Classification of sources of financing for business activities.

27 Sources and forms of debt financing for an organization

To meet their needs for financial resources, enterprises can attract various types of loans. Effective use of loans allows you to expand the scale of activity, increase return on equity, and ultimately the value of the company. In economic terms, any loan represents an unconditional obligation of the entity to return by a certain date the amount borrowed and to pay its owner a pre-agreed reward in the form of interest for the use of funds.

Sources and forms of debt financing are quite diverse. The following is a brief description of the essence and features of the most popular forms of loans used in domestic and world practice.

Debt financing is based on the following fundamental principles that define its essence:

– repayment (reflects the need for the borrower to fully repay the amount received (the principal amount of the debt) within the established time frame.);

– payment (expresses the obligation of the borrower to pay interest for the right to use the resources provided by the lender for a certain time);

– urgency (characterizes the period of time for which borrowed funds are provided and after which they must be returned to the lender).

In general, debt financing, regardless of the form of attraction, has the following advantages:

– fixed cost and term, providing certainty when planning cash flows;

– the size of the fee for use does not depend on the company’s income, which makes it possible to keep excess income at the disposal of the owners in case of their growth;

– the ability to increase return on equity through the use of financial leverage;

– the fee for use is deducted from the tax base, which reduces the cost of the attracted source and the capital of the company as a whole;

– interference and acquisition of management rights, etc. are not expected.

The general disadvantages of debt financing include:

– obligation of the promised payments and repayment of the principal amount of the debt, regardless of the results of economic activity;

– increase in financial risk;

– the presence of limiting conditions that may affect the business policy of the company (for example, restrictions on the payment of dividends, attraction of other loans, mergers and acquisitions, registration of assets as collateral, etc.);

– possible collateral requirements;

– restrictions on terms of use and volumes of attraction.

The main forms of debt financing are: Bank loan (bank loan), bond issue (bond), rent or leasing (leasing).

Bank loan

Credit(from lat. credo– “believe”) is the classic and most well-known form of debt financing for enterprises.

Subject of lending is a legal entity or individual who claims to receive monetary resources on loan terms and meets the requirements imposed by lenders (usually commercial banks) on borrowers.

Object of lending are the purposes for which the borrower requires funds. When obtaining a loan, businesses usually pursue the following goals:

– financing of working capital (current activities);

– financing of investment projects (capital investments);

– refinancing of previously raised loans;

– financing of mergers and acquisitions, etc.

Loansto replenish working capital are short-term (up to 1 year). As a rule, receiving them takes a little time (up to two weeks).

Financing of capital investments – a more complex procedure, since these purposes usually require significant amounts of funds, and loan terms exceed 1 year.

Refinancing previously raised borrowed funds - obtaining a new loan on more favorable terms and repaying with its help debt raised on less favorable terms. Refinancing operations in the Russian Federation, on the one hand, have an objective basis in the form of a reduction in interest rates on loans, and on the other hand, they are constrained by their short terms, which reduce the flexibility and efficiency of this operation.

Financing of mergers and acquisitions with borrowed funds – operations characterized by significant risk.

Financial practice has developed various forms of loans. The most common is the so-called urgent, or ordinary, a loan provided by a bank to a client for a specific purpose for a fixed period at a certain interest rate.

Overdraft – a form of lending that provides the client with the opportunity to receive a short-term loan, as a rule, without issuing collateral, in excess of the balance of funds in the current account within the limit established for it, the value of which depends on the credit history, the stability of average monthly turnover at the bank and other factors. The interest rate on an overdraft is usually higher than on a regular secured loan.

On call loan is provided to the borrower without specifying the period of its use (as part of short-term lending) with the obligation of the latter to repay it at the first request of the lender. When repaying this loan, a grace period is usually provided (according to current practice, up to three days).

Revolver (automatically revolving) loan is provided for a certain period, during which both a phased “drawdown” of allocated funds and a phased partial or full repayment of obligations under it are allowed. The funds contributed to pay off obligations can be borrowed again by the enterprise during the period of validity of the loan agreement within the established credit limit.

Investment loan is a long-term loan (or line of credit) for the implementation of a project or program at an existing enterprise. Therefore, along with the standard requirements for the borrower’s creditworthiness and collateral, when issuing such a loan, the bank carefully studies the business plan of the project (program) for which funds are requested.

Mortgage can be obtained from banks specializing in issuing long-term loans secured by fixed assets or the property complex of enterprises as a whole.

Syndicated loan is a loan organized by a pool of lenders for one borrower in order to finance large-scale economic programs or implement large investment projects.

Let's summarize some results. In general, debt financing through bank loans in the Russian Federation has the following advantages:

– flexibility of the terms of provision (the contract can provide for specific requirements of both the borrower and the lender), as well as the possibility of revising them if necessary;

– relatively small investment of time and money to attract (from two weeks to two months);

– confidentiality of the transaction, lack of strict requirements for the disclosure of business information, etc.

To the disadvantages credit financing in the Russian Federation include:

– low capitalization and the predominance of short-term liabilities among commercial banks, as well as strict requirements of the Central Bank of the Russian Federation for the formation of reserves for possible non-payments, making it impossible to obtain significant amounts of funds on a long-term basis.

– high interest rates due to inflation, as well as significant macro- and microeconomic risks;

– collateral requirements (more than 100% of the loan volume);

– low profitability, creditworthiness and unsatisfactory financial condition of many enterprises, etc.

Despite the obvious advantages and the general trend of lower interest rates, cheap and long-term bank loans still remain unaffordable for most Russian enterprises.

In these conditions, to finance large investment projects, the most well-known enterprises are forced to resort to borrowing abroad.

Issue of bonds

Another popular form of debt financing in domestic and world practice is the issue of bonds.

According to the legislation of the Russian Federation, placement of bonds can only be carried out by business companies (LLC, CJSC, OJSC) by decision of the board of directors (supervisory board), unless otherwise provided by the charter. The decision to issue bonds must determine the form, terms and other conditions of their circulation and redemption.

Bonds issued must have a par value. At the same time, the nominal value of all released bonds cannot exceed the size of the authorized capital of the company or the amount of net assets of its guarantor. The issue of bonds is permitted only after full payment of the company's authorized capital.

In general, we can highlight the following advantages bond loans, making it possible to:

– increase the terms of borrowing (currently, the terms of circulation of bonds of domestic enterprises range from 3 to 5 years or more);

– to form a public credit history of the issuer, which allows in the future to reduce the cost of borrowed resources and increase the terms of their attraction, as well as enter international capital markets;

– if necessary, use more flexible forms of security, such as third party guarantees;

– diversify sources of borrowing by increasing the number of lenders (investors), which ensures a reduction in cost, as risks are reduced and dependence on one lender is eliminated;

– promptly manage the debt structure through operations on the secondary market;

– prepare conditions for public offering of shares of the enterprise, etc.

However, issuing and placing bonds costs a company more than obtaining a bank loan.

Primary costs for the issue and placement of corporate bonds include:

– tax on transactions with securities – 0.2% (but not more than RUB 100,000.00) of the nominal value of the issue;

– remuneration of the organizer of the issue – 0.5-0.7% of the loan volume;

– exchange commission – 0.035–0.075% of the loan volume;

– depository commission – 0.1+0.075% of the loan volume;

– remuneration to the paying agent – ​​up to USD 10,000;

– presentations for investors – up to USD 20,000.

In addition, attracting such loans requires a significant investment of time (from 4 months) and organizational preparation.

The issue of bonds also involves the disclosure of information about the activities of the enterprise, which is not always acceptable for Russian business.

In accordance with the legislation of the Russian Federation, bonds are classified as so-called issue-grade securities. The procedure for their issuance and circulation is regulated by the Federal Financial Markets Service.

In addition to bonds circulating on the Russian securities market, large Russian enterprises have the opportunity to issue so-called Eurobonds, which are traded on world financial markets. The issue of Eurobonds is associated with certain preparatory work and significant costs, but it pays off with the opportunity to attract very significant amounts of financing for long periods at a relatively low interest rate.

Leasing

The needs of enterprises for continuous technical re-equipment, the introduction of new technologies, and the expansion of production of goods and services have led to the emergence of new forms of raising capital, one of which is the use of an instrument such as leasing (leasing).

In general leasing is an agreement according to which one party - the lessor (lessor) transfers to the other party - the tenant (lessee) the rights to use certain property (buildings, structures, equipment) for a certain period and on agreed terms.

Typically, such an agreement provides for the tenant to make regular payments for the equipment used throughout the entire period of its operation. At the end of the agreement or in case of early termination, the property is returned to the owner. However, leasing contracts often provide for the tenant's right to purchase the property at a reduced or residual value or to enter into a new lease agreement.

Currently, in the economic practice of developed countries, various forms of leasing are used, each of which is characterized by its own specific features. The most common of them include:

– operating or service leasing (operating lease);

– financial, or capital, leasing (financial lease);

– leaseback (sale and lease back);

– separate, or credit, leasing (leveraged lease);

– direct leasing (direct lease) and etc.

It should be noted that all existing types of such agreements are variations of two basic forms of leasing - operational or financial.

Operational (service) leasing – This is an agreement whose term is less than the full depreciation period of the leased asset (usually 1 to 3 years). At the same time, the payment provided for in the contract does not cover the full cost of the asset, which necessitates the need to lease it several times.

financial leasing – an agreement providing for the special acquisition of ownership of an asset, with subsequent rental (temporary use) for a period close to its useful life (depreciation). Payments under such an agreement typically provide the lessor with full reimbursement of the costs of acquiring the asset and providing other services, as well as the corresponding profit.

Leaseback is a system of two agreements in which the owner sells the ownership of equipment to another party while simultaneously entering into a long-term lease agreement with the buyer. The buyer here is usually commercial banks, investment, insurance or leasing companies.

Another type of financial leasing is its separate form, providing for the participation in the transaction of a third party - investors, who are usually banks, insurance or investment companies.

Atdirect leasing The lessee enters into a leasing agreement directly (directly) with the manufacturer or with a leasing company created by it.

Thus, only financial leasing is legally recognized as leasing in the Russian Federation, which is characterized by the following specific features:

– the third mandatory participant is the equipment supplier;

– the presence of a complex of contractual relations;

– special purchase of equipment for leasing;

– active role of the lessee;

– mandatory use of the leased asset for business purposes

According to the law subject of leasing can be any non-consumable things (enterprises, property complexes, buildings, structures, equipment, transport, movable and immovable property, etc.) used for business activities.

The subject of leasing in the Russian Federation cannot be:

– land plots and other natural objects;

– property withdrawn from circulation or limited in circulation;

– results of intellectual activity.

Currently, the leasing market in the Russian Federation is developing at a very fast pace. At the same time, in terms of the share of leasing in the financing of enterprises, Russia is significantly inferior to developed countries, where it accounts for 15 to 30% of all capital investments.

The largest leasing companies in the Russian Federation are RTK-Leasing, Avangard-Leasing, Alfa-Leasing, Rosagroleasing, Russian-German Leasing Company, etc.

