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Държавните ценни книжа са дългови инструменти, емитирани от българското или чуждестранни правителства с цел финансиране на краткосрочни и дългосрочни правителствени разходи. Държавните ценни книжа дават на своите собственици правото да получават паричен доход чрез сконтиране на цена под номинала или чрез изплащането на фиксирана или плаваща годишна лихва. В България Министерството на финансите, съвместно с Българска народна банка (БНБ) регламентират реда и условията, при които се осъществяват емисиите на безналични ДЦК на вътрешния пазар. Търговията с ДЦК се опосредства от първичните дилъри (банки и инвестиционни посредници), които имат право да придобиват ДЦК директно на аукционите, организирани от БНБ. ДЦК биват съкровищните бонове, държавните облигации, ЗУНК облигациите, еврооблигациите. Първа инвестиционна банка предлага: - сделки с ДЦК на първичен пазар; - сделки с ДЦК на вторичен пазар; - операции, свързани с движение по регистри на ДЦК; - откриване и водене на регистър на инвестиционен посредник. Документи: - Договор за посредничество при сделки с финансови инструменти; - Нареждане за сделка с финансови инструменти; - Документ за категоризация на клиента; - Уведомление за подходяща услуга; - Други документи (получават се на място в Банката); - Общи условия, приложими към договори с клиенти на Първа инвестиционна банка АД за инвестиционни услуги и дейности с финансови инструменти. Прилагат се такси и комисиони, съгласно действащата Тарифа на Банката. Сключване на договори, даване на нареждания, поръчки или заявки, както и всякакви други правни действия от името и за сметка на клиента чрез пълномощник са допустими само ако се представи нотариално заверено пълномощно, което съдържа представителна власт за извършване на управителни и/или разпоредителни действия с финансови инструменти, и декларация от пълномощника, че не извършва по занятие сделки с финансови инструменти. Първа инвестиционна банка АД в изпълнение на чл. 10 от НИДИП и с цел клиентите, съответно потенциалните й клиенти, да вземат базирано на информираност инвестиционно решение, предоставя описание на вида и характеристиките на предлаганите и търгувани от Банката, в качеството й на инвестиционен посредник, финансови инструменти и рисковете, свързани с тях. Следва да се има предвид, че инвестирането във финансови инструменти може да донесе на инвеститора допълнителни рискове от непредвидени промени в икономическата и пазарната среда, както и инвеститорът да поеме финансови и други допълнителни задължения като резултат от сделки с финансови инструменти, включително непредвидени задължения, допълнителни към разходите за придобиване на конкретните финансови инструменти. Инвестирането във финансови инструменти носи също така и риска от загуба на цялата направена инвестиция. Риск при сделки с ДЦК Инвестирането в държавни ценни книжа носи на инвеститора основно пазарен риск, ликвиден риск и риск на емитента. Пазарният риск при държавните ценни книжа е свързан с вероятността от повишаване (промяна) на пазарните лихвени равнища спрямо фиксирания лихвен процент на емитираните дългови ценни книжа. В зависимост от срочността на държавните ценни книжа, по-краткосрочните ДЦК се характеризират с по-нисък пазарен (лихвен) риск и обратно - по-дългосрочните ДЦК са обвързани с по-висок пазарен (лихвен) риск. Ликвидният риск при държавните ценни книжа е по-нисък в сравнение с този при останалите дългови финансови инструменти, тъй като пазарът на ДЦК се счита за високо ликвиден. Рискът на емитента при държавните ценни книжа е по-нисък в сравнение с този при останалите дългови финансови инструменти, тъй като емитентът в лицето на държавата и рискът той да изпадне във финансово затруднение и невъзможност да изплати главницата и лихвите по дълговите ценни книжа е по-нисък. Риск при сделки на чуждестранни пазари Инвестициите в облигации, търгувани на чуждестранни регулирани пазари се характеризират основно с пазарен, ликвиден, валутен риск, както и риск на емитента. Пазарният риск при облигациите е свързан с негативна промяна на пазарните лихвени проценти спрямо емитираните дългови ценни книжа с фиксиран или плаващ лихвен процент. Краткосрочните облигации се асоциират с по-нисък риск, докато дългосрочните облигации са свързани с по-висока степен на риск. Ликвидният риск при облигациите се свързва с риска от забава или невъзможност за продажба на притежаваните от инвеститора дългови финансови инструменти. Ликвидният риск при този тип финансови инструменти се намалява от по-големите обеми облигационни заеми, търгувани на чуждестранните пазари, в сравнение с тези в страната. Валутният риск при облигациите зависи от движението на валутните курсове. Рискът на емитента е свързан с възможността емитента да изпадне във финансово затруднение и да не може да изплати главницата и лихвите по облигационния