Obligacija

Obligacija is a fixed-income security that represents a loan from an investor to an issuer, such as a government, a municipality, or a corporation. The issuer agrees to pay the holder regular interest payments and to return the principal at a specified date, called the maturity date. The amount borrowed is the par value, and the interest is usually paid as a coupon, expressed as a percentage of par. The instrument creates a creditor–debtor relationship between issuer and holder.

There are several types of obligacije, including government bonds, corporate bonds, and municipal bonds. Bonds also differ by credit quality (investment grade versus high yield), and by coupon structure: fixed-rate, floating-rate, or zero-coupon (where no periodic coupons are paid, and the return comes from the difference between purchase price and par at maturity).

In trading, the price of an obligacija fluctuates in response to changes in prevailing interest rates, issuer credit risk, and market demand. The yield to maturity, which combines expected coupon payments and any capital gain or loss on redemption, is a common measure used by investors. A bond's price equals the present value of its future cash flows discounted at the market rate.

Risks include credit risk (default), interest-rate risk (price sensitivity to rates), reinvestment risk (uncertainty of reinvesting coupons), and liquidity risk. Ratings from agencies provide a relative assessment of credit quality and influence pricing. Regulations and tax treatment vary by country.

Obligacije are a cornerstone of fixed-income investing, used by governments and corporations to raise funds and by investors to diversify portfolios, manage cash flow, and seek predictable income.