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| n1 | Bond Yields and Yields Vaeiations on Bonds in Montenegro dr Vladimir Kascelan, mr Borko Bozovic The yields differ greatly from one FFCS bond set to the other. | n1 | Prinosi i varijacije prinosa na obveznice u Crnoj Gori dr Vladimir Kašćelan, mr Borko Božović Prinosi su veoma različiti kod različitih serija obveznica SDŠ. |
| n2 n3 | For example, in OB05, the yields amounted up to about 40%, then fell to 20%, to rise again up to over 100%. In OB06-OB08 they remained around 1520% for quite a long period (depending on the series), to rise dramatically a couple of months prior to maturity. The yield on OB10 was for a long time steady, | n2 n3 | Npr. kod OB05, prinosi su bili oko 40%, zatim padali do 20%, da bi ponovo skočili do preko 100%. Prinosi kod OB06-OB08 su se relativno dugo kretali 15-20% (u zavisnosti od serije), da bi, par mje- |
| n4 | 1Faculty of Economics, Podgorica 2The Central Bank of Montenegro | n4 | Ekonomski fakultet Podgorica 2Centralna banka Crne Gore |
| n5 | 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). | n5 | 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). |
| n6 | Both classes of bonds are issued by the Central Government. | n6 | Obje klase obveznica izdaje Centralna Vlada (Država). |
| n7 | 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). | n7 | I jedne i druge su diskontne hartije od vrijednosti. Dospijevaju u serijama (tranšama); obveznice SDS jednom godišnje (OB04-OB17), a obveznice PiO dva puta godišnje (P08P, P09P, P09D, P10P, P10D, P11P). |
| n8 | 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. | n8 | 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 obeštećenje korisnika penzijskog i invalidskog osiguranja, usljed „spornog” usklađivanja penzija i drugih naknada u periodu jul 2002-decembar 2003. godine. |
| n9 | The aforementioned bond classes are considered for various reasons, the most important being their highest trading volume among all the bonds. | n9 | Pomenute klase obveznica se razmatraju iz više razloga, od kojih je najvažniji što su najtrgovanije. |
| n10 | In addition, let us mention that after the new capital markets had been established in Montenegro, only one corporate bond issue was achieved. | n10 | Uzgred, pomenimo da je u Crnoj Gori, od uspostavljanja novog tržišta kapitala, održana svega jedna emisija korporativnih obveznica. |