sinkable bond что это

Амортизационный фонд

Амортизационный фонд является средством возврата средств, заимствованных через выпуск облигаций.

Эти средства возвращаются путем периодических выплат доверительному управляющему, который выводит из обращения часть облигаций, приобретая их на открытом рынке.

Эмитенту не приходится выплачивать принципал всех облигаций в дату погашения, так как сторонняя компания ежегодно выкупает часть выпуска, обычно по фиксированной номинальной или по текущей рыночной стоимости облигаций, в зависимости от того, какая из этих величин меньше.

С точки зрения инвестора, хотя риск повышения процентной ставки по облигации становится тем больше, чем дольше она удерживается, амортизационный фонд повышает безопасность корпоративных облигаций.

Компания-эмитент с меньшей вероятностью допустит дефолт при погашении оставшейся основной суммы по истечении срока погашения, поскольку сумма окончательного погашения становится существенно ниже.

Средства амортизационного фонда могут храниться в выбранных акциях, денежных средствах или других облигациях.

Если эмитент вносит денежные депозиты, доверительный управляющий использует полученные деньги для погашения некоторых облигаций с использованием случайных серийных номеров.

Цена досрочного отзыва обычно равна цене выпуска облигаций. Чем ближе срок погашения облигаций, тем ближе цена досрочного отзыва к номинальной стоимости.

И наоборот, если эмитент депонирует на кастодиальный счёт другие долговые обязательства, эмитент выкупает эти облигации. Это часто происходит, когда облигации на открытом рынке продаются ниже номинала.

При создании амортизационного фонда эмитент открывает кастодиальный счёт и осуществляет в него систематические платежи.

При этом выплаты могут начаться только через несколько лет.

Суммы обычно являются фиксированными, хотя плавающие суммы могут использоваться – это зависит от уровней доходов или других критериев, установленных в документации фонда.

Если не считать случаев, когда для амортизационного фонда используются акции, невыполнение регулярных основных и процентных платежей приводит к дефолту по кредиту.

Амортизационный фонд повышает кредитоспособность корпорации, позволяя ей платить инвесторам по более низкой процентной ставке.

Из-за экономии на процентах корпорация получает больше чистого дохода и денежных потоков для финансирования операций.

Кроме того, предприятия могут вычитать из своих налогов проценты, выплачиваемые кредиторам, что также помогает оптимизировать денежный поток.

Корпорации могут использовать сбережения для покрытия расходов по амортизационным фондам или других обязательств.

Кроме того, инвесторы ценят дополнительную защиту, которую предоставляет амортизационный фонд, что увеличивает их готовность одолжить деньги компании.

Бизнес, который контролирует свои деньги, с меньшей вероятностью может столкнуться с дефолтом по непогашенной задолженности.

Тем не менее, если процентные ставки падают, а цены на облигации растут, эти облигации могут быть отозваны досрочно, и инвесторы потеряют часть своих процентных платежей, что приведёт к уменьшению долгосрочного дохода.

Кроме того, инвесторам, скорее всего, придётся размещать свои средства где-то ещё по более низкой процентной ставке, также упуская потенциальный долгосрочный доход.

Досрочное погашение с использованием амортизационного фонда – это положение в контракте, позволяющее эмитенту выкупать непогашенные облигации у держателей по установленной ставке, используя деньги из доходов, сэкономленных специально для выкупа ценных бумаг (амортизационный фонд).

Двойной опцион – это положение в контракте амортизационного фонда, предоставляющее эмитенту право погашать двойную сумму долга при выкупе облигаций с правом досрочного погашения.

Доходность до среднего срока погашения – это доходность облигаций, когда дата погашения заменяется средним сроком погашения, что полезно для облигаций с амортизационным фондом.

Серийные облигации – это партия облигаций, в которой определённая часть облигаций погашается через регулярные промежутки времени, пока в конечном итоге не будут погашены все облигации.

Синкер – это облигация с платежами, которые предоставляются амортизационным фондом эмитента.

Амортизированные облигации – это облигации, поддерживаемые амортизационным фондом, в который откладываются деньги, чтобы гарантировать инвесторам выплаты основных и процентных платежей.

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Sinkable Bond

James Chen, CMT is an expert trader, investment adviser, and global market strategist. He has authored books on technical analysis and foreign exchange trading published by John Wiley and Sons and served as a guest expert on CNBC, BloombergTV, Forbes, and Reuters among other financial media.

What Is a Sinkable Bond?

A sinkable bond is a type of debt that is backed by a fund set aside by the issuer. The issuer reduces the cost of borrowing over time by buying and retiring a portion of the bonds periodically on the open market, drawing upon the fund to pay for the transactions. The bonds usually have a provision that allows them to be repurchased at the prevailing market rate.

