State savings loan of the Russian Federation. Government Savings Loan Bonds Fundamental Properties of Bonds

State savings loan bonds (GSLO) are securities whose buyers can be individuals and legal entities.

They give the owner the opportunity to receive two types of income: in the form of interest accrued on their face value, and the difference between the sale price and the original purchase price.

History of appearance and features of OGSS

In September 1995, Decree of the President of the Russian Federation No. 836 was adopted, which marked the beginning of the development of a new financial instrument on Russian market— OGSZ. These debt securities were issued for the purpose of borrowing money from the public and businesses to cover government budget deficits.

OGSS gained popularity due to the fact that they were issued in documentary form: this inspired trust. The papers were bearer, i.e. interest income was paid to any citizen who presented the bond to a bank or other paying agent. Purchase and sale transactions did not require registration.

Today, the circulation of OGSS is regulated by Cabinet of Ministers Resolution No. 379 and Order of the Ministry of Finance No. 45n. Both regulatory documents have been operating since 2001. According to their provisions, the release valuable papers- the area of responsibility of the Ministry of Finance. The circulation period of the bonds is from three to five years.

The placement of OGSZ takes place in two stages:

holding an auction during which intermediaries are selected for the sale of securities;
concluding sales and purchase agreements with selected organizations.

OGSS has the right to acquire Russian and Foreign citizens and companies. To complete the transaction, they turn to payment agents, which are often banks, for example, Sberbank.

Advantages and disadvantages of OGSS

An important feature of OGSS is that these securities are initially intended for distribution among the population. They are easier to purchase than regular bonds. To complete a transaction, just contact a bank branch. By making a purchase, a citizen or organization essentially lends money to the state, which uses it to solve pressing economic and social problems.

The following advantages of OGSZ over other types of securities are highlighted:

minimal risks - the state acts as a guarantor of return of invested funds;
high yield, which varies at the level of 6-8% per annum;
income growth as the tenure of the security increases;
opportunity early return invested funds. According to the current rules, a depositor can sell an OGSZ after a year of ownership without losing interest payments. If he sells the security before maturity, no interest will be paid;
small entry threshold. To purchase OGSZ at Sberbank, you need at least 30,000 rubles, this is available to people with an average income;
Possibility of making a profit from the difference between the cost of sale and purchase: financial instruments are constantly growing in price;
the ability to transfer bonds by inheritance.

Among the disadvantages of OGSS is the impossibility of free circulation of bonds, since, according to the law, transactions with securities are carried out through the mediation of paying agents. Since 1998, a “crisis of confidence” in OGSS began, the public’s interest in this financial instrument fell significantly after the default. It is believed that the low popularity of bonds is associated with low profitability.

In September 1995 in Russian financial market a new financial instrument has appeared - government savings loan bonds (OGSB). If GKOs, OFZs and others government papers addressed quite large financial structures, then OGSS are available to legal entities and individuals, who may also be non-residents. The main goal of the new loan is to attract free funds from the population to cover the budget deficit. The bonds have an exceptionally low denomination - 100 and 500 thousand rubles, as they are designed for the mass consumer.

The issuer of OGSZ is the Ministry of Finance of the Russian Federation. The first series of OGSZ was issued on September 27, 1995 with a nominal value of 100 thousand rubles. and 500 thousand rubles. The total number of bonds with a nominal value of 100 thousand rubles. is 5 million pieces, with a nominal value of 500 thousand rubles. - 1 million pieces. The volume of issue of OGSZ of the first series is 1 trillion rubles.

OGSS are government securities payable to bearer. They are issued in paper form. The bonds circulation period is 1 year.

Each bond has 4 coupons. The coupon period is three calendar months. Owners of OGSZ receive income from coupons quarterly as a percentage of nominal value bonds. Interest income is determined by the Ministry of Finance for each coupon period and is equal to the last officially announced coupon rate on federal loan bonds (OFZ). This income will not be subject to income tax legal entities And income tax With individuals.

Unlike previous similar loans, for example, the well-known three percent loan, where the government sold and bought bonds, the placement of savings loan bonds is carried out at market prices through authorized banks and financial institutions that purchased bonds from the Treasury.

Closed competitions were held to place OGSZ. The minimum application for the purchase of bonds was 10 billion rubles. The competition was won by the bank or financial organization that offered the higher price. At the same time, a restriction on the purchase of bonds is introduced - for an amount of no more than 200 billion rubles. at nominal value. This prevents monopolization of the market. As a result of a competition held by the Ministry of Finance, in addition to Sberbank, several dozen largest banks became underwriters, which began the process of placing bonds among investors. In the first and second series, 48 and 51 banks participated in the auction. Under the terms of the OGSS issue, banks enter into an agreement with the Ministry of Finance, according to which 90% of the bond purchase volume must be sold within 60 days. Of the 90% of these bonds, 50% must be sold for cash, i.e. to individuals.

