Investing in bonds: how to choose and buy bonds. Bonds Bonds are the best in terms of yield

A bank deposit is the most understandable, accessible and reliable savings instrument. Banks promise to pay a fixed percentage, and the state guarantees the safety of funds (up to 1.4 million rubles). However now stock market allows you to get greater profitability with equally reliable guarantees.

According to the Bank of Russia, citizens keep deposits in Russian banks 17.3 trillion rubles in Russian currency, another 6.1 trillion rubles in foreign currency And precious metals(as of October 1, 2016). Moreover, more than 80% of all rubles and about 40% of dollars and euros are on deposits for up to 1 year. The volume of the corporate bond market, according to Cbonds, is equal to 8.7 trillion rubles, government bonds - 5.9 trillion rubles.

Over the past two years, deposit rates have been steadily declining, while bond yields have remained at high level. According to the Central Bank, the maximum interest rate on deposits in rubles of the ten largest banks is now 8.7%. Reliable securities suggested by experts can give yields of up to 12-13%.

At the request of Forbes, experts and managers proposed a list of bonds that can bring the investor safe income.

Bank bonds

“It’s not so often that there are times in the Russian market when the stock market’s profitability is ahead of deposits,” says Yaroslav Podsevatkin, head of trading at ATON. Now, according to him, the yield on bonds in rubles is 1-2.5 percentage points higher than on time deposits in banks. If we compare with deposits that can be replenished or, conversely, part of the funds can be withdrawn from them, the difference will be even greater - up to 4 percentage points, says Podsevatkin.

The disadvantage of corporate bonds compared to deposits is that the state taxes income on them. The investor will have to pay 13% on coupons, as well as on the difference between the purchase and sale prices. But even with this, the income is higher than on deposits, assures Podsevatkin.

For example, short-term bonds of B&N Bank will bring the investor a return after tax of 11.74%, he calculated. The yield on a deposit for a comparable period is 9.2% (see table).

It is more profitable to buy bonds with longer maturities, because rates are likely to decline in the future, says Podsevatkin. With this approach, a pleasant surprise could also be the abolition of the tax on coupon income. The Ministry of Finance has already submitted a corresponding bill to the government. “If it is approved, then the difference between the current deposit rates and bonds over the horizon of 1-3 years will reach 2-3.7 percentage points, that is, in fact, the yield on bonds will become one third more,” Podsevatkin sums up.

However, it is worth remembering that investments in corporate bonds are not protected by the state - unlike deposits. If the Central Bank revokes the bank’s license, the Deposit Insurance Agency will return deposits in the amount of up to 1.4 million rubles to depositors. And bondholders become third-priority creditors with a ghostly hope of returning the invested money, so you should choose the issuer carefully.

Government bonds

Bonds federal loan and securities of federal subjects are more reliable than securities of commercial banks or corporations. In effect, investors lend to the state. “OFZ is the safest instrument in the country at the moment,” says Podsevatkin. “And even the yield on it is higher than on deposits.” According to his calculations, the OFZ maturing in June 2017 will generate a net income of 8.89%.

Investors in OFZs and subfederal bonds will not have to pay personal income tax on coupon income, only on the difference between the purchase and sale prices.

Raiffeisen Capital Bond Portfolio Manager Konstantin Artemov advises investing in OFZs for 3-5 years. “Rates for these terms are higher than for bank deposits, even despite the risk of reinvestment of coupons (in conditions of falling rates, received coupons are re-allocated at increasingly higher low rates),” he says. Government bonds maturing in 2019-2021 will bring a yield of 8.8%.

“An investor can receive additional yield relative to OFZs if he considers subfederal securities, which at the same time carry more credit risks"- says Artemov. According to him, the risk of reinvestment in subfederal and municipal securities is higher, since “the securities mainly have an amortization structure (repayment of the face value in installments).” The investor will receive coupon payments quarterly. Artemov suggests considering for investment such securities as Yakutia-08 (maturity 05.18.2021) with a yield of 9.63%, Bashkortostan-8 (09.18.2020) - 9.56%, Krasnoyarsk Territory - 10 (09.10.2019) - 9, 78%.