Sinkable bonds are a very safe investment for the bond investor because they are backed by cash. However, their return is uncertain because it is dependant on the direction of bond prices in the market.

Understanding the Sinkable Bond

From the viewpoint of the corporations and municipalities that issue them, an advantage of sinkable bonds is that the money can be repaid entirely or in part if interest rates fall below the nominal rate of the bond. They can then refinance the balance of the money they need to borrow at a lower rate.

Key Takeaways

In addition, the issuers are paying off their loans and the interest on them in installments, gradually reducing the sum due at the end of the term.

Calculating Yield to Average Life

Because sinkable bonds typically have shorter durations than their maturity dates, investors may calculate a bond’s yield to average life when determining whether to purchase a sinkable bond. The yield to average life takes into consideration how long a bond may have before retirement and how much income the investor may realize.

Sinkable bonds typically have a provision allowing them to be repurchased at par plus the prevailing market interest rate.

The yield to average life is also important when bonds with sinking funds are trading below par, since repurchasing the bonds gives a bit of price stability.

Example of a Sinking Bond

The enhanced repayment protection offered by the sinking funds is attractive to investors seeking a safe investment. However, investors may have concerns over the bonds being redeemed before maturity, as they will lose out on interest income.

Companies are required to disclose their sinkable bond obligations through their corporate financial statements and prospectus.

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sinking fund bond

Смотреть что такое «sinking fund bond» в других словарях:

sinking-fund bond — noun : a bond issued with a provision that a specified amount or percentage of the issuer s income will be paid annually into a sinking fund set up to retire the bond issue … Useful english dictionary

sinking fund bonds — ( sinkers) Revenue bond issues that require the issuer to accumulate or set aside part of the annual revenue which is then used to redeem bonds before maturity, often well before regular call dates. The set aside funds are called the sinking fund … Financial and business terms

Sinking fund — Historical ContextA Sinking Fund was a device used in Great Britain in the 18th century to reduce national debt. While used by Robert Walpole in 1716 and effectively in the 1720s and early 1730s, it originated in the commercial tax syndicates of… … Wikipedia

sinking fund — Cash set aside under restricted conditions as required by the terms of certain types of debt. See sinking fund bonds ( sinkers). American Banker Glossary A fund to which money is added on a regular basis that is used to ensure investor confidence … Financial and business terms

sinking fund — a fund to extinguish an indebtedness, usually a bond issue. [1715 25] * * * Fund set aside by a corporation or government agency for the purpose of periodically redeeming bonds, debentures, and preferred stocks. The fund is accumulated from… … Universalium

Sinking Fund Call — A provision allowing a bond issuer the opportunity to buy outstanding bonds from bondholders for a set rate, using money (a sinking fund) from the issuer s earnings saved specifically for security buybacks. Because it adds doubt for investors… … Investment dictionary

Sinking Fund — A means of repaying funds that were borrowed through a bond issue. The issuer makes periodic payments to a trustee who retires part of the issue by purchasing the bonds in the open market. Rather than the issuer repaying the entire principal of a … Investment dictionary

sinking fund — Funds set aside to pay off a bond or preferred stock. ► Many companies create sinking funds, managed by a custodian, as a means to increase investor confidence and reduce the cost of borrowing … American business jargon

Sinking fund requirement — A condition included in some corporate bond indentures that requires the issuer to retire a specified portion of debt each year. Any principal due at maturity is called the balloon maturity. The New York Times Financial Glossary … Financial and business terms

sinking fund requirement — A condition included in some corporate bond indentures that requires the issuer to retire a specified portion of debt each year. Any principal due at maturity is called the balloon maturity. Bloomberg Financial Dictionary … Financial and business terms

sinking fund reserve — An account set up for the redemption of long term debt. It is commonly required by a bond indenture … Black’s law dictionary

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What Is a Sinkable Bond?

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A sinkable bond is a type of bond issue that is insulated from possible default due to the creation of a backup source of funding known as a sinking fund. This fund is established by the issuer of the bond and can be drawn upon when and as there is a need to disburse interest payments to bond holders or to repay the principal when the bond is called early. Considered an extremely safe type of bond issue, the sinkable bond may be repurchased incrementally using the proceeds from the sinking fund, allowing the issuer to take advantage of any lower interest rates that may have developed since the original launch of the bond issue.