The main advantages of leasing are:

– provides financing of the investment operation in full and does not require immediate payments, which allows the use of expensive assets without diverting significant amounts of funds from business activities;

– formally, it is easier for an enterprise to obtain assets through leasing than a loan for its acquisition, since the leased asset, with sufficient liquidity, can simultaneously act as collateral;

– a more flexible source than a loan, as it provides the opportunity for both parties to develop a convenient payment scheme (for example, leasing payments can be made after receiving proceeds from the sale of goods produced on leased equipment);

– allows for various forms and types of security;

– reduces the risks associated with asset ownership;

– in the Russian Federation, leasing payments are included in the production costs (cost price) of the lessee in full and, accordingly, reduce taxable profit;

– the received assets, as a rule, are not listed on the lessee’s balance sheet, which exempts him from paying tax on this property;

– provides the opportunity to receive qualified service and technical maintenance, etc.

The specific disadvantages of leasing include the following:

– for the lessee, the final cost of leasing is usually higher than purchasing equipment on credit;

– the need to make an advance in the amount of 25–30% of the transaction value;

– payments are mandatory and are made on time, regardless of the condition of the equipment and the results of business activities;

– the benefits from accelerated depreciation of equipment go to the lessor;

– leasing increases the financial risks of the enterprise;

– in domestic conditions, additional guarantees or collateral are required;

– legal complexity of the transaction, etc.

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Federal state educational budgetary institution

higher education

"Financial University under the Government

Russian Federation"

(Financial University)

TEST

in the discipline "Capital structure management"

Topic: “Sources and forms of debt financing”

Completed:

student of group 4 VM

Betrozova Z.V.

Scientific adviser:

Ph.D., Toguzova I.Z.

Vladikavkaz 2016

Introduction

Currently, many enterprises finance their activities using both their own and borrowed funds.

First of all, borrowed funds are needed to finance growing enterprises, when the growth rate of their own sources lags behind the growth rate of the enterprise, to modernize production, develop new types of products, expand their market share, acquire another business, etc. Inflation and a lack of own working capital force most enterprises to raise borrowed funds to finance working capital. The advantage of financing through debt sources is the reluctance of owners to increase the number of shareholders, shareholders, as well as the relatively lower cost of credit compared to the cost of equity capital, which is expressed in the effect of financial leverage.

Effective use of loans allows you to expand the scale of activity, increase the return on equity, and ultimately the value of the company. In economic terms, any loan represents an unconditional obligation of the entity to return by a certain date the amount borrowed and to pay its owner a pre-agreed reward in the form of interest for the use of funds. debt financial working capital

The object of the study is the financial activity of the enterprise.

Subject of research: borrowed funds of the enterprise.

Task: to determine the importance of borrowed funds in the financial activities of an enterprise.

1. Sources and forms of debt financing

Sources and forms of debt financing are quite diverse.

Debt financing is based on the following fundamental principles that define its essence:

Returnability;

Payment;

Urgency.

The principle of repayment reflects the need for the borrower to fully repay the amount received (the principal amount of the debt) within the established time frame. In actual practice, the borrower’s fulfillment of this requirement depends on the stability of the financial results of its activities (sales revenue, profit, etc.), as well as on the quality of the loan collateral.

The payment principle expresses the obligatory payment by the borrower of interest for the right to use the resources provided by the lender for a certain time. Interest rates on loans include the market value of money depending on the terms and volumes, as well as premiums for risk, liquidity, etc., required by lenders.

The principle of urgency characterizes the period of time for which borrowed funds are provided and after which they must be returned to the lender.

In addition to these principles, some forms of loans require that the funds lent be repaid and interest paid back.

In general, debt financing, regardless of the form of attraction, has the following advantages:

Fixed cost and term, providing certainty when planning cash flows;

The size of the fee for use does not depend on the company’s income, which allows excess income to remain at the disposal of the owners if it grows;

The ability to increase return on equity through the use of financial leverage;

The fee for use is deducted from the tax base, which reduces the cost of the source attracted and the capital of the company as a whole;

Intervention and acquisition of management rights, etc. are not expected.

The general disadvantages of debt financing include:

The obligation of promised payments and repayment of the principal amount of the debt, regardless of the results of business activities;

Increased financial risk;

The presence of limiting conditions that may affect the business policy of the company (for example, restrictions on the payment of dividends, attraction of other loans, mergers and acquisitions, registration of assets as collateral, etc.);

Possible collateral requirements;

Restrictions on terms of use and volumes of attraction.

The main forms of debt financing are:

Bank loan,

Issue of bonds (bond),

Leasing.

Credit (from the Latin credo - “I believe”) is the classic and most well-known form of debt financing for enterprises.

The subject of lending is a legal entity or individual who claims to receive monetary resources on loan terms and meets the requirements imposed by lenders (usually commercial banks) on borrowers.

The object of lending is the purposes for which the borrower requires funds.

When obtaining a loan, businesses usually pursue the following goals:

Financing of working capital (current activities);

Financing of investment projects (capital investments);

Refinancing of previously raised loans;

Financing of mergers and acquisitions, etc.

Loans to replenish working capital are short-term (up to 1 year). As a rule, receiving them takes a little time (up to two weeks). In most cases, when providing them, banks do not require collateral in the form of fixed assets. Such collateral is the future revenue of the enterprise or purchased inventory (subject to their liquidity). However, it is difficult for banks to control the safety of inventories in the amount necessary to secure a loan, and enterprises, for various reasons, may need to reduce them and put them into circulation. Therefore, such a loan is easier to obtain for enterprises with a good business reputation and stable financial

condition. Programs for credit financing of working capital exist in almost every Russian bank.

Financing capital investments is a more complex procedure, since these purposes usually require significant amounts of funds, and loan terms exceed 1 year.

Financial practice has developed various forms of loans. The most common is the so-called urgent, or regular, loan, provided by the bank to the client for targeted use for a fixed period at a certain interest rate.

Overdraft is a form of lending that provides the client with the opportunity to obtain a short-term loan, usually without collateral, in excess of the balance in the current account within the limit established for it, the value of which depends on credit history, the stability of average monthly turnover at the bank and other factors.

An on-call loan is provided to the borrower without specifying the period of its use (as part of short-term lending) with the latter’s obligation to repay it upon the first request of the lender. When repaying this loan, a grace period is usually provided (according to current practice, up to three days).

A revolving (automatically revolving) loan is provided for a certain period, during which both a phased “drawdown” of allocated funds and a phased partial or full repayment of obligations under it are permitted. The funds contributed to pay off obligations can be borrowed again by the enterprise during the period of validity of the loan agreement within the established credit limit. Payment of the remaining outstanding principal and interest is due upon expiration of the loan agreement. The advantage of this type of loan is the minimum restrictions imposed by the bank, although the interest rate on it is usually higher.

An investment loan is a long-term loan (or line of credit) for the implementation of a project or program at an existing enterprise. Therefore, along with the standard requirements for the borrower’s creditworthiness and collateral, when issuing such a loan, the bank carefully studies the business plan of the project (program) for which funds are requested.

A mortgage loan can be obtained from banks specializing in issuing long-term loans secured by fixed assets or the property complex of enterprises as a whole. An enterprise that pledges its property is obliged to insure it in full in favor of the bank. At the same time, the property pledged to the bank continues to be used by the enterprise. It should be noted that mortgage lending to enterprises has not yet become widespread in the Russian Federation.

Another popular form of debt financing in domestic and world practice is the issue of bonds.

According to the legislation of the Russian Federation, bonds can only be placed by business companies by decision of the board of directors (supervisory board), unless otherwise provided by the charter. The decision to issue bonds must determine the form, terms and other conditions of their circulation and redemption.

Bonds issued must have a par value. At the same time, the nominal value of all issued bonds cannot exceed the size of the authorized capital of the company or the net assets of its guarantor. The issue of bonds is permitted only after full payment of the company's authorized capital.

The issue of bonds without collateral is permitted no earlier than the third year of existence of a business company and subject to proper approval by this time of its two annual balance sheets.

Over the past few years, corporate bonds have become a popular instrument for debt financing and attracting investment resources for both large and medium-sized enterprises. If in 2014 the volume of new issues amounted to about 187 billion rubles. (80% higher than the level of 2013), then in 2016 the companies raised 380 billion rubles. The share of corporate bonds in the total volume of investments in fixed capital at the end of the year amounted to 6%. At the same time, almost all sectors of the national economy are represented on the market.

However, despite the obvious successes and prospects for the development of this instrument, the scale of the Russian bond market is significantly inferior to developed countries. Thus, the corporate bond markets of leading European countries exceed the Russian market in volume by 30-50 times. The total capitalization of the corporate bond market in the United States is $3.5 trillion. According to some estimates, up to 80% of debt financing of American companies comes from bonds.

At the same time, bond loans give domestic enterprises tangible advantages over bank loans and bills, since they allow you to raise funds at a rate of 7 to 15% per annum for a period of 3 years or more, without requiring collateral.

In general, we can highlight the following advantages of bond loans, which make it possible:

Increase the terms of borrowing (currently, the terms of circulation of bonds of domestic enterprises range from 3 to 5 years or more);

To form a public credit history of the issuer, which allows in the future to reduce the cost of borrowed resources and increase the terms of their attraction, as well as enter international capital markets;

If necessary, use more flexible forms of security, such as third party guarantees;

Diversify sources of borrowing by increasing the number of lenders (investors), which reduces the cost, as risks are reduced and dependence on one lender is eliminated;

Promptly manage the debt structure through operations on the secondary market;

Prepare conditions for public offering of shares of the enterprise, etc.

However, issuing and placing bonds costs a company more than obtaining a bank loan.

Primary costs for the issue and placement of corporate bonds include:

Tax on transactions with securities - 0.2% (but not more than RUB 100,000.00) of the nominal value of the issue;

Remuneration of the organizer of the issue --0.5--0.7% of the loan volume;

Exchange commission - 0.035--0.075% of the loan volume;

Depository commission -- 0.1+0.075% of the loan volume;

Paying agent fees - up to $10,000;

Investor Presentations -- up to $20,000.

In general, according to analysts' estimates, the average total costs for issuing corporate bonds in the Russian Federation amount to 1.5-3.5% of the total issue volume. Therefore, the minimum issue amount that makes raising funds feasible is currently approximately no less than $10 million.

In addition, attracting such loans requires a significant investment of time (from 4 months) and organizational preparation.

The issue of bonds also involves the disclosure of information about the activities of the enterprise, which is not always acceptable for Russian business.

The needs of enterprises for continuous technical re-equipment, the introduction of new technologies, and the expansion of production of goods and services have led to the emergence of new forms of raising capital, one of which is the use of an instrument such as leasing.

In general, leasing is an agreement under which one party - the lessor (lessor) transfers to the other party - the tenant (lessee) the rights to use certain property (buildings, structures, equipment) for a certain period and on specified terms.

Typically, such an agreement provides for the tenant to make regular payments for the equipment used throughout the entire period of its operation. At the end of the agreement or in case of early termination, the property is returned to the owner. However, leasing contracts often provide for the tenant's right to purchase the property at a reduced or residual value or to enter into a new lease agreement.

Operational (service) leasing is an agreement whose term is less than the full depreciation period of the leased asset (usually from 1 to 3 years). At the same time, the payment provided for in the contract does not cover the full cost of the asset, which necessitates the need to lease it several times.

The most important distinguishing feature of operating leasing is the right of the lessee to terminate the contract early. Such agreements may also provide for the provision of various installation and ongoing maintenance services for the rental equipment.

The main objects of operational (service) leasing include equipment that quickly becomes obsolete (computers, copying and duplicating equipment, various types of office equipment, etc.) and technically complex, requiring constant maintenance (trucks and cars, airliners, railway and sea transport , construction equipment).

