Skuldepapper

Skuldepapper, often translated as debt securities, are financial instruments that represent a contractual obligation by an issuer to pay the holder a defined stream of cash flows and to repay the principal at maturity. They include bonds, debentures, notes, certificates of indebtedness, government and corporate securities, and other instruments that evidence debt. They are typically negotiable and can trade on capital markets, allowing investors to buy and sell prior to maturity.

Issuers include sovereigns, municipalities, corporations, and financial institutions. Maturities range from short-term to several decades. The issuer promises to pay periodic interest, known as a coupon, and to repay the principal at maturity. Some instruments are zero-coupon, issued at a discount and maturing at par. Features such as callability, convertibility, or floating-rate coupons may apply.

Valuation is based on expected cash flows discounted at current interest rates and under the issuer’s credit risk. Prices move with changes in interest rates; higher risk or lower credit quality requires higher yields. Ratings from credit agencies provide relative assessments of credit risk.

Risks include credit risk, interest-rate risk, inflation risk, and liquidity risk. Regulatory oversight varies by jurisdiction but generally covers disclosure, trading, and protection for investors. Skuldepapper are used by issuers to raise capital and by investors to seek income and diversification. Common types include government bonds, corporate bonds, municipal bonds, and money-market instruments such as commercial paper. They may be bearer or registered and can be issued in various currencies and structures, including secured or unsecured forms.