20.500.12556/DKUM-18573 INVESTIRANJE V OBVEZNICE TER VLOGA BONITETNIH AGENCIJ INVESTMENTS IN BONDS AND THE ROLE OF CREDIT RATING AGENCIES Diplomska naloga obravnava najpogosteje uporabljene dolžniške vrednostne papirje, tj. obveznice. Osrednja obravnavana tematika je investiranje v obveznice. Preden se posameznik odloči za naložbo oz. oplemenitenje finančnih sredstev z nakupom obveznic, je potrebno poznati njihove osnovne značilnosti. Pričujoča diplomska naloga je namenjena vsem, ki čutijo željo, da se poučijo o tej obliki investiranja. Obveznice so dolžniški vrednostni papirji, ki investitorju prinašajo predvidljive permanentne obresti, ob dospetju pa še izplačilo glavnice. Z nakupom obveznic nismo kakorkoli lastniško udeleženi v podjetju izdajatelja, ampak si z nakupom obetamo oplemenitenje svojih presežnih finančnih sredstev. Najpogostejši kupci obveznic so vsekakor pravne osebe, kot so zavarovalnice, vzajemni in pokojninski skladi, banke ter ostali institucionalni investitorji, ki na takšen način razpršijo svoje naložbe po tveganosti, zapadlosti ter tudi po panogi in geografskem področju. V diplomski nalogi so prikazane vrste obveznic glede na različne kriterije: glede na vrsto izdajatelja, vrsto zavarovanja, ordiniranost, dodatne pravice in glede na kraj izdaje. Razvrščanj je še več, vendar bi to preseglo vsebino diplomske naloge, zato so izpostavljena nekatera pogostejša. Poznavanje prednosti in slabosti obveznic je nujno, če ne želimo kasneje obžalovati svojih finančnih odločitev. Del naloge je namenjen tudi prikazu teh lastnosti ter opisu vrste tveganj, ki so jim dolžniški vrednostni papirji izpostavljeni. Splošno mnenje je, da so investicije v obveznice varne in služijo kot protiutež drugim, bolj tveganim vrednostnim papirjem (npr. delnicam, hibridnim vrednostnim papirjem). Vendar smo v zadnjih 3–4 letih dojeli, da so lahko tudi državne obveznice, ki veljajo za najvarnejšo vrsto obveznic, izpostavljene tveganju neplačila. Prav zato je pri računanju zahtevane donosnosti potrebno, da vkalkuliramo pribitke za vsa tveganja, ki nam jih moramo kot gospodarni naložbeniki poznati. Bonitetne ocene, ki jih izdajajo bolj ali manj znane bonitetne agencije, so stalnica pri obveznicah, pa če se odločamo za investiranje vanje ali za financiranje z njihovo pomočjo. Bonitetna agencija je institucija, ki izdeluje bonitetne ocene ali ratinge za države, finančna/nefinančna podjetja in posameznika. Bonitetne agencije prodajajo svojo storitev javnosti in jo tako seznanjajo s kvaliteto potencialnih naložb oziroma s tveganjem naložb v obliki delnic, obveznic, depozitov ali drugih oblik finančnih naložb. Njihova vloga je pomembna za celotno gospodarstvo, saj podajajo ocene o finančnih produktih in o vanje vključenih strukturiranih finančnih instrumentih. V zadnjem času se bonitetne agencije ubadajo z upadom ugleda, verodostojnosti, nepristranskosti, saj so se nekatere njihove ocene izkazale za napačne. Zadnji del naloge je namenjen prav tej problematiki, kjer so izpostavljene pomanjkljivosti delovanja bonitetnih agencij, sledijo predlogi za razrešitev tega in zaključek z aktualnimi predlogi regulatorja na evropskem ekonomskem trgu. Napisani teoriji je dodan praktičen prikaz podrejene obveznice NLB26, ki jo je izdala največja slovenska (sistemska) banka Nova Ljubljanska banka d.d., Ljubljana. Denarna sredstva iz prodaje te obveznice so bila namenjena povečanju kapitalske ustreznosti banke. Temu smo dodali tudi podatke o trenutnem stanju na obvezniških trgih doma in po svetu ter tako celostno dopolnili diplomsko nalogo. Diploma paper introduces the most commonly used bonds. The representative topic in the paper is investment in bonds. Before individuals decide to invest or process their financial means with buying some bonds, their individual characteristics should be known. This diploma paper refers mainly to those, who are inclined to know or learn more about this type of investments. Bonds are special