Võlakirjaturud

Võlakirjaturud are financial markets where debt securities, known as võlakirjad (bonds), are bought and sold. These markets play a crucial role in the global economy by facilitating the flow of capital from investors to borrowers, which can include governments, municipalities, and corporations.

There are two primary types of võlakirjaturud: the primary market and the secondary market. In the primary market, issuers sell new võlakirjad directly to investors to raise funds. This is where the initial issuance of debt takes place. Once issued, these võlakirjad can be traded among investors in the secondary market. This market provides liquidity, allowing investors to buy and sell existing võlakirjad before their maturity date.

Key participants in võlakirjaturud include institutional investors like pension funds, mutual funds, insurance companies, and hedge funds, as well as individual retail investors. The value of võlakirjad is influenced by various factors, including interest rates, the creditworthiness of the issuer, inflation expectations, and overall economic conditions.

Võlakirjaturud offer a diverse range of instruments, from short-term treasury bills to long-term corporate bonds, catering to different investment objectives and risk appetites. They are essential for financing infrastructure projects, government deficits, and corporate expansion, thereby supporting economic growth and development.