заем. Ливъридж Ливъридж в сферата на инвестиционните услуги представлява използване на различни методи за набиране на заемен капитал (маржин търговия) с цел увеличаване на нормата на възвръщаемост. Ливъридж е начин за инвестиране, при който се открива позиция, позволяваща търгуването на суми, многократно надвишаващи собствените средства (депозираните парични средства) на инвеститора. Ливъридж инструменти за инвестиране могат да бъдат опциите, фючърсите, маржин търговията и други деривативни финансови инструменти. Използването на ливъридж е свързано с поемане на допълнителен риск, тъй като при този тип инвестиции се увеличава не само печалбата, но и евентуалната загуба. Дирекция "Трежъри" Елена Николова - Брокер тел. invest@fibank.bg Христо Сугарев - Инвестиционен консултант тел. hristo.sugarev@fibank.bg
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Financial instruments Government securities are debt instruments issued by the Ministry of Finance (MOF) being a representative of the state, to finance short-term and long-term government expenditures. Government securities entitle their holders to receive cash revenue by discounting the price below the par value or by receiving a fixed annual interest rate. The Ministry of Finance, jointly with the Bank of Albania, regulates the procedure and the conditions applied for the issue of dematerialized government securities on the internal market. Transactions in government securities are performed directly at the auctions organized by the Bank of Albania. In this auctions can participate banks, financial institutions, legal entities and individuals. Government securities are: treasury bills and treasury bonds. First Investment Bank offers: - Transactions in government securities on a primary market; - Transactions in government securities on a secondary market; - Transactions in government securities on a retail market; - Operations related to transfers under government securities registers; - Opening and maintaining an investment intermediary's register; - Maturity of issues. Common Documents: - General Conditions, applicable to contracts for investment services and activities in financial instruments with First Investment Bank customers; - Other documents (available at the Bank offices). These General Conditions applicable to customers of FIBank for the delivery of services in investment and securities activities, governing the rights and obligations of FIBank as intermediary of investments of its customers regarding entering in the transactions with securities in primary and secondary market. First Investment Bank, in compliance with regulations in force of Bank of Albania and Financial Supervision Authority in order to exercise to the Activities of Investment Intermediaries and in order to allow its present clients, as well as its potential clients, to make an informed investment decision, provides a description of the types and characteristics of the financial instruments offered and traded by the Bank, in its capacity as an investment intermediary, as well as the associated risks. Charges and commissions are applied in accordance with the effective Terms and Conditions of the Bank. Treasury Bills are debt securities issued in the form of register from the Ministry of Finance on behalf of the Albanian Government. Treasury Bills are short term securities with maturity up to 1 year. In Albania are issued T-Bills with maturity of 3, 6, and 12 months. The maturity is the time difference of investment date and maturity date. Issue Treasury Bills are issued in the form of register, over account, which means that Treasury Bills do not have a physical form, but to the investor is given an ownership certificate, or another certificate to verify the transactions made with the Treasury Bills. The Treasury Bills register is held from the Bank of Albania, or from another bank which is licensed from the Albanian Supervisory Authority on this purpose. Trading Treasury Bills are sold with discount from their nominal value. The difference between nominal value and the purchase price is the interest earned from the T-bills investment. The investor in the purchase date pays only the purchase price based on the nominal value and the discount rate (Yield). Example: Face Value: LEK 300,000.00 Yield: 7.00% Days to maturity (D): 364 Purchase Price = 300,000 / (1+ 7.00%/365 * 364) = 280,424.09 Interest = Nominal Value – Purchase Price = 300,000.00 – 280,424.09 = 19,575.91 In the maturity date, is repaid the nominal value or the Treasury Bills could be reinvested. The interest earned from Treasury Bills investment is subject to income taxes. The income taxes are charged in the maturity date. Primary Market Primary Market is the market of new issues for securities. Securities are bought from Bank of Albania, second level banks, financial institutions and