According to the terms of the release of OGSS, all commercial banks and financial organizations that have a license to work with public funds can take part in their distribution.

When bonds are redeemed, owners are paid the face value of the bonds and interest income on the last coupon. Bonds are redeemed by banks authorized by the issuer upon presentation of the original bond. The issuer does not repurchase the loan bonds before maturity.

By placing a new financial instrument, the Ministry of Finance will finance the budget deficit using a non-inflationary method, mobilize cash surpluses of the population, and provide mass investors with convenient way storage and increase of its funds.

The first bond issue, which included 10 series, was successful. Throughout the year, demand for securities exceeded supply, especially towards the end of 1996. The Ministry of Finance complied with all previously announced rules for the circulation of bonds, which increased public confidence in investing in securities. This is confirmed by the results of the auction for the last, 10th episode. The volume of purchase orders was 4 times higher than the issue volume. The weighted average purchase price rose above the nominal value and amounted to 102.18%. With such rush demand, the Ministry of Finance carried out an additional issue of bonds in the amount of 1 trillion rubles. at a price of 102.25% of the nominal value and increased the volume of the first issue of OGZ from 3 to 11 trillion rubles. Net budget income from the placement of bonds last year amounted to 3.155 trillion rubles.

The yield on the first coupon of the 1st series of OGSZ was 102.72%, on the second coupon - 104.28%. Subsequently, the profitability of OGSS decreased to 32.66% per annum. The maximum yield - 164.56% per annum - was recorded on the fourth coupon of the 1st series (June 1996), which is associated with events political life countries.

Government savings loan bonds successfully fit into their niche in the market. In June 1998, the twenty-eighth series OGSZ was issued for a period of two years from June 17, 1998 to June 16, 2000, with a nominal value of 500 rubles. The volume of the bond issue is 1 billion rubles, the total number is 2 million.

The issue of OGSS of the twenty-eighth series is considered to have taken place if at least 20% of the total number of issued bonds is placed.

The savings loan bond market is one of the most attractive for private investment, and the bonds themselves are a liquid financial instrument available to the average investor.

Government Savings Loan Bonds (GSLO Bonds)

Government Savings Loan Bonds are interest-bearing medium-term bearer market securities and are issued in documentary form. The nominal value of one bond is 500 rubles.

Bond owners can be Russian and foreign legal entities and individuals. Interest income on bonds is variable, its value is determined based on the yield on government short-term zero-coupon bonds and federal loan bonds or based on official indicators of inflation.

The placement of OGSZ is carried out at the prices offered in the submitted applications. Applications with the highest prices are satisfied first. If the total volume of applications is greater than the total nominal value of the issue, then applications at the highest prices are satisfied first, and applications with the highest low prices remain unsatisfied.

A peculiarity of the placement of this type of bonds is that they are placed only among authorized organizations that must meet the requirements set by the Ministry of Finance of Russia. After purchasing bonds at an auction, such organizations, within 60 days from the calendar day following the end date of the bond placement period, are required to sell at least 70% of the volume of bonds purchased at the auction, including at least 50% for cash. In this case, bonds are sold at market prices.

The first placement of these bonds was carried out in 1996, the last issue was redeemed in 2005.

Government Savings Bonds (GSB)

Government savings bonds are bonds of targeted placement, since their owners can only be the following Russian organizations:

■ insurance organizations;

■ non-state pension funds;

■ joint stock investment funds;

■ Pension Fund of the Russian Federation and state off-budget funds the Russian Federation in the event that the investment of funds in government securities of the Russian Federation is provided for by the legislation of the Russian Federation;

■ state corporations in the event that the placement (investment) of temporarily free funds of a state corporation in government securities of the Russian Federation is provided for by the legislation of the Russian Federation.

Except specified organizations, management companies that carry out trust management means pension savings, if such a right is granted to them by agreements with the Pension Fund of the Russian Federation, as well as management companies that carry out trust management of funds of joint-stock investment funds.

Placed bonds are not traded on the secondary market, and collateral is not allowed. Bonds are registered securities issued in documentary form. The nominal value of one bond is 1 thousand rubles.

The placement of bonds is carried out in the form of an auction or by private subscription. The auction is conducted with placement either at different prices or at a single price.

When issuing these bonds, the issuer has the right to determine the dates when the bondholders have the right to present them to the issuer for redemption before the maturity date of the bonds of the issue. In this case, the bonds are redeemed once a month at their nominal value.