Financial leasing is an agreement providing for the special acquisition of ownership of an asset, with subsequent rental (temporary use) for a period close to its useful life (depreciation). Payments under such an agreement typically provide the lessor with full reimbursement of the costs of acquiring the asset and providing other services, as well as the corresponding profit.

Objects of financial leasing include real estate (land, buildings and structures), as well as long-term assets for production purposes. Therefore, it is also often called capital lease.

Financial leasing is the basis for the formation of other forms of long-term lease - returnable and separate (with the participation of a third party).

After the end of the leasing period, agreements are drawn up for further use, acquisition of ownership of the equipment, or its return to the owner.

Conclusion

Financing refers to the process of generating funds or, more broadly, the process of generating capital for an enterprise in all its forms.

The classification of sources of financing is varied and can be made according to the following criteria:

According to property relations, own and borrowed sources of financing are distinguished.

By type of property, state resources, funds of legal entities and individuals, and foreign sources are distinguished.

According to time characteristics, sources of financing can be divided into short-term and long-term.

As part of own sources of formation of own financial resources. The main place belongs to the profit remaining at the disposal of the enterprise - it forms the predominant part of its own financial resources.

Depreciation charges also play a certain role in the composition of own sources; although they do not increase the amount of equity capital of the enterprise.

Other own sources do not play a significant role in the formation of the enterprise's own financial resources.

As part of the borrowed sources for the formation of its own financial resources, the main place belongs to the attraction by the enterprise of additional share or equity capital. For individual enterprises, one of the external sources of formation of their own financial resources may be the gratuitous financial assistance provided to them (as a rule, such assistance is provided only to individual state enterprises of different levels).

In the context of the transition to a market economy, non-traditional instruments for financing the activities of Russian enterprises are also beginning to be used. These include commercial loans, options, collateral transactions, factoring transactions, leasing, etc.

Currently, the financing of enterprises is in an unsatisfactory state due to the lack of own funds for self-financing, the lack of sufficient government financial support, the high cost and riskiness of innovation, the long-term nature of the payback of innovative projects and the dominance of conservative investors instead of aggressive ones.

For further successful development, Russian companies need to solve two problems:

· first - to optimize sources of financing for the development of new projects;

· second - learn to select innovative projects that will bring real results even in a crisis.

Bibliography

1. A.N. Troshin, T.Yu. Mazurina, V.I. Fomkina. Finance and credit. - M.: Infra-M, 2012. - 416 p.

2. A.F. Ionova, N.N. Selezneva. Financial management. - M.: Prospekt, 2012. - 592 p.

3. V.F. Balashchenko, T.E. Cooper. Financial management. - M.: TetraSystems, 2014. - 272 p.

4. I.A. Nikonova. Project analysis and project financing. - M.: Alpina Publisher, 2012. - 160 p.

5. I.A. Form. Management of financial stabilization of the enterprise. - M.: Nika-Center, Elga, 2013. - 496 p.

6. Lukasevich I. Ya. Financial management: Textbook, 2nd ed., revised. and additional - M.: Eksmo, 2013. - 768 p.

7. L.M. Kupriyanova. The financial analysis. Tutorial. - M.: Infra-M, 2015. - 160 p.

8. Robert S. Higgins, Margarita Reimers. Financial management. Capital and investment management. - M.: Williams, 2013. - 464 p.

9. Rogova E.M.: Financial management. - M.: Yurayt, 2014. - 582 p.

10. Yuri Kantser. Comparative analysis of leasing and credit. - M.: LAP Lambert Academic Publishing, 2012. - 88 p.

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Sources and forms of debt financing are quite diverse.

Debt financing is based on the following fundamental principles that define its essence:

• -returnability;
• -payment;
• -urgency.

The principle of repayment reflects the need for the borrower to fully repay the amount received (the principal amount of the debt) within the established time frame. In actual practice, the borrower’s fulfillment of this requirement depends on the stability of the financial results of its activities (sales revenue, profit, etc.), as well as on the quality of the loan collateral.

The payment principle expresses the obligatory payment by the borrower of interest for the right to use the resources provided by the lender for a certain time. Interest rates on loans include the market value of money depending on the terms and volumes, as well as premiums for risk, liquidity, etc., required by lenders.

The principle of urgency characterizes the period of time for which borrowed funds are provided and after which they must be returned to the lender.

In addition to these principles, some forms of loans require that the funds lent be repaid and interest paid back.

In general, debt financing, regardless of the form of attraction, has the following advantages:

• - fixed cost and term, providing certainty when planning cash flows;
• - the amount of the fee for use does not depend on the company’s income, which makes it possible to keep excess income at the disposal of the owners in case of their growth;
• - the ability to increase return on equity through the use of financial leverage;
• - the fee for use is deducted from the tax base, which reduces the cost of the attracted source and the capital of the company as a whole;
• - interference and acquisition of management rights, etc. are not expected.

The general disadvantages of debt financing include:

• - obligation of the promised payments and repayment of the principal amount of the debt, regardless of the results of economic activity;
• -increased financial risk;
• - the presence of limiting conditions that may affect the business policy of the company (for example, restrictions on the payment of dividends, attraction of other loans, mergers and acquisitions, registration of assets as collateral, etc.);
• -possible collateral requirements;
• - restrictions on terms of use and volumes of attraction.

The main forms of debt financing are:

• -bank loan,
• -issue of bonds (bond),
• - leasing.

Credit (from the Latin credo - “I believe”) is the classic and most well-known form of debt financing for enterprises.

The subject of lending is a legal entity or individual who claims to receive monetary resources on loan terms and meets the requirements imposed by lenders (usually commercial banks) on borrowers.

The object of lending is the purposes for which the borrower requires funds.

When obtaining a loan, businesses usually pursue the following goals:

• - financing of working capital (current activities);
• - financing of investment projects (capital investments);
• - refinancing of previously raised loans;
• - financing of mergers and acquisitions, etc.

Loans to replenish working capital are short-term (up to 1 year). As a rule, receiving them takes a little time (up to two weeks). In most cases, when providing them, banks do not require collateral in the form of fixed assets. Such collateral is the future revenue of the enterprise or purchased inventory (subject to their liquidity). However, it is difficult for banks to control the safety of inventories in the amount necessary to secure a loan, and enterprises, for various reasons, may need to reduce them and put them into circulation. Therefore, such a loan is easier to obtain for enterprises with a good business reputation and stable financial

condition. Programs for credit financing of working capital exist in almost every Russian bank.

Financing capital investments is a more complex procedure, since these purposes usually require significant amounts of funds, and loan terms exceed 1 year.

Financial practice has developed various forms of loans. The most common is the so-called urgent, or regular, loan, provided by the bank to the client for targeted use for a fixed period at a certain interest rate.

Overdraft is a form of lending that provides the client with the opportunity to obtain a short-term loan, usually without collateral, in excess of the balance in the current account within the limit established for it, the value of which depends on credit history, the stability of average monthly turnover at the bank and other factors.

An on-call loan is provided to the borrower without specifying the period of its use (as part of short-term lending) with the latter’s obligation to repay it upon the first request of the lender. When repaying this loan, a grace period is usually provided (according to current practice, up to three days).

A revolving (automatically revolving) loan is provided for a certain period, during which both a phased “drawdown” of allocated funds and a phased partial or full repayment of obligations under it are permitted. The funds contributed to pay off obligations can be borrowed again by the enterprise during the period of validity of the loan agreement within the established credit limit. Payment of the remaining outstanding principal and interest is due upon expiration of the loan agreement. The advantage of this type of loan is the minimum restrictions imposed by the bank, although the interest rate on it is usually higher.

An investment loan is a long-term loan (or line of credit) for the implementation of a project or program at an existing enterprise. Therefore, along with the standard requirements for the borrower’s creditworthiness and collateral, when issuing such a loan, the bank carefully studies the business plan of the project (program) for which funds are requested.

A mortgage loan can be obtained from banks specializing in issuing long-term loans secured by fixed assets or the property complex of enterprises as a whole. An enterprise that pledges its property is obliged to insure it in full in favor of the bank. At the same time, the property pledged to the bank continues to be used by the enterprise. It should be noted that mortgage lending to enterprises has not yet become widespread in the Russian Federation.

Another popular form of debt financing in domestic and world practice is the issue of bonds.

According to the legislation of the Russian Federation, bonds can only be placed by business companies by decision of the board of directors (supervisory board), unless otherwise provided by the charter. The decision to issue bonds must determine the form, terms and other conditions of their circulation and redemption.

Bonds issued must have a par value. At the same time, the nominal value of all issued bonds cannot exceed the size of the authorized capital of the company or the net assets of its guarantor. The issue of bonds is permitted only after full payment of the company's authorized capital.

The issue of bonds without collateral is permitted no earlier than the third year of existence of a business company and subject to proper approval by this time of its two annual balance sheets.

Over the past few years, corporate bonds have become a popular instrument for debt financing and attracting investment resources for both large and medium-sized enterprises. If in 2014 the volume of new issues amounted to about 187 billion rubles. (80% higher than the level of 2013), then in 2016 the companies raised 380 billion rubles. The share of corporate bonds in the total volume of investments in fixed capital at the end of the year amounted to 6%. At the same time, almost all sectors of the national economy are represented on the market.

However, despite the obvious successes and prospects for the development of this instrument, the scale of the Russian bond market is significantly inferior to developed countries. Thus, the corporate bond markets of leading European countries exceed the Russian market in volume by 30-50 times. The total capitalization of the corporate bond market in the United States is $3.5 trillion. According to some estimates, up to 80% of debt financing of American companies comes from bonds.

At the same time, bond loans give domestic enterprises tangible advantages over bank loans and bills, since they allow you to raise funds at a rate of 7 to 15% per annum for a period of 3 years or more, without requiring collateral.

In general, we can highlight the following advantages of bond loans, which make it possible:

• - increase the terms of borrowing (currently the terms of circulation of bonds of domestic enterprises range from 3 to 5 years or more);
• - to form a public credit history of the issuer, which allows in the future to reduce the cost of borrowed resources and increase the terms of their attraction, as well as enter international capital markets;
• - if necessary, use more flexible forms of security, for example third-party guarantees;
• - diversify sources of borrowing by increasing the number of lenders (investors), which ensures a reduction in cost, as risks are reduced and dependence on one lender is eliminated;
• - promptly manage the debt structure through operations on the secondary market;
• - prepare conditions for public offering of shares of the enterprise, etc.

However, issuing and placing bonds costs a company more than obtaining a bank loan.

Primary costs for the issue and placement of corporate bonds include:

• - tax on transactions with securities - 0.2% (but not more than RUB 100,000.00) of the nominal value of the issue;
• - remuneration of the organizer of the issue --0.5--0.7% of the loan volume;
• - exchange commission - 0.035--0.075% of the loan volume;
• - depository commission - 0.1+0.075% of the loan volume;
• - remuneration to the paying agent - up to $10,000;
• - presentations for investors - up to $20,000.

In general, according to analysts' estimates, the average total costs for issuing corporate bonds in the Russian Federation amount to 1.5-3.5% of the total issue volume. Therefore, the minimum issue amount that makes raising funds feasible is currently approximately no less than $10 million.

In addition, attracting such loans requires a significant investment of time (from 4 months) and organizational preparation.

