obligacij

Obligacija, in English commonly called a bond, is a debt security issued by a borrower to raise capital. By purchasing an obligacija, an investor lends money to the issuer, who in return promises to pay periodic interest (the coupon) and to repay the face value at maturity. The market price of an obligacija fluctuates with changes in interest rates, the issuer’s credit quality, and time to maturity.

Issuers include governments, municipalities, and corporations. Obligacije vary by type and features: government bonds, corporate bonds, municipal bonds, secured vs. unsecured, and senior vs. subordinated debt. They can be fixed-rate, floating-rate, zero-coupon, or inflation-linked. Callable bonds give the issuer the right to redeem before maturity, while non-callable bonds do not.

Key terms include par value (face value), coupon rate, coupon payments, maturity date, yield, and credit rating. Yield reflects the return if the bond is held to maturity and is influenced by price, coupons, and risk. Credit ratings from agencies assess default risk and guide investors on relative safety.

Trading occurs primarily in the primary market at issuance and in the secondary market afterward. Bond prices move inversely to prevailing interest rates; higher rates generally reduce existing bond prices and vice versa. Risks include interest-rate risk, credit/default risk, reinvestment risk, liquidity risk, and call risk for certain bonds.

Obligacije serve as a means for governments and corporations to fund activities, while investors use them for income, diversification, and capital preservation.