In addition to early presentation of bonds for redemption, the owner has the right to exchange them for GSO of other issues and federal loan bonds.

Government savings bonds are interest bearing. The duration of the interest period is determined by the issuer and is established in the decision to issue bonds.

Interest rates can be set constant (for all coupon periods interest rate coincides) or fixed (for all coupon periods the interest rate is determined, but does not coincide).

These bonds are the youngest among government bonds. Their first issues took place in 2006. As of November 1, 2013, there are bonds in circulation in the amount of 607.55 billion rubles, of which GSO with a fixed coupon income is 132 billion rubles.

State savings loan bonds (GSLO) are securities whose buyers can be individuals and legal entities.

They give the owner the opportunity to receive two types of income: in the form of interest accrued on their face value, and the difference between the sale price and the original purchase price.

History of appearance and features of OGSS

In September 1995, Decree of the President of the Russian Federation No. 836 was adopted, which marked the beginning of the development of a new financial instrument on the Russian market - OGSZ. These debt securities were issued for the purpose of borrowing money from the public and businesses to cover government budget deficits.

Today, the circulation of OGSS is regulated by Cabinet of Ministers Resolution No. 379 and Order of the Ministry of Finance No. 45n. Both regulations have been in force since 2001. According to their provisions, the issue of securities is the responsibility of the Ministry of Finance. The circulation period of the bonds is from three to five years.

The placement of OGSZ takes place in two stages:

holding an auction during which intermediaries are selected for the sale of securities;
concluding sales and purchase agreements with selected organizations.

OGSS has the right to be acquired by Russian and foreign citizens and companies. To complete the transaction, they turn to payment agents, which are often banks, for example, Sberbank.

Advantages and disadvantages of OGSS

The following advantages of OGSZ over other types of securities are highlighted:

minimal risks - the state acts as a guarantor of return of invested funds;
high yield, which varies at the level of 6-8% per annum;
income growth as the tenure of the security increases;
possibility of early return of invested funds. According to the current rules, a depositor can sell an OGSZ after a year of ownership without losing interest payments. If he sells the security before maturity, no interest will be paid;
small entry threshold. To purchase OGSZ at Sberbank, you need at least 30,000 rubles, this is available to people with an average income;
Possibility of making a profit from the difference between the cost of sale and purchase: financial instruments are constantly growing in price;
the ability to transfer bonds by inheritance.

Among the disadvantages of OGSS is the impossibility of free circulation of bonds, since, according to the law, transactions with securities are carried out through the mediation of paying agents. Since 1998, a “crisis of confidence” in OGSS began; the population’s interest in this financial instrument dropped significantly after the default. It is believed that the low popularity of bonds is associated with low profitability.

State Savings Loan Bond (GSLO) is a government security to bearer, issued in documentary form and giving the owner the right to receive interest income accrued to the face value of the bond and the face value upon redemption.

The state savings loan was issued in August 1995. The volume of the loan was 10 trillion rubles, which the state intended to receive before 1998 by issuing bonds in ten series of 1 trillion rubles each. each. Owners of the 1992 Russian Domestic Win Loan bonds had the right to exchange these bonds for bonds of the new loan.

The issuer of government savings loan bonds is the Ministry of Finance of the Russian Federation. The issue of OGSS is carried out in accordance with the General Conditions for the Issue and Circulation of Government Savings Loan Bonds of the Russian Federation, approved by the Decree of the Government of the Russian Federation on August 10, 1995. The total volume of the issue of OGSS was established by the Ministry of Finance of the Russian Federation within the state limit domestic debt in accordance with federal law on the federal budget for the next financial year. The issue of OGSZ was carried out in the form of separate issues.

State savings loan bonds had a documentary form in the form of bearer bonds with interest income.

The loan bonds were free to circulate, their owners could be both legal entities and individuals (residents and non-residents).

During the period of issue from September 27, 1995 to September 26, 1996, the bonds had a par value of 100 and 500 thousand rubles. The “settled” price of the bonds depended on the day of purchase and was determined as the sum of the nominal price and the coupon income accumulated on the day of the transaction. Naturally, the market price differed from the calculated price, since it was influenced by various factors.

The Ministry of Finance of the Russian Federation approved the terms of individual issues of OGSZ (volume of issue, circulation period and maturity date, par value, size or procedure for determining the coupon rate, frequency of payment of interest income, placement procedure). In the period from 1995 to 1998, issued OGSS had a circulation period of one or two years, a coupon period of three or six months, the coupon rate was announced a week before the start of the corresponding coupon period and was equal to the last officially announced coupon rate of the bonds federal loan with variable coupon income.

