Hvad er en obligation

Indholdet af InvestorsOrbit er udarbejdet med det formål at give en generel introduktion til finansielle produkter. InvestorsOrbit kan ikke erstatte finansiel rådgivning og kan hverken anses for at være et tilbud om at yde finansiel rådgivning eller et tilbud om nogen anden rådgivning eller service. Investorer opfordres til at kontakte egen investeringsrådgiver for individuel information om eventuel investering, skatteforhold med videre.

En obligation er et renteinstrument, der repræsenterer et lån, der er foretaget af en investor til en låntager (typisk statslige). Obligationer bruges af virksomheder, kommuner, stater og suveræne regeringer til at finansiere projekter og operationer. Ejere af obligationer er udstedere af obligationer eller kreditorer. Obligationsdetaljer inkluderer slutdatoen, hvor lånets hovedstol skal betales til obligationsejeren og inkluderer normalt betingelserne for variabel eller fast rente betalt af låntageren.

Udstedere af obligationer

Regeringer og virksomheder bruger ofte obligationer til at låne penge. Regeringerne skal finansiere veje, skoler eller anden infrastruktur.

Tilsvarende vil virksomheder kunne låne for at vokse deres forretning, til at købe ejendom og udstyr, til at gennemføre rentable projekter, til forskning og udvikling eller for at ansætte ansatte. Problemet, som store organisationer støder på, er, at de typisk har brug for langt flere penge, end den gennemsnitlige bank kan give. Obligationer giver en løsning ved at give mange individuelle investorer mulighed for at påtage sig långiverens rolle. Faktisk lader markederne for offentlige gæld tusinder af investorer låne hver en del af den nødvendige kapital. Markederne giver desuden långivere mulighed for at sælge deres obligationer til andre investorer eller købe obligationer fra andre enkeltpersoner – længe efter at den oprindelige udstedende organisation rejste kapital.

Sådan fungerer obligationer

Obligationer kaldes ofte for rentepapirer og er en af ​​tre aktivklasser, som mange investorer normalt er bekendt med, sammen med aktier og likvider.

Mange erhvervs- og statsobligationer handles offentligt; andre handles kun over-the-counter (OTC) eller privat mellem låntager og långiver.

Når virksomheder eller andre enheder har brug for at skaffe penge til at finansiere nye projekter, opretholde løbende drift eller refinansiere eksisterende gæld, kan de udstede obligationer direkte til investorer. Låntageren (udstederen) udsteder en obligation, der inkluderer lånevilkårene, rentebetalinger, der vil blive foretaget, og det tidspunkt, hvor de udlånte midler (obligationens hovedstol) skal tilbagebetales (udløbsdato). Rentebetaling (kuponen) er en del af det afkast, som obligationsejerne tjener for at låne deres midler til udstederen. Den rente, der bestemmer betalingen, kaldes kuponrenten.

Startprisen for obligationer er typisk sat til pari, normalt kurs 100. Den faktiske markedspris på en obligation afhænger af en række faktorer: udstederens kreditkvalitet, tidsrummet indtil udløbet og kuponrenten sammenlignet med det generelle rentemiljø på det tidspunkt. Den pålydende værdi af obligationen er, hvad der vil blive tilbagebetalt til låntageren, når obligationen modnes.

De fleste obligationer kan sælges af den oprindelige obligationsejer til andre investorer, efter at de er blevet udstedt. Med andre ord behøver en obligationsinvestor ikke at holde en obligation helt frem til dens udløbsdato. Det er også almindeligt, at obligationer genkøbes af låntageren, hvis renten falder, eller hvis låntagers kredit er forbedret, og det kan genudstede nye obligationer til en lavere pris.