investment papers, which show predictable and permanent interests, and upon delivering also payment of capital. Buying bonds doesn't contribute to any ownership in the company where bonds are bought. We merely benefit by increasing our funds surplus. The most frequent buyers of bonds are by all means legal parties, such as insurance companies, mutual and pension funds, banks and other institutional investors, who disperse their investments according to risk, overdue and also branch and geographical areas. Diploma paper introduces series of bonds according to these criteria: the company who issued bonds, insurance, ordinarity, extra legal rights and according to the place of issue. There are more criteria; however, writing about this could surpass the theme of the diploma paper. Therefore, only the most common criteria are described. Knowing advantages and disadvantages of bonds is necessary, if we don't want to regret our financial decisions. Part of the diploma paper is used to demonstrate features and description of those types of risks that bonds are usually exposed to. General opinion is that investments in bonds are safe actions and are used in contrary to those riskier stocks, such as shares and hybrid bonds. However, last three or four years have shown that also state bonds are exposed to risks of non-payment, although considered the safest investment. Therefore, as rational investors that we are, we should calculate certain risk increases while calculating determined profitability. Ratings that credit rating agencies usually issue are regularity with bonds. Whether we decide investing in bonds or using them to finance. Credit rating agency is an institution, which calculates ratings for countries, financial or non-financial companies or individual parties. Credit rating agencies sell their services to public and inform it about the quality of some of the potential investments or risks with different types. Such as shares, bonds, deposits or other financial investments. The role of credit rating agencies is important for the entire economy, because they inform about financial products and structured financial instruments. Lately credit rating agencies are dealing with the decline of their reputation, credibility and impartiality, because some of their estimates turned out to be wrong. Last part of the diploma paper firstly focuses on that particular problem, where some of the deficiencies of credit rating agencies are introduced. Secondly, some suggestions in solving these problems are introduced and lastly, there are current suggestions of regulator on European economy market. This introduced theory in the diploma paper is added a practical demonstration of bond NLB26, issued by the biggest Slovenian bank Nova Ljubljanska banka d.d., Ljubljana. Financial means from sales of this bond were used to increase the capital suitability of bank. This was also added the current information on bond's market home and in the world and therefore fully completed the diploma paper. obveznica investiranje bonitetna agencija bonitetna ocena banka gospodarska kriza tveganja dolžniški vrednostni papir Nova ljubljanska banka d.d. Ljubljana NLB26 donos obrestna mera dospelost. bond investment credit rating agency rating bank financial crisis risks debt bond Nova ljubljanska banka d.d. Ljubljana NLB26 profit rate of interest falling due. true true false [G. Ornik] Slovenski jezik Angleški jezik Diplomsko delo 2011-05-17 13:01:23 2011-07-13 11:47:47 2022-04-13 10:51:31 2023-12-24 03:12:57 2011 0 Selce 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 336.76 10728220 URN:SI:UM:DK:ZLEVCMEM VS_Ornik_Gordana_2011.pdf VS_Ornik_Gordana_2011.pdf 1 5DDECDF68CFF2FCB402A33167F49A92D 597b26fc98aa1ea3607a509dcc481af34d7933bacd2a3cd2c21971adaccd1c52 299576b1-7c05-11eb-bb7a-00155d0001ca 20.500.12556/dkum/c06e94ae-c2a8-4c2d-919c-a85c60865c14 https://dk.um.si/Dokument.php?lang=slv&id=22116 Ekonomsko-poslovna fakulteta 0 0 0