One of the chief benefits of a sinkable bond is that investors assume very little risk in terms of possible default on the bond issue. While it is not unusual for issuers to secure insurance coverage when offering a municipal or corporate bond to investors, that insurance usually only comes into play if the issuer is in danger of a default. Owing to the sinking fund that is maintained by the issuer, there is actually money on hand to ensure interest payments are issued without fail, even if the average rate of interest has fallen below the fixed rate associated with the sinkable bond. In addition, issuers can incrementally add to the balance in the sinking fund, and use those proceeds to repurchase portions of the bond that can then be reissued at a lower rate of interest.

Issuers also benefit from offering a sinkable bond. Since the risk level is lower, it is possible to offer the bond with a lower rate of interest. In addition, the presence of the sinking fund means that even if the venture funded with the proceeds from the bond does not produce sufficient revenue, the money deposited in the backup fund will offset any difference. As a result, the issuer is much less likely to experience any type of real financial hardship with this type of bond issue.

Investors can utilize the services of brokers to locate viable sinkable bond issues for consideration, and compare current offerings to find the ones that offer the greatest potential for returns. While the risk level is extremely low, taking the time to assess the stability of the entity issuing the bond is always a good idea. By comparing interest rates, duration, and other key factors, investors can find sinkable bond issues that will mature in a reasonable period of time, enjoying periodic interest payments in the interim.

After many years in the teleconferencing industry, Michael decided to embrace his passion for trivia, research, and writing by becoming a full-time freelance writer. Since then, he has contributed articles to a variety of print and online publications, including SmartCapitalMind, and his work has also appeared in poetry collections, devotional anthologies, and several newspapers. Malcolm’s other interests include collecting vinyl records, minor league baseball, and cycling.

After many years in the teleconferencing industry, Michael decided to embrace his passion for trivia, research, and writing by becoming a full-time freelance writer. Since then, he has contributed articles to a variety of print and online publications, including SmartCapitalMind, and his work has also appeared in poetry collections, devotional anthologies, and several newspapers. Malcolm’s other interests include collecting vinyl records, minor league baseball, and cycling.

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sinking fund rate

Смотреть что такое «sinking fund rate» в других словарях:

Sinking Fund Call — A provision allowing a bond issuer the opportunity to buy outstanding bonds from bondholders for a set rate, using money (a sinking fund) from the issuer s earnings saved specifically for security buybacks. Because it adds doubt for investors… … Investment dictionary

Sinking Fund — A means of repaying funds that were borrowed through a bond issue. The issuer makes periodic payments to a trustee who retires part of the issue by purchasing the bonds in the open market. Rather than the issuer repaying the entire principal of a … Investment dictionary

Sinking Fund Method — A technique for depreciating an asset in bookkeeping records while also generating money to purchase a replacement for the asset when it reaches the end of its useful life. Under the sinking fund method, the business sets aside an amount of money … Investment dictionary

sinking fund — A fund set up to replace a wasting asset at the end of its useful life. Usually a regular annual sum is set aside to enable the fund, taking into account interest at the expected rate, to replace the exhausted asset at a specified date. Some have … Big dictionary of business and management

fund(s) — fund or funds To capitalize with a view to the production of interest. Also, to put into the form of bonds, stocks, or other securities, bearing regular interest, and to provide or appropriate a fund or permanent revenue for the payment thereof.… … Black’s law dictionary

fund(s) — fund or funds To capitalize with a view to the production of interest. Also, to put into the form of bonds, stocks, or other securities, bearing regular interest, and to provide or appropriate a fund or permanent revenue for the payment thereof.… … Black’s law dictionary

fund — A fiscal and accounting entity with a self balancing set of accounts in which cash and other financial resources, all related liabilities and residual equities, or balances, and charges therein, are recorded and segregated to carry on specific… … Financial and business terms

Consolidated Fund — or the Consolidated Revenue Fund is the term used for the main bank account of the government in many of the countries in the Commonwealth of Nations. Contents 1 Establishment 1.1 Earlier funds 1.2 Ireland s Consolidated Fund … Wikipedia

Woodmont, Connecticut — Infobox Settlement official name = Woodmont, Connecticut settlement type = Borough nickname = motto = imagesize = image caption = image |pushpin pushpin label position =left pushpin map caption =Location within the state of Connecticut pushpin… … Wikipedia

Continuous-repayment mortgage — Analogous to continuous compounding, a continuous annuity[1][2] is an ordinary annuity in which the payment interval is narrowed indefinitely. A (theoretical) continuous repayment mortgage is a mortgage loan paid by means of a continuous annuity … Wikipedia

Sinkable Bond — A bond issue that is backed by a fund, called a sinking fund, that sets aside money on a regular basis to ensure investors that principal and interest payments will be made as promised. Sinkable bonds reduce the risk for investors and therefore… … Investment dictionary

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