The issue of bonds also involves the disclosure of information about the activities of the enterprise, which is not always acceptable for Russian business.

The needs of enterprises for continuous technical re-equipment, the introduction of new technologies, and the expansion of production of goods and services have led to the emergence of new forms of raising capital, one of which is the use of an instrument such as leasing.

In general, leasing is an agreement under which one party - the lessor (lessor) transfers to the other party - the tenant (lessee) the rights to use certain property (buildings, structures, equipment) for a certain period and on specified terms.

Typically, such an agreement provides for the tenant to make regular payments for the equipment used throughout the entire period of its operation. At the end of the agreement or in case of early termination, the property is returned to the owner. However, leasing contracts often provide for the tenant's right to purchase the property at a reduced or residual value or to enter into a new lease agreement.

Operational (service) leasing is an agreement whose term is less than the full depreciation period of the leased asset (usually from 1 to 3 years). At the same time, the payment provided for in the contract does not cover the full cost of the asset, which necessitates the need to lease it several times.

The most important distinguishing feature of operating leasing is the right of the lessee to terminate the contract early. Such agreements may also provide for the provision of various installation and ongoing maintenance services for the rental equipment.

The main objects of operational (service) leasing include equipment that quickly becomes obsolete (computers, copying and duplicating equipment, various types of office equipment, etc.) and technically complex, requiring constant maintenance (trucks and cars, airliners, railway and sea transport , construction equipment).

Financial leasing is an agreement providing for the special acquisition of ownership of an asset, with subsequent rental (temporary use) for a period close to its useful life (depreciation). Payments under such an agreement typically provide the lessor with full reimbursement of the costs of acquiring the asset and providing other services, as well as the corresponding profit.

Objects of financial leasing include real estate (land, buildings and structures), as well as long-term assets for production purposes. Therefore, it is also often called capital lease.

Financial leasing is the basis for the formation of other forms of long-term lease - returnable and separate (with the participation of a third party).

After the end of the leasing period, agreements are drawn up for further use, acquisition of ownership of the equipment, or its return to the owner.

With a lack of internal sources of investment financing, enterprises attract borrowed funds.

Borrowed capital- this is a part of the capital used by an economic entity, not owned by it, but attracted on the basis of a bank, commercial loan or emission loan, a set of funds and other property (commodity, tangible and intangible assets) attracted by the enterprise on the basis of repayment. In other words, it can be noted that borrowed capital is the totality of borrowed funds that bring profit to the enterprise.

In ch. 42 of the Civil Code of the Russian Federation provides that borrowed funds can be issued in the form of credit and loan agreements, as well as in the form of commodity and commercial loans. Determining the amount of borrowed capital and its structure is the most important element of the financial policy of an enterprise.

There are the following types of financial policies: aggressive, conservative, moderate and ideal.

With an aggressive policy, an enterprise finances current assets (or the vast majority of them) with short-term borrowed funds. Non-current assets are financed through equity and long-term debt capital. Thus, maximum return on equity is achieved. An aggressive policy is risky, as it involves minimizing insurance reserves, which can lead to large financial losses.

With a conservative policy of financing assets, not only non-current assets, but also a constant (irreducible) part of current assets, as well as a part of variable assets that increase during seasonal fluctuations in the activity of the enterprise are financed at the expense of own and long-term borrowed capital. Conservative policy presupposes the presence of sufficiently large reserves. Its disadvantage is the reduction in the efficiency of equity capital. A moderate policy assumes own and borrowed capital as sources of financing non-current and a significant portion (or all) of the permanent part of current assets. And only variable assets (or the overwhelming majority of them) are financed by short-term borrowings.

An ideal policy is an optimal, scientifically based financing policy that takes into account a lot of factors (financial situation, technical and economic features of the enterprise, the stage of its development, etc.), flexibly responding to their changes.

Management of borrowed funds is part of the overall financial policy of a business entity.

The borrowing policy includes the definition of:

Reasons and prerequisites for such attraction;

Limits (maximum volumes) of attraction;

Conditions (including terms and prices of attraction);

General composition, structure of borrowed funds;

Forms of attraction;

Creditors, etc.

This policy also involves creating conditions for effective use and operational control, timely payments and return of amounts received.

Attracting borrowed funds is justified if there is a lack of own funds for:

a) financing short-term investment projects with
quick payback;

b) overdue financial rehabilitation of the enterprise;

c) replenishment of the variable part of working capital.

It is beneficial if the cost of servicing borrowed funds is lower than the profitability of the operations for which they are raised. The company's borrowed funds include:

Financial loan received from banking and non-banking financial institutions;

Commercial loan;

Accounts payable of the enterprise;

Debt on the issue of debt securities, etc.
This structure of borrowed funds is provided for in Chapter. 42 of the Civil Code of the Russian Federation, where

It is noted that borrowed funds can be issued in the form of credit and loan agreements, as well as in the form of commodity and commercial loans. Under a loan agreement, one party (the lender) transfers into the ownership of the other party (borrower) money or other things determined by generic characteristics, and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal number of other things received by him of the same kind and quality . The loan agreement is considered concluded from the moment the money or other things are transferred.

The lender has the right to receive interest from the borrower on the loan amount in the amount and in the manner specified in the agreement. The borrower is obliged to return the loan amount received to the lender on time and in the manner prescribed by the agreement.

In the event that the borrower does not repay the loan amount on time, interest is payable on this amount from the day on which it is due to be repaid.

If a loan agreement is concluded with the condition that the borrower use the funds received for certain purposes (targeted loan), the borrower is obliged to ensure that the lender can exercise control over the intended use of the loan amount. When

If the borrower fails to comply with the terms of the loan agreement on the intended use of the loan amounts, the lender has the right to demand from the borrower early repayment of the loan amount and payment of interest due, unless otherwise provided by the agreement.

Under a government loan agreement, the borrower is the Russian Federation, a constituent entity of the Russian Federation, and the lender is a citizen or legal entity.

Borrowed funds can be short-term or long-term.

Short-term borrowings are obligations that the borrower is (or is not) obligated to repay within one year. An increase in the share of short-term sources of financing in the total composition of liabilities is undesirable for the borrower, as it increases its financial instability.

Long-term borrowings are obligations that the borrower is obligated to repay within a period exceeding one year. In enterprises with an unstable financial situation, the share of short-term sources of financing in the total composition of liabilities must be minimized, and the share of long-term borrowed funds, on the contrary, must be maximized. Typically, the time structure of borrowed funds is determined by the type of financing of the enterprise and the targeted nature of their use. Attracting long-term borrowed funds is beneficial in conditions of inflation.

Various types of borrowed funds act as loans, which the enterprise receives from banking and non-banking financial institutions on the basis of a loan agreement.

Under a loan agreement, a bank or other credit organization undertakes to provide funds (loan) to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the amount of money received and pay interest on it.

If the borrower violates the obligation for the intended use of the loan provided for in the loan agreement, the lender also has the right to refuse further lending to the borrower under the agreement.

The following types of loans are distinguished:

Financial loan;

Commercial loan;

Investment tax;

Tax;

Trade credit.

Financial loan- is a loan issued by a bank or credit institution on the terms of urgency, repayment and payment."

Loans can be issued in rubles and foreign currency. Payments for loans are charged at the rates prevailing in the money market for short-term loans and in the capital market for long-term loans.

Commercial loan- this is a loan agreement, the execution of which is associated with the transfer to the ownership of the other party of amounts of money or other things determined by generic characteristics, and may also provide for the provision of a loan in the form of an advance, prepayment, deferment and installment payment for goods (works and services) (Art. 823 of the Civil Code of the Russian Federation).

represents a change in tax payment in which an enterprise is given the opportunity, within a certain period and within certain limits, to reduce its tax payments with subsequent stage-by-stage payment of the loan amount and accrued interest.

The procedure and conditions for providing this loan are determined by the Tax Code of the Russian Federation. This credit can be provided for the profit (income) tax of an enterprise, as well as for regional and local taxes for a period of one to five years. The provision of a loan is formalized by an agreement between the enterprise and the financial authority of the constituent entity of the Russian Federation.

Investment tax credit provided to business entities for the following purposes:

When conducting R&D;

When technically re-equipping your own production;

For innovative activities;

To carry out a particularly important order for the socio-economic development of the region;

To provide particularly important services to the population.

The interest rate on this loan cannot be less "L and more % refinancing rates of the Central Bank of the Russian Federation.

A tax credit is a deferment or installment plan for paying taxes. The grounds for granting this loan are:

Damage caused by natural disasters;

Other circumstances of force majeure;

Delay in funding from the budget or payment for completed government orders;

Threat of bankruptcy in case of lump sum tax payment;

Seasonal nature of production of goods (works, services), etc.
Tax credit is provided for a period of three months to

one year.

A commodity loan is a loan agreement that provides for the obligation of one party to provide the other party with things defined by generic characteristics. Conditions on the quantity, container and (or) packaging of the items provided must be fulfilled in accordance with the rules on the contract for the sale and purchase of goods, unless otherwise provided by the trade credit agreement (from 822 of the Civil Code of the Russian Federation).

In every credit transaction there is an element of risk for the lender: non-repayment of the loaned value by the borrower, non-payment of interest

on a loan, violation of its term, etc. The presence of such a risk and its dependence on many factors (objective and subjective) make it necessary for the bank to select criteria indicators with which to assess the likelihood of the client fulfilling the terms of the loan agreement.

The restructuring of the credit system of the Russian Federation on the basis of the creation of two of its levels (the Central Bank of Russia and commercial banks) required a deeper approach by banks in assessing the creditworthiness of borrowers.

The creditworthiness of an enterprise is its ability to timely and fully pay off its debt obligations with the bank.

The list of indicators characterizing the creditworthiness of an enterprise depends on the terms of the loan and the state of the bank’s credit relations with the borrower. To determine the client's creditworthiness, it is necessary to establish the criterion level of the selected assessment indicators and their class (rating). Based on the borrower's creditworthiness class, the conditions for granting a loan are determined (loan size, issuance period, form of collateral, interest rate). Based on the nature of their creditworthiness, banks divide clients into three to five classes. Criterion indicators at the level of average values ​​are the basis for classifying the borrower into the second class, above average - into the first, and below average - into the third class (see Table 6).

The overall assessment of creditworthiness is carried out in points. They represent the sum of the products of the rating of each indicator and the credit class.

The first class of borrowers is conditionally assigned from 100 to 150 points, the second class - from 151 to 250 points, the third class - over 251 points. Based on the value of liquidity ratios and financial independence, borrowers can be divided into three classes (Table 7).

Banks build their credit relationships with enterprises of each creditworthiness class in different ways. Thus, for first-class borrowers, banks can open a line of credit, lend on a checking account, and issue one-time blank (trust) loans without collateral, charging a reduced interest rate for a period of up to 60 days.

Lending to second class borrowers is carried out on normal terms, i.e. in the presence of appropriate forms of security (pledge of property, surety, guarantee, etc.)

Providing a loan to third-class borrowers is associated with a high risk of non-payment for the bank. If a bank decides to issue a loan to a third-class borrower, then its size should not exceed the authorized capital of the latter. The interest rate for the loan is set at a higher level than for borrowers of the second

Table 6 Borrowers' creditworthiness class

To meet their needs for financial resources, corporations can attract various types of loans. Effective use of loans allows you to expand the scale of activity, increase return on equity, and, ultimately, the value of the business. From an economic point of view, any loan represents an unconditional obligation of the entity to return the borrowed amount by a certain date and pay its owner a pre-agreed reward in the form of interest for the use of funds.