individuals. Fibank offers the possibility to individuals and non – individuals to participate in the T-Bills primary market auctions (organized from Bank of Albania). You can participate in the auctions through your account in our bank. The securities primary market is organized from Bank of Albania in the name and on behalf of the Ministry of Finance. The T-Bills issue is done through the auction sale in the primary market, which is organized from Bank of Albania in regular period of times. The auctions are normally organized on Tuesday, but the securities issue is done after two working days, usually on Thursday. The auction is announced in forward from the Ministry of Finance and Bank of Albania through the public information in their respective internet pages. Secondary Market The Secondary Market is the market where an investor buys a security from another investor different from the issuer. The securities Secondary Market is 1ff8 organized by phone, REUTERS and other communications forms through "dealers". You may contact the Treasury Department for all quotations for all secondary market quotations. The transaction date is T+2. Fibank sells Treasury Bills from several auctions with different maturity dates. For this kind of service no commission is charged. Fibank buys Treasury Bills before maturity dates, which have at least 1 days left to maturity. For this kind of service no commission is charged. Retail Market The Retail Market is the market where the bank sells directly to individuals. It is organized for securities transactions by phone and other communications forms through “dealers”. Treasury Bills are freely traded; they can be sold and bought before maturity. T-Bills trading could be done for T-Bills with 1 days before maturity. The interest earned could be withdrawn every time, beginning from the investment date till maturity date. The trading can be done with all those licensed subjects by the Albanian Supervisory Authority, where commercial banks are part of. Fibank sells Treasury Bills with a minimal value of LEK 300,000/2,000 EUR which is incremented by LEK 10,000.00/EUR 500 Fibank trades Treasury Bills from several auctions with different maturities. - For Treasury Bills investments from Fibank’s trading portfolio, no commission is charged. In this case the customer will pay the amount based on the price quoted for the remaining days till maturity. - For Treasury Bills sold before their maturity, in the counter offices of Fibank, no commission is charged. In this case the price is calculated based on the offered yield of the bank and to the remaining days to maturity. You may contact the Treasury Department for all quotations for retail market quotations. The transaction date is T+1. See quotations: (table) Common Documents: - General Conditions, applicable to contracts for investment services and activities in financial instruments with First Investment Bank customers; - Other documents (available at the Bank offices). These General Conditions applicable to customers of FIBank for the delivery of services in investment and securities activities, governing the rights and obligations of FIBank as intermediary of investments of its customers regarding entering in the transactions with securities in primary and secondary market. First Investment Bank, in compliance with regulations in force of Bank of Albania and Financial Supervision Authority in order to exercise to the Activities of Investment Intermediaries and in order to allow its present clients, as well as its potential clients, to make an informed investment decision, provides a description of the types and characteristics of the financial instruments offered and traded by the Bank, in its capacity as an investment intermediary, as well as the associated risks. Charges and commissions are applied in accordance with the effective Terms and Conditions of the bank. Treasury Bonds are securities with mid and long term maturity starting from 2 to many years. Actually in Albania Bonds have a maturity issuance of 2, 3, 5, 7 and 10 years. Bonds offer a yearly interest called a coupon, which is defined on its issuance date. The coupon is paid every 6-month until the Bond maturity. The percentage of the coupon means the yearly percentage of applied interest above nominal value that the issuer agrees to pay the Bond keeper from the begining up until its maturity. On the date of coupon payment, the value of the coupon is payed. This is calculated applying the percentage of coupon on nominal value. The value of the coupon represents the earned interes from the Bonds. On the date of maturity, the nominal value plus the last coupon are due for payment. If the date of the maturity and the date of the payment regarding the coupon is not a working day, the maturity and the coupon payment are due on the following working day. Issue