kötelemértékpapír

A kötelemértékpapír, often translated as a secured bond or collateralized bond, is a type of debt instrument where the issuer pledges specific assets as collateral to back the bond. This collateral provides a layer of security for the bondholders, meaning that if the issuer defaults on its debt obligations, the bondholders have a claim on the pledged assets. This makes kötelemértékpapír generally less risky than unsecured bonds, as the collateral reduces the potential loss for investors.

The types of collateral used can vary widely depending on the issuer and the nature of the assets. For corporate issuers, this might include real estate, machinery, inventory, or even intellectual property. For financial institutions, mortgage-backed securities or other asset-backed securities can serve as collateral. The value and liquidity of the collateral are crucial factors influencing the perceived safety and yield of the kötelemértékpapír.

The issuance of kötelemértékpapír is a way for companies and governments to raise capital while offering investors greater protection. The presence of collateral typically leads to lower interest rates (yields) compared to similar unsecured debt, as the risk for the investor is reduced. The specific terms and conditions, including the nature of the collateral and the rights of the bondholders in case of default, are detailed in the bond indenture. Investors in kötelemértékpapír need to carefully assess the quality of the collateral and the issuer's ability to service its debt.