Sources and instruments of debt financing are quite diverse. Below we will give a brief description of the essence and features of the most popular debt financing instruments used in domestic and world practice.

Debt financing is based on the following fundamental principles that define its essence:

Þ repayment;

Þ payment;

Þ urgency.

Principle repayment reflects the need for the borrower to fully repay the amount received (the principal amount of the debt) within the established time frame. In actual practice, the borrower’s fulfillment of this requirement depends on the stability of the financial results of its activities (sales revenue, profit, etc.), as well as on the quality of the loan collateral.

Principle paid expresses the obligatory payment by the borrower of interest for the right to use the resources provided by the lender for a certain time. Interest rates on loans include the market value of money depending on the terms and volumes, as well as premiums for risk, liquidity, etc., required by lenders.

Principle urgency characterizes the period of time for which borrowed funds are provided and after which they must be returned to the lender.

In addition to these principles, some types of loans require provision return of the funds provided and the corresponding interest payments.

In general, debt financing, regardless of the attraction instrument, has the following advantages:

Þ fixed cost and term, providing certainty when planning cash flows;

Þ the amount of the fee for use does not depend on the corporation’s income, which makes it possible to keep excess income at the disposal of the owners in case of their growth;

Þ the ability to increase return on equity through the use of financial leverage;

Þ the fee for use is deducted from the tax base, which reduces the cost of the attracted source and the capital of the corporation as a whole;

Þ interference and acquisition of management rights, etc. are not expected.

The general disadvantages of debt financing include:

Þ the obligation of promised payments and repayment of the principal amount of the debt, regardless of the results of economic activity;

Þ increase in financial risk;

Þ the presence of limiting conditions that may affect the economic policy of the corporation (for example, restrictions on the payment of dividends, attraction of other loans, mergers and acquisitions, registration of assets as collateral, etc.);

Þ possible collateral requirements;

Þ restrictions on terms of use and volumes of attraction.

In addition to the general ones, each specific debt financing instrument may have its own advantages and disadvantages arising from its specifics.

The main instruments of debt financing are: bank loan, bond issue, leasing.

Bank loan

Credit (from the Latin credo - “I believe”) is the classic and most well-known instrument of debt financing.

Subject of lending is a legal entity or individual who claims to receive monetary resources on loan terms and meets the requirements imposed by lenders (usually commercial banks) on borrowers.

The availability of loans for legal entities depends on various factors: macroeconomic situation, organizational and legal form of doing business, industry, type of activity, financial condition, creditworthiness, etc.

Object of lending are the purposes for which the borrower requires funds. When obtaining a loan, corporations usually pursue the following goals:

Þ financing of working capital (current activities);

Þ financing of investment projects (capital investments);

Þ refinancing of previously raised loans;

Þ financing of mergers and acquisitions, etc.

Loans to replenish working capital are short-term (up to 1 year). As a rule, receiving them takes a little time (up to two weeks). In most cases, when providing them, banks do not require collateral in the form of fixed assets. Such collateral is the future revenue of the corporation or purchased inventory (subject to their liquidity). However, it is difficult for banks to control the safety of inventories in the quantities necessary to secure a loan, and corporations, for various reasons, may need to reduce them and put them into circulation. Therefore, such a loan is easier to obtain for corporations with a good business reputation and stable financial condition. Programs for credit financing of working capital exist in almost every Russian bank.

Financing of capital investments– a more complex procedure, since these purposes usually require significant amounts of funds, and loan terms exceed 1 year. Providing collateral to the bank for such loans is a mandatory requirement, regardless of the scale of the corporation’s activities, its reputation, financial performance, etc. As a separate area, we can highlight the use of bank loans to finance investment projects launched from scratch.

Refinancing previously raised borrowed funds - obtaining a new loan on more favorable terms and repaying with its help debt raised on less favorable terms.

Financing of mergers and acquisitions with borrowed funds – operations characterized by significant risk. Banks that issue loans for these purposes seek to compensate for their risks through increased collateral requirements and higher interest rates.

It is necessary to distinguish between a loan and a line of credit. When a loan is granted, the client’s loan account reflects the entire amount issued to him, on which interest is accrued in accordance with the terms of the loan agreement, regardless of the borrower’s actual use of the allocated funds. A corresponding loan agreement is concluded with the borrower. The provision of a loan is carried out either by a one-time crediting of funds to a current or foreign currency account, or by their crediting to specified accounts according to an agreed schedule, indicating specific dates or periods of transfer specified in the terms of the agreement.

If a credit line is provided, the actual debt (the funds actually used by the borrower) is reflected in the loan account, on which interest is charged. In this case, the borrower is given a limit on credit resources within which he can use them. The line of credit can be revolving or non-revolving. A non-revolving line of credit is opened to make various payments related to one or more contracts or a consignment of goods, regular financial and economic transactions, as well as to cover periodically occurring temporary gaps in the payment turnover of corporations. A framework credit line is opened to the borrower to pay for individual supplies of goods under contracts implemented over a certain period, as well as to finance stages of costs associated with the implementation of targeted programs. For each delivery (or stage of the target program) a separate loan agreement is concluded as part of the general agreement on the opening of a framework credit line. Security is provided for each loan agreement.

For example, in August 2009, MTS OJSC opened a credit line with Sberbank in the amount of 12 billion rubles. for a period of 3 years and an annual interest rate of 15%. These funds were used to implement the capital investment program for network development and other general corporate needs of the company.

Financial practice has developed various types of loans. The most common is the so-called urgent, or ordinary a loan provided by a bank to a client for a specific purpose for a fixed period at a certain interest rate.

Overdraft- a form of lending that provides the client with the opportunity to receive a short-term loan, as a rule, without issuing collateral, in excess of the balance of funds in the current account within the limit established for it, the value of which depends on the credit history, the stability of average monthly turnover at the bank and other factors. The interest rate on an overdraft is usually higher than on a regular secured loan.

On call loan is provided to the borrower without specifying the period of its use (as part of short-term lending) with the obligation of the latter to repay it at the first request of the lender. When repaying this loan, a grace period is usually provided (according to current practice, up to three days).

Revolver(automatically revolving) loan is provided for a certain period, during which both a phased “drawdown” of allocated funds and a phased partial or full repayment of obligations under it are permitted. Funds contributed to repay obligations can be borrowed again during the period of validity of the loan agreement within the established credit limit. Payment of the remaining outstanding principal and interest is due upon expiration of the loan agreement. The advantage of this type of loan is the minimum restrictions imposed by the bank, although the interest rate on it is usually higher.

Investment loan is a long-term loan (or line of credit) for the implementation of a project or development program. Therefore, along with the standard requirements for the borrower’s creditworthiness and collateral, when issuing such a loan, the bank carefully studies the business plan of the project (program) for which funds are requested.

An investment loan has certain differences from other credit instruments, including:

Þ specificity of the intended purpose, which must be documented by concluded contracts within the framework of the developed feasibility study or business plan of the project;

Þ longer (up to 10 years) period of provision;

Þ the possibility of deferring the repayment of the principal amount of the debt;

Þ high degree of risk for the lender.

In domestic practice, investment loans are usually provided to large and well-known corporations or clients of a lending bank for a period of 3 to 5-7 years, but not exceeding the payback period of the project itself. However, the conditions for obtaining such a loan may differ significantly.

For example, Bank Vozrozhdenie provides investment loans for up to 5 years only to its clients who have been operating in their markets for at least 2 years. In addition, the following conditions must be met:

Þ break-even activity of the enterprise over the last 5 quarters, absence of overdue debts to budgets of all levels and extra-budgetary funds;

Þ availability of land allotment acts, construction permits, environmental assessment and other legal documents, without which the implementation of the project is impossible;

Þ the borrower's participation in the project with its own funds in an amount of no less than 30% of its cost. If the bank finances more than 50% of the project cost, the payback period of the project should not exceed the term of the requested loan;

Þ presentation of a detailed business plan describing the essence of the project, indicating the main stages and deadlines for implementation, volumes of financing, directions for using attracted investments, main suppliers, consumers and ways of working with them, financial indicators of the project (profit, profitability, payback). The business plan must be accompanied by a calculation of the economic efficiency of the project.

In addition to the above, in the conditions for granting an investment loan, Russian banks often include requirements such as sureties and guarantees of third parties, pledge of the borrower’s assets, and the presence of other forms of security.

Mortgage can be obtained from banks specializing in issuing long-term loans secured by fixed assets or the property complex of the corporation as a whole. A corporation that pledges its property is obliged to insure it in full in favor of the bank. At the same time, the property pledged to the bank continues to be used by the borrower.

Since the collateral for mortgage loans is real estate, the terms of their provision can be significantly longer than investment and syndicated ones, which creates favorable opportunities for attracting long-term financing. In addition, thanks to the collateral of real estate, mortgages are considered by banks to be a reliable and relatively low-risk type of lending. The right of pledge is registered with government agencies and is not removed from the property until the expiration of the mortgage agreement or early repayment of the loan.

The main criteria for a bank when determining the size and price of a mortgage loan are the value of the collateral, the client’s income level (or his ability to repay the loan), documented quality of the investment project (price in the sales contract, cost estimate for construction or repairs).

In Russia, such transactions are regulated by the Civil Code of the Russian Federation and the Federal Law of July 16, 1998 No. 102-FZ “On Mortgage (Pledge of Real Estate).”

At the same time, mortgage lending to corporations has not yet become widespread in the Russian Federation.

Syndicated loan is a loan organized by a pool of lenders for one borrower in order to finance large-scale economic programs or implement large projects. It is characterized by the following main features:

Þ joint responsibility - the pool of creditors acts in relation to the borrower as a single party, all creditors bear joint responsibility to the borrower;

Þ equal rights of creditors - none of the banks has advantages in debt collection, and all funds received to repay the loan or from the sale of collateral are divided between them in proportion to the amount provided;

Þ unity of documentation – all agreements are multilateral;

Þ uniformity of information for all parties to the transaction.

The largest such transaction in the history of the domestic market was the attraction in 2007 of OJSC Rosneft of two loans totaling $22 billion for the purchase of the Yukos company. Another “record holder” is OJSC Gazprom, which in 2005 raised $13.08 billion using this instrument.

In Russian practice, so-called two-tranche syndicated lending is common, when the transaction is carried out in two stages: “ A» + « IN" At the same time, the terms of the tranches may vary both in duration and in the cost of raising funds. As an example, let's consider a scheme for attracting syndicated loans by Russian telecommunications companies.

In 2006, MTS OJSC signed an agreement to attract a syndicated loan for $1.33 billion. The first tranche - for $630 million - was provided for three years under LIBOR+ 0.8%. The term of the second tranche for $700 million is five years, the interest rate is LIBOR+ 1% in the first three years, and then – LIBOR+ 1.15%. Banks acted as loan arrangers ING, Credit Suisse, ABN AMRO, BNP Paribas, HSBC, Raiffeisen, WestLB, Bayerische Landesbank and Sumitomo Mitsui.

Since 2003, a ruble market for syndicated loans began to form in the Russian Federation. The main borrowers in this market are large and medium-sized enterprises operating in the local market, whose income and expenses are expressed in rubles. The key advantage of a ruble loan is the absence of currency risk, as well as less stringent requirements of lenders, usually Russian banks. At the same time, a local ruble transaction may take longer, and the amount raised will be less due to the limited circle of investors.