Treasury Bonds are issued in the form of register, over account, which means that Treasury Bonds do not have a physical form, but to the investor is given an ownership certificate, or another certificate to verify the transactions made with the Treasury Bonds. The Treasury Bonds register is held from the Bank of Albania, or from another bank which is licensed from the Albanian Supervisory Authority on this purpose. Trading Primary Market The issuance of T-Bonds is sold through auctions organized by the Central Bank of Albania on a regular time frame. Bonds are issued with "par value" which means that its price on the moment of its issuance is equal to 100% of the nominal value. Bond could come at a fixed or variable coupon. They are issued in domestic or foreign currency. The purchase price of Bonds is calculated for all the winning bids according to the accepted uniform yield value. Terms and conditions for participation on the primary market: Fibank offers an opportunity for individuals/non individuals to participate on these auctions of T-Bonds in primary markets (organized by the Central Bank of Albania) at its bank counters. You can participate on these auctions in two ways: - Authorizing Fibank to participate at the auction on your behalf. - Blocking the amount from your account in Fibank for participation in the Bank of Albania auction. Note: For further information, please contact our Treasury Department. Secondary Market The Secondary Market is the market where an investor buys a security from another investor different from the issuer. The securities Secondary Market is organized by phone, REUTERS and other communications forms through "dealers". You may contact the Treasury Department for all quotations for all secondary market quotations. The transaction date is T+2. Fibank sells Treasury Bonds from several auctions with different maturity dates. For this kind of service no commission is charged. Fibank buys Treasury Bonds before maturity dates, which have at least 1 days left to maturity. For this kind of service no commission is charged. Retail Market The Retail Market is the market where the bank sells directly to individuals. Treasury Bonds are easily traded; they could be bough/sold before its maturity date at any commercial bank counter. Treasury bond trade is conducted through the licensed and authorized institutions from the Financial Supervisory Authority (FSA). Fibank, as one of the licensed banks to practice in this activity, organizes Bond’s trade in all its branch networks. Fibank sells Treasury Bonds from some auctions with different maturity. For this kind of service we do not apply any commission fees. Fibank purchases Treasury Bonds sold at primary market auctions, sold from its own portfolio or from another bank licensed as a broker. In order to conduct this kind of transaction is at least needed that the Treasury Bond be 1 days left up until its maturity. Treasury Bonds are sold at discounted/premium from i 169f ts nominal value. On the day of the purchase the investor pays only the purchase price in accordance with nominal value and interest of Yield, which is defined by the bank. Prices/quotes of Treasury Bonds fluctuate based on the liquidity situation in the market. VAT The interest (coupon) from Bonds is subject to tax uppon profit. Taxes are kept at the date of the coupon payment. Where to find information regarding Treasury Bonds? You could receive a detailed information in all Fibank Branches as well as in our website: www.fibank.al Common Documents: - General Conditions, applicable to contracts for investment services and activities in financial instruments with First Investment Bank customers; - Other documents (available at the Bank offices These General Conditions applicable to customers of FIBank for the delivery of services in investment and securities activities, governing the rights and obligations of FIBank as intermediary of investments of its customers regarding entering in the transactions with securities in primary and secondary market. First Investment Bank, in compliance with regulations in force of Bank of Albania and Financial Supervision Authority in order to exercise to the Activities of Investment Intermediaries and in order to allow its present clients, as well as its potential clients, to make an informed investment decision, provides a description of the types and characteristics of the financial instruments offered and traded by the Bank, in its capacity as an investment intermediary, as well as the associated risks. Charges and commissions are applied in accordance with the effective Terms and Conditions of the Bank. E-Banking Contact Center Call Now … Latest News Klienti numer 100,000 Fibank November 15, 2016 FIBANK Albania nderohet me çmim për standart të lartë në shërbimin e klientëve January 8, 2016 Fibank Korca Beer Fest