Država Crna Gora zadužila se na međunarodnom finansijkom tržištu putem Euroobveznica nominalno za 750 miliona €, što znači da će na kraju 7-godišnjeg perioda morati da jednokratno vrati ovaj iznos glavnice duga. U međuvremenu, tokom svih 7 godina trajanja obveznica, biće u obavezi da isplati jedanput godišnje, u decembru, ukupno kamate (kupone) u iznosu od 21.562.500€, shodno utvrđenoj nominalnoj kamatnoj (kuponskoj) stopi od 2,875% koja se obračunava na glavnicu duga od 750 miliona €.
Međutim, Ministarstvo finansija je dobilo umanjenu nominalnu glavnicu (750 miliona €) i to po dva osnova: 1) dvije provizije od ukupno 1,75% ukupne vrijednosti emisije i 2) prodaje obveznica po diskontu od 99,532 nominalne vrijednosti od 100, tj. sniženoj cijeni svake obveznice u prosjeku od 0,468%. Navodi se da je tražnja bila 3 puta veća, ali još nije poznato u domaćoj javnosti koliko je veća tražnja umanjila ponuđeni diskont, jer je moguće da je ponuđeni popust u odnosu na nominalu bio zapravo veći, uprkos relativno visokoj kuponskoj (kamatnoj) stopi od 2,875%.
Prospekt o ovoj emisiji, koji sadrži sve bitne elemente izdanja suverenih obveznica kao i makro i druge okvire poslovanja privrede i stanja javnih finansija, kao i potencijal vraćanja ovih i drugih dugova Države, nije poznat široj javnosti (a trebalo bi jer se radi o javnom, a ne privatnom dugu), osim investicionoj javnosti u inostranstvu i onima koji su bili uključeni od strane državnih organa i institucija. Uobičajeno je da se svako novo izdanje suverenih obveznica promoviše u domaćoj i stranoj javnosti mjesecima unaprijed, kako bi se što bolje animirala investiciona javnost i postigla neophodna transparentnost, što u konačnom jača kredibilitet države emitenta i dodatno utiče na sniženje cijene zaduženja.
Budžet je ostvario priliv sredstava po osnovu zaduženja Euroobveznicama manji za 16.635.000€, tj. neto zaduženje iznosi 733.365.000€ (750.000.000€ - 16.635.000€).
Dakle, zbog toga što je stvarno raspoloživi novac iz ovog zaduženja (733.365.000€) niži od nominalnog iznosa (750.000.000€) zaduženja, to cijena ovog kreditiranja nije kamatna (kuponska) stopa od 2,875%, već (proračunom Excel, funkcija @Yield) iznosi 3,23%.
English translation
The state of Montenegro has borrowed on the international financial market through Eurobonds in the nominal amount of € 750 million, which means that at the end of the 7-year period it will have to repay this amount of debt once. In the meantime, during all 7 years of the bonds, they will be obliged to pay once a year, in December, the total interest (coupons) in the amount of €21.562.500, in accordance with the determined nominal interest (coupon) rate of 2.875% calculated on the principal debt of €750 million.
However, the Ministry of Finance received a reduced nominal principal (€ 750 million) on two grounds: 1) two commissions of a total of 1.75% of the total value of the issue and 2) the sale of bonds at a discount of 99,532 with a nominal value of 100, ie. reduced the price of each bond by an average of 0.468%. It is stated that the demand was 3 times higher, but it is not yet known in the domestic public how much higher the demand reduced the offered discount, because it is possible that the offered discount was actually higher, despite the relatively high coupon (interest) rate of 2,875 %.
The prospectus on this issue, which contains all the essential elements of the issue of sovereign bonds as well as macro and other business frameworks and the state of public finances, as well as the potential for repayment of these and other debts of the State, (as it is the general public, not a private debt), except for the investment public abroad and those involved by government bodies and institutions. It is common for each new issue of sovereign bonds to be promoted in the domestic and foreign public months in advance, in order to better animate the investment public and achieve the necessary transparency, which ultimately strengthens the credibility of the issuing country and further reduces the price of debt.
The budget realized the inflow of funds on the basis of indebtedness to Eurobonds lower by €16,760,000, i.e. net indebtedness amounts to €733,365,000€ (€750,000,000 - €16,635,000).
So, because the actual available money from this debt (€733,365,000€ ) is lower than the nominal amount (€750,000,000) of the debt, the price of this loan is not an interest rate (coupon) rate of 2.875%, but (Excel budget, function @Yield) is 3.23%.
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