The base rate for ruble syndicated loans is the rate MosPrime, calculated by the National Monetary Association.

The variety of forms and conditions for obtaining loans determines the need to develop a specific policy for managing this process in corporations. The process of obtaining a loan can be divided into several stages.

The first stage is the determination by the borrower of the need for credit resources and loan parameters (type of loan, volume, term, acceptable interest rate, etc.), as well as the economic justification for their use.

Monetary resources can be attracted at a time or periodically - at certain stages of development of the financed project. For example, in construction, obtaining credit funds may be related to the timing of payment for the services of various contractors. In this case, it is advisable to break the loan into separate tranches so as not to pay the bank for borrowed funds during a period when the enterprise did not actually use them.

Particular attention should be paid to the economic justification of the need for borrowed funds. According to the majority of experts and specialists from commercial banks, the problem of borrowers’ inability to submit a high-quality business plan or feasibility study (TES) still remains relevant for Russian enterprises. On the one hand, this is due to erroneous ideas about the importance of these documents when making decisions by the bank, and on the other hand, due to the low professional level of the specialists responsible for their preparation. A frequent consequence of poor quality justification is an increase in the cost of the loan (interest rate) or even the bank’s refusal to provide borrowed funds.

At this stage, you should also pre-select the subject of collateral, based on your own ideas about the value of its value.

The second stage is choosing a bank and conducting preliminary consultations with a potential lender. At this stage, it is necessary to make a choice in favor of one bank or another and determine the most essential terms of the loan agreement.

When choosing a bank, you should take into account the mandatory economic standards for its activities established by the Central Bank of the Russian Federation. In addition to liquidity and reliability, analysis of standards allows us to determine the maximum amount of funds that can be provided as a loan by this bank. The standard limiting the size of loans provided is in standard cases 25% of the bank's equity capital. If the borrower is a shareholder of the bank, then the maximum is limited to 20%.

An almost obligatory condition for the provision of credit by domestic banks is the availability provision timely and complete fulfillment of obligations by the borrower.

According to the legislation of the Russian Federation, the following can act as collateral for a loan:

Þ government securities and securities of Sberbank of Russia pledged;

Þ securities of constituent entities of the Russian Federation pledged within the limits of risk established for them;

Þ liquid securities of banks pledged within the risk limits established for counterparty banks;

Þ securities of corporate issuers pledged within the limits of risk established for them;

Þ guarantees of the Ministry of Finance of the Russian Federation within the established risk limit;

Þ guarantees of constituent entities of the Russian Federation or municipalities within the limits established for them;

Þ vehicles, equipment, inventory items pledged;

Þ real estate objects pledged as collateral;

Þ bank guarantees within the risk limits established for counterparty banks;

Þ guarantees of solvent enterprises and organizations;

Þ precious metals pledged in standard and/or measured ingots with mandatory storage of the pledged property in a bank.

The main requirement for collateral is that its market value must be sufficient to compensate the bank for the principal debt of the loan (loan amount), all interest in accordance with the agreement for 1 year, as well as possible costs associated with the sale of collateral (fines, fines, legal and other costs of foreclosure on security).

There are several generally accepted ways to assess the value of collateral, which is determined based on:

Þ purchase (book) value with a reducing factor, for equipment – ​​minus depreciation during the lending period. Reducing coefficients for various types of property vary from 0.5 to 0.7;

Þ market value based on the results of an expert assessment. It's also common here
reduction factors are applied. At the same time, most Russian banks require that the assessment be carried out by companies with which they have established partnerships. In some banks, the examination is carried out by its employees;

Þ the amount specified in the insurance contract for the property pledged.

The costs associated with the sale of collateral are usually estimated at 10 to 20% of the loan amount, depending on its type.

The second requirement for collateral is the preparation of legal documentation in such a way that the time required for its implementation in the event of non-repayment of the loan does not exceed 150 days. It is obvious that the property or rights transferred as collateral must be liquid in terms of not only market demand, but also current legislation.

The borrower must also provide documents confirming:

Þ powers of persons signing the security agreement;

Þ his right of ownership of the property pledged;

Þ no encumbrance on the property (it is not under arrest or pledged to another bank);

Þ the legality of the disposal of the premises where the collateral is located (if the collateral
goods, finished products, raw materials are transferred).

It should be noted that in addition to the basic collateral requirements established by the Central Bank of the Russian Federation, commercial banks may establish additional requirements based on their own business practices.

As a result, the total amount of collateral in practice exceeds the amount of the loan received. Insufficient collateral is the most typical and main problem that corporations face in the process of raising a loan.

To protect against non-repayment of placed loans, the bank creates reserves that are used to write off bad loans. The amount of such deductions depends on the quality of the loan issued.

To determine the amount of reserve contributions, the bank classifies all loan and equivalent debt according to established criteria and their characteristics into four risk groups. Standard loans assume reservation of 1% of the loan amount; non-standard – 20%; dubious – 50%; hopeless – 100%.

In this case, loans are classified according to the following criteria:

Þ quality of loan collateral;

Þ number of days overdue on the loan and interest;

Þ number of re-issuances of the loan agreement (i.e. any changes,
included in the contract by agreement of the parties);

Þ the quality of these re-registrations (how much the changes made improved the terms of the contract for the borrower).

It is obvious that any bank strives to minimize expenses on reserves, i.e. prefers that all loans provided be standard.

At the third stage, when a partner bank has been selected and approximate loan terms have been agreed upon, the company sends it all the necessary documentation: legal documents, financial statements, feasibility studies, business plans, etc. The composition of the requested documents depends on the specific parameters of the loan and the requirements of the bank. The duration of this stage is significantly influenced by the presence or absence of the entire volume of necessary documents.

As already noted, bank specialists often note the low quality of the business plans and feasibility studies of projects provided, so a serious approach to their preparation can significantly simplify the procedure for obtaining a loan. We should not forget about the importance of the human factor. For example, the reputation and level of professionalism of management plays a significant role in the final decision made by the credit committee.

At the fourth stage, after submitting all the necessary documentation to the bank, the procedure for assessing the borrower begins.

The bank’s procedure for assessing the creditworthiness and risks of potential clients is regulated by regulations of the Central Bank of the Russian Federation (Instruction of the Central Bank of the Russian Federation No. 62a “On the procedure for the formation and use of reserves for possible loan losses”, Regulation No. 54 “On the procedure for the provision (placement) of funds by credit institutions and their return (repayment)", etc.). In addition, each bank has its own assessment methods.

Typically, banks conduct a comprehensive examination of the loan application and borrowers. In this case, three main groups of factors are assessed: legal, financial And non-financial.

In the process of analyzing legal aspects, the legal service checks the constituent documents, the powers of persons who will sign agreements with the bank, and security documents. When receiving a large loan, the borrower must provide all the necessary decisions of the authorized bodies on the completion of a major transaction (over 25% of assets as of the last reporting date). If the loan is intended to finance an investment project, for settlements under specific agreements or contracts, the bank will definitely conduct a legal examination of these documents.

Financial assessment is carried out according to the business plan and reporting of the enterprise. Each bank applies its own assessment methodology, but the indicators used are almost the same everywhere - liquidity ratios, solvency, profitability, etc. In practice, many banks also focus on the scale of business activity, the evaluation criteria of which are sales revenue, market share, etc. The financial and legal connections of a potential borrower are also studied: main partners (suppliers, buyers, lenders, lessors, tenants), founders, affiliated companies.

Non-financial factors include the corporation's business reputation, its credit history and the quality of management.

The procedure for granting loans in all banks is approximately the same - representatives of the bank services (credit, legal departments, security services) review the submitted documents and draw up their conclusions. If they are positive, the issue of granting a loan is submitted to the bank’s credit committee for consideration. After the approval of the credit committee, a loan agreement is concluded with the company.

Currently, lending to the real sector is the main operation of Russian banks. At the same time, domestic companies are experiencing a persistent shortage of credit resources, especially for financing investments.

As the main reasons constraining the growth of long-term lending, analysts and experts note an acute shortage of short-term borrowed resources (for turnover), the inability to meet the investment needs of large borrowers due to low capitalization and the weak resource base of commercial banks, as well as the high level of risk of long-term loans.

In turn, corporations cite high interest rates as the main limitation preventing the effective use of loans (62% of respondents). Other limitations noted include excessive collateral requirements (53%), insufficient terms (38%) and volumes (17%) of lending.

Let's summarize some results. In general, debt financing through bank loans in the Russian Federation has the following advantages:

Þ flexibility of the terms of provision (the agreement can provide for specific requirements of both the borrower and the lender), as well as the possibility of revising them if necessary;

Þ relatively small investment of time and money to attract (from 2 weeks to 2 months);

Þ confidentiality of the transaction, lack of strict requirements for the disclosure of business information, etc.

The disadvantages of credit financing in the Russian Federation include:

Þ low capitalization and the predominance of short-term liabilities among commercial banks, as well as the strict requirements of the Central Bank of the Russian Federation for the formation of reserves for possible non-payments make it impossible to obtain significant amounts of funds on a long-term basis (a significant number of Russian banks are unable to issue loans in excess of $10 million);

Þ high interest rates (from 12%) due to inflation, as well as significant macro and microeconomic risks;

Þ collateral requirements (more than 100% of the loan volume);

Þ low profitability, creditworthiness and unsatisfactory financial condition of many companies, etc.

Despite the obvious advantages, cheap and long-term bank loans still remain out of reach for many Russian corporations.

In these conditions, to finance large investment projects, the most well-known corporations are forced to resort to borrowing abroad.

Issue of bonds

Another popular instrument of debt financing in domestic and world practice is bond issue.

According to the legislation of the Russian Federation, bonds can only be placed by business companies (LLC, CJSC, OJSC) by decision of the board of directors (supervisory board), unless otherwise provided by the charter. The decision to issue bonds must determine the form, terms and other conditions of their circulation and redemption.

Bonds issued must have a par value. At the same time, the nominal value of all issued bonds cannot exceed the size of the authorized capital of the company or the amount of security provided to the company by third parties for the purpose of issuing bonds. The issue of bonds is permitted only after full payment of the company's authorized capital.

The issue of bonds without collateral is permitted no earlier than the third year of existence of a business company and subject to proper approval by this time of its two annual balance sheets.

Over the past few years, corporate bonds have become a popular instrument for debt financing and attracting investment resources for both large and medium-sized corporations.

In 2013, corporate issuers managed to overcome the five trillion mark in terms of market volume and ended the year with an indicator of 5.2 trillion rubles.

However, despite the obvious successes and prospects for the development of this instrument, the scale of the Russian bond market is significantly inferior to developed countries. Thus, the corporate bond markets of leading European countries exceed the Russian market in volume by 30–50 times. The total capitalization of the corporate bond market in the United States is 3.5 trillion. dollars. According to some estimates, up to 80% of debt financing of American companies comes from bonds.

At the same time, bond loans give domestic corporations tangible advantages over bank loans and bills, since they allow you to raise funds at a rate of 7 to 15% per annum for a period of 3 years or more, without requiring collateral.

For example, in 2014, OJSC ROSNEFT placed bonds in the amount of 20 billion rubles. at 7.95% per annum for 10 years. The organizers of the placement were Gazprombank, NOMOS-BANK and BC REGION.

