Võlakirjatüübid

Võlakirjatüübid refers to the different categories of bonds available in the financial market. Bonds are debt securities where an issuer owes the holder a debt and is obliged to pay interest (the coupon) and repay the principal at a later date (the maturity date).

One common classification is based on the issuer. Government bonds are issued by national governments and are generally considered low-risk investments. Corporate bonds are issued by companies to raise capital and their risk level varies depending on the financial health of the issuing company. Municipal bonds are issued by states, cities, or other local governments.

Another way to categorize bonds is by their coupon payments. Fixed-rate bonds pay a coupon that remains the same throughout the life of the bond. Floating-rate bonds, on the other hand, have coupon payments that are periodically adjusted based on a benchmark interest rate. Zero-coupon bonds do not pay periodic interest; instead, they are sold at a discount to their face value and the investor's return is the difference between the purchase price and the face value paid at maturity.

Bonds can also be classified by their maturity. Short-term bonds typically mature within one to three years, medium-term bonds mature in three to ten years, and long-term bonds mature in over ten years. The maturity date significantly impacts a bond's interest rate sensitivity and overall risk.

Other types include convertible bonds, which can be converted into shares of the issuing company's stock, and callable bonds, which give the issuer the right to redeem the bond before its maturity date. Understanding these different võlakirjatüübid is crucial for investors to align their investment strategies with their risk tolerance and financial goals.