| Bond Yields and Yields Vaeiations on Bonds in Montenegro | Prinosi i varijacije prinosa na obveznice u Crnoj Gori |
| Management, [pdf] | Menadžment, [pdf] |
| ID: 7.2009.52.8 Number: 52 Volume: XIV Month: 9 Year: 2009 UDC: 336.761(497.16) [tmx] [bow] |
dr Vladimir Kašćelan1,
Institution: Faculty of Economics, Podgorica | dr Vladimir Kašćelan1,
Institucija: Ekonomski fakultet Podgorica |
mr Borko Božović
Institution: The Central Bank of Montenegro | mr Borko Božović
Institucija: Centralna banka Crne Gore |
Abstract
The issue discussed is bond yields and yields variations on bonds in Montenegro. Specifically, we consider the frozen foreign currency savings bonds (FFCS bonds) and bonds issued to compensate the insured through the
State-operated pension and disability insurance system (PandD bonds). Both classes of bonds are issued by the
Central Government. Both are zero-coupon bonds, and mature in tranches: FFCS bonds mature annually, from
2004-2017 (as by tickers: OB04-OB17), while PiO bonds mature semiannually, from 2008-2011 (as by tickers:
P08P, P09P, P09D, P10P, P10D, P11P). The former are issued to compensate natural persons whose foreign currency
deposits became frozen, amid the collapse of the banking system during 1990’s (at the time State-owned),
while the latter are issued to compensate for the controversial adjustment of pensions and other remunerations during the July 2002 - December 2003 period. The aforementioned bond classes are considered for various reasons,
the most important being their highest trading volume among all the bonds. In addition, let us mention that
after the new capital markets had been established in Montenegro, only one corporate bond issue was achieved. | Apstrakt
U radu se razmatraju prinosi i varijacije prinosa na obveznice u Crnoj Gori, i to na: obveznice stare devizne štednje (obveznice SDŠ) i obveznice za obeštećenje korisnika prava penzijskog i invalidskog osiguranja (obveznice
PiO). Obje klase obveznica izdaje Centralna Vlada (Država). I jedne i druge su diskontne hartije od vrijednosti.
Dospijevaju u serijama (tranšama); obveznice SDŠ jednom godišnje (OB04-OB17), a obveznice PiO dva puta godišnje (P08P, P09P, P09D, P10P, P10D, P11P). Prve su emitovane zbog obeštećenja fizičkih lica čiji su devizni depoziti ostali zamrznuti usljed kolapsa bankarskog sistema tokom 1990-ih. Dok, druge se odnose na obeđtećenje korisnika penzijskog i invalidskog osiguranja, usljed „spornog” usklađivanja penzija i drugih naknada u periodu jul 2002-decembar 2003. godine. Pomenute klase obveznica se razmatraju iz više razloga, od kojih je najvažniji što su najtrgovanije. Uzgred, pomenimo da je u Crnoj Gori, od uspostavljanja novog tržišta kapitala, održana svega jedna emisija korporativnih obveznica. |
| Pages: 73-80 | Strane: 73-80 |