At the same time, lesser-known companies raising borrowed funds on the bond market for the first time are forced to offer investors higher returns and the possibility of early redemption (offer).

In general, we can highlight the following advantages of bond loans, which provide the opportunity:

Þ increase the terms of borrowing (currently, the terms of circulation of bonds of domestic corporations range from 3 to 5 or more years);

Þ to form a public credit history of the issuer, which allows in the future to reduce the cost of borrowed resources and increase the terms of their attraction, as well as enter international capital markets;

Þ if necessary, use more flexible forms of security, for example, third-party guarantees;

Þ diversify sources of borrowing by increasing the number of lenders (investors), which ensures a reduction in costs, as risks are reduced and the dependence on one lender is eliminated;

Þ quickly manage the debt structure through operations on the secondary market;

Þ prepare conditions for public offering of shares, etc.

However, issuing and placing bonds is more expensive than obtaining a bank loan.

Primary costs for the issue and placement of corporate bonds include:

Þ tax on transactions with securities – 0.2% (but not more than 100,000.00) of the nominal value of the issue;

Þ remuneration for the organizer of the issue – 0.5-0.7% of the loan volume;

Þ exchange commission – 0.035-0.075% of the loan volume;

Þ depository commission – 0.1+0.075% of the loan volume;

Þ remuneration to the paying agent – ​​up to USD 10,000;

Þ presentations for investors – up to USD 20,000.

In general, according to analysts' estimates, the average total costs for issuing corporate bonds in the Russian Federation are 1.5 - 3.5% of the total issue volume.

Therefore, the minimum issue amount that makes raising funds feasible is currently approximately no less than $10 million.

In addition, attracting such loans requires a significant investment of time (from 4 months) and organizational preparation.

The issue of bonds also involves the disclosure of information about the corporation's activities, which is not always acceptable for Russian business.

However, after the first successful placement of the issue, the corporation has a real opportunity to raise funds in the future cheaper, in larger volumes and for longer periods. In addition, the issue of bonds creates the basis and serves as a kind of rehearsal for the subsequent public offering of shares.

The process of issuing bonds has many financial and legal nuances, which necessitates the involvement of consultants - professional participants in the stock market, mainly financial institutions (banks, investment companies, etc.) who have experience and the ability to organize and carry out the placement of bonds, form a secondary market, carry out settlements and payments. The largest organizing companies for bond loans on the domestic market are Vneshtorgbank, Gazprombank, Rosbank, Alfa-Bank, Uralsib, Renaissance Capital, etc.

The decision-making process on the placement of bonds includes several stages.

At the first stage, you need to decide on the choice of a financial consultant (issue organizer or lead manager). If necessary, in the process of preparing for placement, the organizer of the issue can create a syndicate of underwriters, which will directly place securities among investors. As a rule, the syndicate includes investment banks that carry out brokerage activities.

At the second stage, the financial consultant helps the company determine the main parameters of the loan and its structure, based on the needs and the real ability of the market to satisfy these requests. Then the preparation and registration of the prospectus begins. Information support for the issue is usually provided by both the issuer himself and the financial consultant.

The next stage is marketing research and searching for potential investors. It is advisable to entrust this task to specialized companies that have the necessary experience in successfully placing securities. The qualifications of a financial consultant are especially important to attract large investors. In such cases, there is a practice of holding a “road-show”, when a financial consultant or representatives of the issuer come directly to the investor and make a presentation of the upcoming bond issue.

After implementing the above steps, the technical procedure for placing bonds begins. In most cases, the underwriter offers the issuer certain guarantees, for example, an obligation to buy back any part or the entire issue of securities. As a rule, placement is carried out in the form of an open subscription or auction. Both methods have their advantages. The choice remains with the issuer and organizers.

In accordance with the legislation of the Russian Federation, bonds belong to the so-called issue-grade securities. The procedure for their release and circulation is currently regulated by the Central Bank. According to the law, the procedure for issuing shares, bonds and options of the issuer (hereinafter referred to as “securities”) includes the following stages:

Þ making a decision that is the basis for the placement of securities;

Þ approval of the decision on the issue (additional issue) of securities;

Þ state registration of the issue (additional issue) of securities;

Þ placement of securities;

Þ state registration of a report on the results of the issue (additional issue) of securities or submission to the registration authority of a notification on the results of the issue (additional issue) of securities.

The decision on the issue (additional issue) of securities of a business company is approved by the board of directors (supervisory board) or the body exercising the functions of the board of directors (supervisory board) in accordance with federal laws. It contains information about the terms and methods of placement of bonds, the placement price and other parameters of the issue. The adopted decision must be approved no later than six months from the date of its adoption by the board of directors or the general meeting of shareholders.

The most responsible and time-consuming step is preparing the prospectus. The prospectus is approved by the board of directors or the general meeting of shareholders (participants) of the issuer and contains:

Þ information about the issuer (full name of the issuer and the date of its state registration; information about the founders, subsidiaries and dependent structures; list of managers; main type of activity, position of the enterprise in the market, analysis of the industry and competitors, etc.);

Þ data on the financial position of the issuer (annual financial statements of the company for the last three years);

Þ information about previous issues of securities (description of all previous issues, their conditions, methods of placement, etc.);

Þ information about the securities being placed (full information about the bonds, including the issue volume at par and information about the underwriter);

Þ additional information (restrictions on the circulation of bonds, other features and conditions of issue, etc.).

As already noted, the preparation of the prospectus is carried out with the involvement of financial consultants (underwriters). As a rule, the preparation of the issue prospectus and other necessary documents takes 1-2 months, after which their set is sent for registration with the Central Bank.

Please note that registration of the issue prospectus is provided only in the case when the placement of bonds is carried out by open subscription. In case of a private subscription to bonds, registration of the prospectus is required if the number of purchasers exceeds 500.

To register a bond issue, the issuer must submit the following set of documents to the Central Bank:

Þ application for registration;

Þ issuer's questionnaire;

Þ a copy of the document confirming the state registration of the issuer;

Þ a certificate from the issuer regarding payment of its authorized capital, signed by the person holding the position (performing the functions) of the sole executive body of the issuer, as well as the chief accountant of the issuer or the person performing his functions;

Þ decision to issue securities;

Þ a copy (extract from) the decision (minutes of the meeting (session)) of the authorized person (issuer's body) who approved the decision on the issue (additional issue) of securities and the securities prospectus;

Þ a copy of the issuer’s constituent documents with all amendments and/or additions made to them;

Þ inventory of submitted documents;

Þ document confirming payment of tax or fee for the issue of securities;

Þ other documents provided for by law.

Documents for state registration of the issue of securities must be submitted no later than 3 months from the date of approval of the decision on their issue (additional issue), and if the state registration of the issue is accompanied by registration of a securities prospectus - no later than 1 month from the date of approval of the securities prospectus, unless otherwise not established by law.

State registration cannot be carried out:

Þ until full payment of the authorized capital of a joint-stock company or limited liability company;

Þ if the sum of the nominal values ​​(issue volume) of the bonds, together with the sum of the nominal values ​​of all outstanding bonds of the issuer, which is a business company (i.e. bonds for which obligations have not been fulfilled), exceeds the size of its authorized capital or the amount of security provided by third parties .

The Central Bank is obliged to carry out state registration of the bond issue or make a reasoned decision to refuse state registration no later than 30 days from the date of submission of all documents. However, if there are comments on the submitted documents, they can be returned for correction. After correcting the identified violations, the Central Bank accepts documents for re-examination. Thus, the registration process may not take 30 days, but much longer.

If a positive decision is made regarding the registration of a bond issue, the issuer is obliged to provide access to the information contained in the prospectus. He must publish a notice on the procedure for disclosing information in a periodical printed publication with a circulation of at least 50 thousand copies (for example, the newspapers Vedomosti, Kommersant, Izvestia, etc.).

The actual placement of bonds can be carried out no earlier than 14 days after the disclosure of information about the state registration of the issue. The placement of bonds must be completed by the issuer no later than the expiration of one year from the date of approval of the decision to issue bonds. Funds received during the placement of bonds are immediately credited to the issuer's account. However, from the point of view of the registration authority, the issue of bonds at this stage is not yet considered completed.

Within 30 days after the placement of bonds (the placement period is indicated in the decision to issue bonds), the issuer's Board of Directors must approve a report on the results of the bond issue, which is also sent for registration with the Central Bank.

After official disclosure of information, investors have the right to make transactions with the issuer's bonds on the secondary market. From a formal point of view, this completes the emission process.

Further steps to bring bonds to the MICEX exchange platform and include them in the exchange quotation lists depend only on the decision of the issuer and the underwriter of the issue. As a rule, listing bonds on the stock exchange allows the issuer to expand the circle of their holders and increase the liquidity of the issue, which will lead to a reduction in the cost of subsequent loans.

In addition to bonds circulating on the Russian securities market, large Russian corporations have the opportunity to issue so-called credit notes and Eurobonds, which are traded on global financial markets.

Credit notes

Credit linked notes (CLN) in world practice are a popular way of unsecured borrowing of monetary resources with subsequent securitization of debt. These tools began to be used by domestic corporations relatively recently. One of the first issues of credit notes was carried out by OJSC United Machine-Building Plants (OMZ) in November 2002 in the amount of USD 30 million. Currently, this tool is very popular among both large and medium-sized corporations.

From the borrower's point of view, CLN is a regular foreign currency loan from a foreign bank. However, their main difference is that the bank immediately restructures the debt into securities and sells them on the market.

From a technical point of view, issuing CLN is similar to issuing bonds. In this case, the lead manager of the issue is usually a bank - Russian or foreign. The leading organizers of the issue of credit notes in Russia are commercial banks.

At the initial stage of organizing the issue, the bank assesses the potential demand for the borrower's obligations among investors. A detailed study of the activities and financial condition of the borrower, industry, market conditions is carried out, active work with investors is carried out (distribution of prospectuses, presentations, off-site meetings, etc.). If the decision is positive, the borrower receives a loan from a foreign bank, which will act as the issuer of CLN. A bank with a high rating and experience in conducting CLN programs is usually selected as the issuer. A specific issue is carried out in a separate tranche of the program. The issuing bank makes payments to investors using CLN if the borrower fulfills its loan obligations. Moreover, if the corporation that received the loan is unable to repay the loan on time and in full, the risk of possible losses will be borne by the owners (buyers) of the credit notes, and not the issuing bank.

After the release of CLN, trading of these securities begins on the secondary market. Typically, credit notes are traded on the over-the-counter market.

Due to their higher risk, credit notes trade at a premium to corporate Eurobonds of borrowers with a similar level of risk, since the latter involve a public offering and meet certain standards for disclosure of information of both an economic and legal nature.

The main advantages of CLN compared to Eurobonds are that they can be issued much faster and cheaper. Typically, it takes 8 to 12 weeks to issue a CLN. The cost of issuing CLN is an order of magnitude lower and ranges from 30 to 50 thousand dollars. Significant savings are achieved due to the fact that the market requirements for CLN are significantly softer. The completeness of information disclosure in the issue prospectus, as well as the availability of a rating and international audit, are determined by the borrower and the loan organizers independently.

Issuing credit notes is a good way to build a credit history before issuing Eurobonds. For example, just 2 months after the issue of credit notes in the amount of $100 million, AFK Sistema issued Eurobonds.

However, the interest rate on credit notes is on average 1-2% higher than on Eurobonds.