Egenskaber ved obligationer

De fleste obligationer har nogle fælles grundlæggende egenskaber, herunder:

Pålydende værdi er det pengebeløb, som obligationen vil være værd ved udløbet; det er også det referencebeløb, som obligationsudstederen bruger ved beregning af rentebetalinger. For eksempel siger, at en investor køber en obligation til en præmie på $ 1.090, og en anden investor køber den samme obligation senere, når den handler til en rabat på $ 980. Når obligationen modnes, modtager begge investorer obligationens pålydende værdi af $ 1.000.

Kuponrenten er den rente, som obligationsudstederen betaler på den pålydende værdi af obligationen, udtrykt i procent. For eksempel betyder en 5% -kuponrente, at obligationsejere vil modtage 5% x $ 1000 pålydende = 50 dollars hvert år.

Kupon datoer er de datoer, hvor obligationsudstederen foretager rentebetalinger. Betalinger kan foretages i ethvert interval, men standarden er halvårlige betalinger.

Udløbsdatoen er den dato, hvor obligationen modnes, og obligationsudstederen betaler obligationsejerens pålydende værdi.

Emissionskursen er den pris, som obligationsudstederen oprindeligt sælger obligationerne.

To træk ved en obligation – kreditkvalitet og tid til udløb – er de vigtigste determinanter for en obligations kuponrente. Hvis udstederen har en dårlig kreditvurdering, er risikoen for misligholdelse større, og disse obligationer betaler mere renter. Obligationer, der har en meget lang løbetid, betaler normalt også en højere rente. Denne højere kompensation skyldes, at obligationsejeren er mere eksponeret for rente- og inflationsrisici i en længere periode.

Kreditvurderinger for et selskab og dets obligationer genereres af kreditvurderingsbureauer som Standard og Poor’s, Moody’s og Fitch Ratings fra USA. Obligationer af højeste kvalitet kaldes “investeringskvalitet” og inkluderer gæld udstedt af den danske regering og meget stabile virksomheder, ligesom mange forsyningsselskaber. Obligationer, der ikke betragtes som investeringskvalitet, men ikke er i standard, kaldes ”højrente” eller ”junk” -obligationer. Disse obligationer har en højere risiko for misligholdelse i fremtiden, og investorer kræver en højere kuponbetaling for at kompensere dem for denne risiko.

Obligationer og obligationsbeholdninger stiger eller falder i værdi, når renten ændrer sig. Følsomheden over for ændringer i rentemiljøet kaldes ”varighed.” Brug af begrebet varighed i denne sammenhæng kan være forvirrende for nye obligationsinvestorer, fordi det ikke henviser til den tid, obligationen har før udløbet. I stedet beskriver varighed, hvor meget en obligations pris stiger eller falder med en ændring i rentesatserne.

Skiftesatsen for en obligations- eller obligationsporteføljens følsomhed over for renter (varighed) kaldes ”konveksitet”. Disse faktorer er vanskelige at beregne, og den krævede analyse udføres normalt af fagfolk.

Kategorier af obligationer

Der er fire primære kategorier af obligationer, der sælges på markederne. Du kan dog også se udenlandske obligationer udstedt af virksomheder og regeringer på nogle platforme.

Virksomhedsobligationer udstedes af virksomheder. Virksomheder udsteder obligationer snarere end at søge banklån til gældsfinansiering i mange tilfælde, fordi obligationsmarkederne tilbyder mere gunstige betingelser og lavere renter.

Kommunale obligationer udstedes af stater og kommuner. Nogle kommunale obligationer tilbyder skattefri kuponindkomst for investorer.

Statsobligationer som dem, der er udstedt af U.S. Treasury. Obligationer udstedt af statskassen med et år eller mindre til udløb kaldes “Regninger”; obligationer, der er udstedt med 1 til 10 år til forfald, kaldes “noter”; og obligationer udstedt med mere end 10 år til udløb kaldes “obligationer”. Hele kategorien af obligationer udstedt af en statskasse omtales ofte samlet som “statskasser.” Statsobligationer udstedt af nationale regeringer kan kaldes statsgæld.

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