“Техническая” эмиссия облигаций
In practice, some issuers conduct so-called "technical issue" bonds: bonds are not placed to attract new funds and to exchange "old" bonds that have maturity dates have expired or will expire in the near future, for "new" bonds, maturing which will come in a few years. Issue bonds to exchange Russian law does not allow. The Issuer, as a rule, does not have sufficient funds to repay the "old" bonds and can not find an investor who will provide funding to the issuer (a loan from a bank, loan from other entity or state, purchase of bonds or otherwise) and take credit risk of the issuer. Ie "Technical issue " means that the issuer is issuing bonds to itself without the appropriate funds to pay for the bonds. The article presents a comprehensive analysis of such a " technical " issue of bonds in terms of risk investors.