According to experts, currently issuing a CLN of less than $100 million is not economically feasible, since the costs of organizing it can cover the beneficial effect that makes a public loan more profitable than a bank loan. In general, this tool is intended for mature companies with an annual turnover of at least $250 million.

The main buyers of CLN from domestic enterprises are Russian banks. Among foreign investors, the main share falls on branches of foreign banks in the Russian Federation, as well as specialized investment funds, hedge funds, the rules of which allow the purchase of high-risk securities.

Eurobond issue

Eurobonds are unsecured debt instruments issued to bearer and traded outside the domestic market of the country whose currency is used as a denomination. Although Eurobonds can be issued in any country and currency, most are denominated in US dollars or euros.

The issue of Eurobonds is associated with certain preparatory work and significant costs, but it pays off with the opportunity to attract very significant amounts of financing for long periods at a relatively low interest rate. The average maturity of Russian Eurobonds is approximately 5 years. However, leading domestic corporations place issues in amounts exceeding $1 billion, and the maximum loan term for them ranges from 15 to 30 years. Thus, in August 2007, OAO Gazprom placed Eurobonds in the amount of $1,250 million with a maturity of 30 years. In the context of the global financial crisis, in April 2009, the gas monopoly carried out the largest issue of Eurobonds in Russian history for $2.25 billion. The interest rate on the bonds was 9.25% per annum, the placement period was 10 years. Another Russian corporation, OJSC Lukoil, at the end of 2009 placed two tranches of Eurobonds totaling $1.5 billion. At the same time, the coupon rate for the 5-year issue was 6.375%, and for the 10-year issue – 7.375%.

As already noted, entering the Eurobond market involves significant costs associated with preparing and conducting the issue, attracting foreign financial consultants and underwriters, making presentations for international investors, paying for lawyers, etc.

The most popular financial institutions acting as organizers of Eurobond issues of Russian enterprises include Deutche Bank, ABN Amro, CSFB, UBS, DrKW, Citigroup, J.P. Morgan, MDM, etc.

Despite the absence of any regulation of the Eurobond market by the governments of developed countries, their issuers are usually guided by the requirements and standards of the International Primary Market Association (IPMA) and the International Securities Market Association (ISMA). Since London has historically been the main trading center for these instruments, their issuance is also often regulated by the English Financial Services Authority (FSA), whose requirements for the preparation of relevant documents are very stringent. In particular, it is mandatory to have a three-year audit of financial statements prepared in accordance with international standards, as well as a credit rating from a leading agency - S&P, Fitch, Moody’s, etc. Full disclosure of information about the owners of the company is also required, including copies of the passports of the borrower’s main shareholders. In this regard, the cost of legal services alone when issuing Eurobonds can reach from 600 thousand to 1 million dollars. The average underwriter's commission is usually 0.5 - 0.7% of the loan amount. rye can reach the present time these are commercial banks "long-term period

Eurobonds are mainly traded on the London or Luxembourg exchanges. However, a significant part of their turnover comes from over-the-counter markets.

The main advantages of Eurobonds as a source of financing are:

Þ significant volumes of funds raised (average issue volume - from 300 million US dollars);

Þ long circulation periods (from 3 to 30 years);

Þ lower interest rates (from 5% per annum);

Þ no requirements for security or collateral;

Þ formation of a public international credit history, etc.

The disadvantages of this loan attraction tool include:

Þ strict requirements for the borrower to disclose information;

Þ high costs of attraction (7-10% of the total loan volume);

Þ long terms for preparing and placing a loan (4-6 months);

Þ emergence of currency risk, etc.

Despite the significant investment of money and time, the issue of Eurobonds in the amount of over 500 million dollars and a period of more than 5 years is completely justified. In addition, this is a good “rehearsal” before an IPO on international markets.

Leasing

The needs of corporations for continuous technical re-equipment, the introduction of new technologies, and the expansion of production of goods and services have led to the emergence of new forms of raising capital, one of which is the use of an instrument such as leasing.

In general, leasing is an agreement under which one party, the lessor (lessor), transfers to the other party, the lessee (lessee), the rights to use certain property (buildings, structures, equipment) for a certain period and on specified terms.

Typically, such an agreement provides for the tenant to make regular payments for the equipment used throughout the entire period of its operation. At the end of the agreement, or in case of early termination, the property is returned to the owner. However, leasing contracts often provide for the tenant's right to purchase the property at a reduced or residual value, or to enter into a new lease agreement.

Currently, in the economic practice of developed countries, various forms of leasing are used, each of which is characterized by its own specific features. The most common of them include:

Þ operating or service leasing (operating lease);

Þ financial or capital leasing (financial lease);

Þ sale and lease back;

Þ separate or credit leasing (leveraged lease);

Þ direct lease, etc.

It should be noted that all existing types of such agreements are variations of two basic forms of leasing - operational, or financial.

Operating (service) leasing– this is an agreement whose term is less than the full depreciation period of the leased asset (usually from 1 year to 3 years). At the same time, the payment provided for in the contract does not cover the full cost of the asset, which necessitates the need to lease it several times.

The most important distinguishing feature of operating leasing is the right of the lessee to terminate the contract early. Such agreements may also provide for the provision of various installation and ongoing maintenance services for the rental equipment. Hence the second, often used name for this form of leasing - service. In this case, the cost of the services provided is included in the rent or paid separately.

The main objects of operational (service) leasing include those that quickly become obsolete (computers, copying and duplicating equipment, various types of office equipment, etc.) and technically complex ones that require constant maintenance (trucks and cars, airliners, railway and sea transport, construction equipment) types of equipment.

It is easy to see that in general, the terms of operating leasing are more favorable for the lessee.

In particular, the possibility of early termination of the lease allows you to promptly get rid of obsolete equipment and replace it with more high-tech and competitive ones. In addition, if unfavorable circumstances arise, the lessee can quickly curtail this type of activity by returning the relevant equipment to the owner ahead of schedule and significantly reduce the costs associated with the liquidation or reorganization of production.

In the case of one-time projects or orders, operational leasing frees you from the need to purchase and subsequently maintain equipment that will not be needed in the future.

The use of various services provided by a leasing company or equipment manufacturer often reduces the cost of ongoing maintenance and the maintenance of relevant personnel.

The downside to these benefits are:

Þ higher rent than other forms of leasing;

Þ requirements for making advances and prepayments;

Þ the presence in contracts of clauses on the payment of penalties in case of early termination of the lease;

Þ other conditions designed to reduce and partially compensate for the risk of property owners.

Currently, this form of leasing has not received proper development in the Russian Federation. Moreover, according to the law, operating leasing is interpreted as a short-term lease and is regulated by the Civil Code of the Russian Federation. Accordingly, it does not fall under the law “On Leasing” and the benefits provided for by this law do not apply to it.

financial leasing– an agreement providing for the special acquisition of ownership of an asset with subsequent rental (temporary use) for a period close to its useful life (depreciation). Payments under such an agreement typically provide the lessor with full reimbursement of the costs of acquiring the asset and providing other services, as well as the corresponding profit.

Upon expiration of the transaction, the lessee can return the asset to the owner, enter into a new leasing agreement, or purchase the leased asset at its residual value.

Objects of financial leasing include real estate (land, buildings and structures), as well as long-term assets for production purposes. Therefore, it is also often called capital lease.

Unlike operating leasing, financial leasing significantly reduces the risk of the property owner. In fact, its terms are largely identical to agreements concluded when obtaining bank loans, since they provide for:

Þ complete or almost complete repayment of the cost of equipment;

Þ payment of a periodic fee, including the cost of the equipment and the owner’s income (in fact, the principal and interest parts);

Þ the right to declare the tenant bankrupt if he is unable to fulfill the agreement, etc.

Financial leasing is the basis for the formation of other forms of long-term lease - returnable and separate (with the participation of a third party).

Leaseback is a system of two agreements in which the owner sells the ownership of equipment to another party while simultaneously entering into a long-term lease agreement with the buyer. The buyer here is usually commercial banks, investment, insurance or leasing companies. As a result of such an operation, only the owner of the equipment changes, and its user remains the same, having received additional funds at his disposal. The investor, in essence, lends to the former owner, receiving ownership rights to his property as security. Such transactions are often carried out during a business downturn in order to stabilize the financial position of corporations.

Another type of financial leasing is its separate a form that provides for the participation of a third party in a transaction - investors, which are usually banks, insurance or investment companies. In this case, the leasing company, having previously concluded a contract for the long-term lease of some equipment, acquires its ownership, paying part of the cost using borrowed funds. The acquired property (as a rule, a mortgage is issued on it) and future rental payments are used as collateral for the loan received, the corresponding part of which can be paid by the tenant directly to the investor. At the same time, the leasing company takes advantage of the tax shield that arises in the process of depreciation of equipment and repayment of debt obligations. The main objects of this form of leasing are expensive assets, such as mineral deposits, equipment for the extractive industries, construction equipment, etc.

At direct leasing, the lessee enters into a leasing agreement directly with the manufacturer (i.e., directly), or with a leasing company created under it. The largest manufacturers - world market leaders, such as IBM, Xerox, GATX, BMW, Caterpillar, etc., are the founders of their own leasing companies, through which they promote and sell their products in many countries around the world. Domestic enterprises do the same. Many names of Russian leasing companies speak for themselves, for example: KAMAZ-Leasing, Ilyushin Finance Co., Tupolev, etc.

Sometimes leasing is carried out not directly, but through an intermediary. At the same time, the agreement stipulates that in the event of temporary insolvency or bankruptcy of the intermediary, leasing payments must go to the main lessor. Such transactions are called “subleasing”.

The use of subleasing transactions can be beneficial for financing the assets of companies that are part of a holding, concern, etc., as it allows the management or parent company to optimize, control and take over cash flows. Instead of directly lending or subsidizing subsidiaries, it can create a leasing company that, at the request of business units and divisions, acquires the required assets and supplies them to customers. In the future, it monitors the timely receipt of leasing payments, accumulates them and transfers them to the main lessor - the parent company, and also supervises the intended use of equipment and its maintenance.

The interpretation of leasing, carrying out such operations and their legal regulation in the Russian Federation has certain specifics. According to the law (Article 665 of the Civil Code of the Russian Federation), under a financial lease agreement (leasing agreement), the lessor undertakes to acquire ownership of the property specified by the tenant from a seller identified by him and to provide this property for a fee for temporary possession and use for business purposes.

Thus, only financial leasing is legally recognized as leasing in the Russian Federation, which is characterized by the following specific features:

Þ the third obligatory participant is the equipment supplier;

Þ the presence of a complex of contractual relations;

Þ special purchase of equipment for leasing;

Þ active role of the lessee;

Þ mandatory use of the leased asset for business purposes.

Legal regulation of leasing in the Russian Federation is carried out on the basis of the Civil Code of the Russian Federation, the Federal Law “On Financial Lease (Leasing)” dated October 29, 1998 No. 164-FZ with subsequent amendments and additions, as well as the Tax Code of the Russian Federation.

According to the law, subject of leasing can be any non-consumable things (enterprises, property complexes, buildings, structures, equipment, transport, movable and immovable property, etc.) used for business activities.

The subject of leasing in the Russian Federation cannot be:

Þ land plots and other natural objects;

Þ property withdrawn from circulation or limited in circulation;

Þ results of intellectual activity.

Currently, the leasing market in R