The placement of OGSS was carried out by subscription among professional participants securities market, which then, on the basis of an agreement with the Ministry of Finance of the Russian Federation, sold the acquired OGSZ on the secondary market. The paying agent for OGSS is the Savings Bank of Russia. Essential conditions circulation, repayment and payment of interest income were printed on the reverse side of the OGSS form.

In the rapidly developing Russian securities market, government savings loan bonds as the new kind debt obligations were intended to become additional means to cover the growing deficit federal budget. The introduction of a “currency corridor” and the stabilization of the ruble exchange rate led to the fact that, in conditions of growth consumer prices The population's interest in investing in hard currency has noticeably decreased.

OGSS gave their owners the right to receive interest income that exceeded the level of yield on other government securities. The paper form of bonds and their bearer nature determined ease of circulation. In this case, there was no need to register the act of purchase and sale or transfer of securities. These conditions made OGSS attractive to individuals who trust the tangible paper form of the bond, rather than its computer counterpart.

The period for placing OGSS among legal entities and individuals was determined to be 90 days, which was calculated from the date of purchase of the bonds from the issuer. In this case, the dealer, within 60 days from the date of acquisition, had to place at least 90% of the securities purchased from the issuer, of which at least 50% had to be sold in cash.

The terms of the issue provided for the possibility of placing OGSZ commercial banks And financial institutions who have a license to carry out transactions with public funds. At the same time, at least 10 billion rubles had to be paid to the Ministry of Finance of the Russian Federation. at the nominal value of bonds with a minimum purchase price of 98% of this value. In practice, when purchasing OGSZ, those banks and companies that could offer a higher price received an advantage. Anticipating this, the Ministry of Finance of the Russian Federation introduced a maximum volume of bond purchases of 200 billion rubles. at nominal value.

The first series of OGSZ was placed successfully, almost the entire volume of 1 trillion rubles. was purchased by dealer banks at a weighted average price of 98.6% of the par value. The first bond trading on stock exchanges showed a steady increase in demand for these securities.

At the same time, despite the restrictions introduced in order to prevent the concentration of savings loan bonds in financial companies, OGSZ have become one of the tools used by financial market professionals.

At the beginning of November 1995, the second series of bond issues was issued, to increase the attractiveness of which the Ministry of Finance of the Russian Federation established a premium to the initial yield. As a result, the total yield of the first coupon was 97.12% per annum. This decision of the issuer can be explained by two reasons. Firstly, according to the conditions of the Russian securities market, OGSZ are medium-term (circulation period is one year), therefore incentives are required to increase their attractiveness. Secondly, the premium markup indicates that interest in OGSS does not meet the issuer’s expectations. Of the 52 applications submitted for the distribution of the second tranche bonds, only one was rejected. Bonds at par value were distributed in the amount of RUB 768.7 billion.

By the beginning of January 1997, the Ministry of Finance of the Russian Federation issued 10 bond issues totaling 11 trillion rubles. at par. As a result of the implementation of OGSS, the amount of funds received into the federal budget accounts exceeded 11.3 trillion rubles. Three issues were redeemed. Payments on coupon income, including service fees (2.4%), amounted to approximately

5 trillion rubles. The total volume of OGSS traded on the secondary market as of January 1, 1999 was 15 billion rubles.

Beginning in 1999, OGSS began to be withdrawn from circulation, and by the end of 2005 this loan was fully repaid. Over the entire period of circulation, the share of GSZ in the internal debt did not exceed 4% (see Appendix A).

Initially, the Ministry of Finance of the Russian Federation was interested in using OGSS as the only instrument at that time to attract funds from small investors. But, despite the success of the placement and the market mechanism of OGSS, it should be noted that the structure of the concluded transactions indicated

06 their short-term speculative nature, since they traded mainly in the issues closest to coupon redemption. Factors hindering the development of the OGSS market also include frequent issues and lack of widespread advertising, public distrust of government securities, and low profitability of operations for small investors. In addition, after the 1998 crisis, the monetary authorities lost interest in OGSS due to their lack of control.

QUESTIONS FOR SELF-CONTROL

1. Name the types of universal federal loans.
2. Tell us about the purpose, issues and circulation of state bonds.
3. Describe the issues of OFZ-PK, OFZ-PD, OFZ-FD, OFZ-AD.
4. Formulate conclusions about the development trends and performance of GKO-OFZ issues based on an analysis of market dynamics.
5. Tell us about the issue and main results of the functioning of gold certificates and bonds in the Russian Federation.
6. Tell us about the State Savings Loan, its objectives and the problems of bringing bonds to the mass investor.