities. borrowings are bills and bonds.

By virtue of this, a bond is a security that indicates the rights of its holder to demand from the issuer the nominal price of the bond or other property equivalent within the prescribed time frame.

Besides estimated value, the holder can claim to receive a fixed percentage of the face value.

Bonds are divided into:

• impersonal - that is, issued in order to pay off the budget deficit, and not for the implementation of specific goals;
• targeted - issued for the purpose of providing state support to a specific government program or project.

Bills of exchange (an alternative name is treasury bills) are a type of securities that compensate for government budget deficits. Payments on them occur with interest and on time.

Most often, bills are used for short-term government loans, and bonds for long-term ones.

Non-market and market

Classification of government loans is also carried out based on the use of securities:

• market loans;
• non-market.

Market bonds are secured by bonds that are subject to free circulation on the financial market. That is, such securities can be sold, purchased or resold.

Non-market loans are characterized by the prohibition of free circulation of bills or bonds, which makes it impossible for the security holder to sell the debt obligation.

With and without collateral

A government loan agreement can be secured by collateral or unsecured.

Government loans with collateral are the most common type. The collateral may be a certain income of the country or property owned by the state.

Unsecured loans are a less popular type. Such loans are usually issued to countries that have sufficient authority and financial stability.

Refund

Some features of a government loan in terms of the nature of income payment:

Repayment of funds is carried out within specific terms established by the government loan agreement, that is, a security issued as security for repayment.

According to the repayment period, government loans can be classified into the following types:

• short-term (the deadline for repayment is 12 months);
• medium-term (up to 60 months);
• long-term (upper time limit has not been established).

Public debt management

State Department debt is a procedure for carrying out complex joint measures of the Central Bank and the state, aimed at repaying received loans, as well as organizing the process of paying income on existing obligations.

In the state management procedure. duty includes the following activities:

• making payments to creditors;
• payments on internal and external borrowings;
• adjustment of loan terms;
• issuing guarantees or providing guarantees;
• development of a procedure for placing new government loans.

On how correct and balanced it turns out to be decision made in the process of government management. debt, and the effectiveness of the measures taken will depend.

An informed decision is based on:

• analysis of the size of debt obligations;
• debt structuring;
• an objective assessment of debt obligations and the current economic situation in the country.

The issuer can be not only a commercial organization. The state also has the full right to issue securities. The issue of federal loan bonds allows you to cover the budget deficit or implement a project. Simply put, by issuing bonds, the government borrows money from citizens and companies and promises to return it with interest.

How OFZs work

Russian OFZs are, first of all, bearer securities. Like other bonds, they have a nominal and actual value and allow you to receive constant income. The level of this income is determined by the Ministry of Finance.

Federal bonds are safer than those that were issued commercial organizations, although the risk is not excluded. A typical example is Soviet securities, which lost value (along with money) with the collapse of the USSR, and vouchers. The latter, however, brought considerable profits to individual investors.

Unlike the purchase of other securities, the purchase of OFZ guarantees profit to an individual. In addition, as with a bank deposit, the state undertakes to repay them after a few years. The “validity period” of such a security is from 1 year to 30 years. But you don't have to wait: you can sell federal bonds to any individual or legal entity at market price.

How and where to buy OFZ (federal loan bonds) for an individual?

Option two:

1. Purchase through a broker. You can buy bonds just like any other securities. And sell - there are no restrictions.
2. Opening an IIS. An individual investment account can be opened at a bank. It promises to bring not only a percentage of the deposit amount, but also additional money in the form of a tax deduction. This is 13% of the amount (including the taxes you paid for last year) or from bond income.

In the first case, you get freedom and the ability to manage bonds the way you want. In the second - additional money.

How much profit will government bonds bring?

If you are expecting good interest payments (coupon), you will be disappointed. Current rates of return on Russian federal loan bonds actually do not exceed interest rates on bank deposits. And, accordingly, inflation. You can count on 6-7%, no more.

However, there is income. The rate of return on OFZ is fixed for a year, and you can receive money once every 6 months. It doesn’t matter how long you kept the bonds: if you buy them a few days before the coupon payment, you can count on the full income for six months.

Another source of income is buying and selling. Federal bonds can be traded like regular securities. The price is market price and may change over time. Bonds may fall in value below par. This is another opportunity to make money (for example, if you expect to hold securities until maturity).

In addition, when you open an IIS, you receive a tax deduction. Maximum - 52,000 rubles (13% of the contribution amount (no more than 1,000,000 rubles) provided that you paid this money as taxes). This deduction can be received every year.

Is it worth investing in buying federal loan bonds? Their pros and cons

As you can see, federal loan bonds do not promise high returns, except for tax deductions and profits from sales. They are worth buying if you are looking for an alternative to depositing. This is a good option: the state is more reliable than a company and a bank. But trading bonds with high profits (from 30-40% of the cost) is unlikely to work.

*Historical background: government loan bonds were issued in the USSR from 1922 to 1982. They were of three types:

• natural - issued to attract cash, the state redeemed it for food;
• winning ones - they contained information about winnings;
• interest - the holder of these securities received interest on his deposit.

A bond loan is a fairly profitable type of business lending; it has more advantages than a simple loan; it can be taken out when a company does not have enough finance to resolve production issues.

A bond loan is a form of lending for which the borrower uses simulated bonds. By bonds we mean a paper that is for the owner permit document to receive the nominal value or equivalent part of the company.

A company issues bonds to attract investors for the future or to improve its current financial position. By selling them, the company borrows funds from the buyer, which it undertakes to return at a set time.

What types of bonds are there for a bond loan?

Thanks to this method attracting borrowed funds, evaluating them, the issuer has the right to include a certain amount of interest payments in non-operating expenses, which will make it possible to reduce the tax base on profit.

Types of bond loans

Bonded loans are divided as follows:

• By term – urgent, medium-term and long-term;
• By purpose – commercial, internal;
• By issuer – corporate, municipal, state.

There are also external loan bonds; their issuance began in 2013.

Varieties by date

Urgent

Loans are issued for a period of up to a year.

Medium term

Loans from 1 to 5 years are considered coupons or are called notes, if the circulation period of these securities is increased to 10 years, in which case they are uncertificated coupon securities. They are paid every six months.

Important: such bonds are especially popular among portfolio mutual funds. This is explained by the optimal balance between short-term and long-term types.

Long-term