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Comparative analysis of the bonded load and the bank credit

Parameters of comparison of the Bank credit and the Bonded loan

1. The economic sense Bank involves money of investors and gives them on credit to legal and physical persons under higher interest. Bank - the intermediary between the owner of money (investor) and that who uses them in business. Release of bonds provides a direct exit on the investor, due to that - more low interest which the emitter of bonds for using extra money pays.

An opportunity of search of investors in the open market.

2. On what term it is possible to involve money? Term, on which bank can grant a loan, is regulated by the appropriate legislation. Now the given term makes no more than six months. Conditions and the order of accommodation of bonds is established by the society - emitter, proceeding from the purposes and interests. For today term of the reference of bonds makes from 1 till 3 years.

3. Payment of interests and repayment of obligations. The borrower pays the basic sum of the debt and interests on the credit according to the conditions of the credit contract established by bank - in practice, as a rule, not less often than an once per one month. The emitter of discount bonds pays means to their owners (the creditors) only at repayment of bonds. Thus, the income of owners of bonds of the given type consists in a difference between the price of purchase of bonds and by them repayments by a society. The percentage (coupon) income is paid to owners of coupon bonds according to the conditions of issue established by the society - emitter, in process of repayment of coupons. As a rule, payment of coupons under bonds occurs 1 time per one quarter or once a year. The face-value coupon is paid to the bond (the basic sum of borrowing) only at repayment of bonds.

4. How much does the involved money cost? The interest rate under the credit is dictated by bank and determined in the contract. The bank reserves the right to itself to reconsider the given rate, as a rule, aside its increases. Cost of involved resources is determined on the basis of market tools. For today to involve extra money it is possible under 18 – 22% ?nnual in roubles. Thus, depending on conditions of accommodation of the bonds established by a society, the interest rate can be both fixed, and a variable. The variable interest rate can change only at change of the established objective market factors (for example, rates of refinancing of the Central Bank of the Russian Federation, a rate of the certain currency etc.)

5. Requirements to a security for loan under the discretion of bank. As a rule, cost of given maintenance should to exceed the sum of borrowing in 2 times. If the society lets out bonds for the sum not exceeding the size of its authorized capital, granting of maintenance is not required. If the society lets out bonds for the sum exceeding volume of its authorized capital, on size of the given release maintenance should be given. Thus, even if granting of maintenance is a necessary condition of release of bonds the required size of maintenance corresponds to the sum of the loan.

6. The opportunity of loss of independence According to the usual customs of a business revolution, by granting the credit bank insists on realization through it of all further settlement operations of a society. Threat of concentration in the given bank of the basic part of turnaround means of the borrower that is fraught with financial dependence can arise. The bonded loan excludes an opportunity of dependence on creditors (owners of bonds) how there are no levers of pressure upon the borrower. As exception the bonds convertible in the share of a society can serve only.

7. Creation of a credit history As a rule, neither bank, nor the borrower is not advertised with the mutual relation. The fact of granting of the credit to the certain borrower becomes known for the certain bank to very narrow circle of persons. Creations of a positive (well-known) credit history do not occur. At public accommodation of bonds the information both on securities, and on the society is possible up to the broad audience of persons. Diligent performance by a society of obligations under bonds promotes creation of a positive credit history. Further the given society can involve extra money under more low interest.

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