Debt Securities

Gläubigerpapiere verbriefen ein Recht auf Rückzahlung, Zinsen und einen Anteil an der Konkursmasse, sofern der Herausgeber des Papieres ein Unternehmen ist. Mit Hilfe von Gläubigerpapieren beschaffen sich Unternehmen und die öffentliche Hand für langfristige Finanzierungszwecke Geld auf dem Capital market. Praktisch ist der Erwerber eines solchen Papiers Kapitalgeber.

For the issuing company, the funds received in this way represent long-term liabilities. The interest rate of these securities is basically constant over the term of the paper. The interest is calculated from the nominal value (100 %). The issue price of such papers is usually 100 %. However, it can fluctuate depending on the general interest rate level.
Is z. For example, if a company issues a bond that bears interest at 7 % and the interest rate rises to 8 %, the demand for this security falls and the price falls. In any case, the buyer of such a paper will get its face value back when the paper is due for repayment. The return of such securities is therefore always determined taking into account the annual interest income, the purchase price and the term.

Public bonds are bonds on claims against the federal, state and local governments as well as other public corporations.

Municipal bonds and mortgage bonds are bonds on claims against public credit institutions and private mortgage banks.

Industrial and banking bonds are documents about debt claims (bonds) against larger industrial companies and banks as well as savings banks.
Creditor papers mostly consist of the actual document (coat) and the interest coupon sheet. The term, the nominal value of the certificate and the interest rate are printed on the jacket. When the paper is issued, it is usually announced whether the repayment will take place at the end of the term (maturity bond) or whether it will be repaid at specified times (redemption bond). When the interest coupon is presented, the respective holder of the paper receives the interest paid every six months or annually. Once all coupons have been removed, the holder of the creditor security will receive a new coupon sheet with the help of a renewal coupon.

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