Portfolio manager of Alfa Capital Management Company Evgeniy Zhornist recommends securities with a duration of about 4.5 years: Moscow region 35010 (10.0%), Krasnoyarsk region - 12 (9.9%), Sverdlovsk region - 3 (9.9% ). “All three issues were placed within the last month and are therefore quite liquid, which is quite rare for sub-federal borrowers,” adds Zhornist.

Reliable portfolio

The optimal balance of risk and return can be achieved by investing in several securities at the same time. Financial adviser to FG BCS Sergei Skorobogatov suggests combining three securities in the portfolio: OFZ, bonds of Vnesheconombank and the O’Key retail chain. From this combination you can get a fairly conservative instrument with a yield higher than a bank deposit, says Skorobogatov.

The average return on such a portfolio will be 9.6%. If you buy securities for three years through an individual investment account (see the chapter “How to buy bonds?”), you can get a tax deduction of 13%.

Below is a list of corporate bonds that experts from KIT Finance Broker (1-4 lines) and Sberbank Asset Management (5-7 lines) called suitable for investors.

For those who are going to invest large sums in dollars, Managing Director of Sberbank Asset Management Evgeny Korovin suggests considering, for example, VimpelCom bonds (yield 4.8%; coupon paid twice a year - 7.7%), bonds the Mexican state oil and gas company Petroleos Mexicanos (5%; 6.4%) or the Brazilian corporation Vale Overseas Ltd (4.6%; 5.9%). All listed securities mature in 2021. Any similar securities with similar parameters, according to Evgeny Korovin, may be interesting as an investment object.

How to buy bonds?

You can buy bonds yourself or with the help of professional managers. The first way is to open an individual investment account (IIA) or a regular brokerage account. The advantage of IIS is preferential taxation. “Your choice: either an annual tax deduction in the amount of 13% of the amount deposited into such an account for the year, or no tax of 13% on the total investment in the account after 3 years,” says a personal finance management specialist, the company’s CEO. "Personal Advisor" Natalya Smirnova. But there are also disadvantages: no more than 400,000 rubles can be transferred to such an account per year, you can buy securities traded on the Russian market, and you can withdraw funds from the account only after 3 years, otherwise you will lose tax preferences, adds Smirnova. A regular brokerage account doesn't have these restrictions, but there are no tax benefits either. As mentioned above, the investor will have to pay 13% of the difference between the purchase and sale prices, and if we're talking about on corporate bonds, then another 13% of the coupon income. However, there is a chance to avoid price gains tax - if you have owned securities for at least 3 years, you can get investment deduction according to Art. 219.1 NK, says Smirnova.

By the way, submit it yourself tax return you don’t have to: the broker will withhold the required amount and send it to the state budget. Tax agents are not only foreign companies, whose services can be used by investors who want to buy securities on foreign markets, says Smirnova.

If you have small savings, or if you do not want to choose bonds yourself, then you can invest in bonds through ready-made (or specially created for the client) investment products, says Smirnova. These can be investment funds (PIFs/mutual funds and bond ETFs (exchange-traded funds). “Here you become the owner of a fund unit, and its value changes depending on the dynamics of the value of the bond portfolio in which the fund invests. You can receive income in the form of share growth and dividend payments (this mainly applies to foreign funds),” says Natalya Smirnova. Funds, if we are talking about mutual funds and mutual funds abroad, can be purchased through a bank, management company or foreign insurance company(foreign unit-linked) if they are not traded on an exchange. You can also invest in funds managed by Russian companies and ETFs traded on the Russian market through IIS. If we are talking about mutual funds/mutual funds and ETFs traded on the exchange, then they can also be purchased through a regular brokerage account, adds Smirnova.

In addition, you can use the services of trust management of a bank, management company or foreign insurance company based on a bond strategy. “This can be a classic strategy or a coupon strategy, which implies the payment of a regular coupon, albeit not guaranteed,” says Smirnova. Trust management is also possible within the framework of an individual investment system.

Another option is to purchase structured products. Structured products are investment strategies based on various trading ideas, says leading analyst at KIT Finance Broker Anna Ustinova. “By investing in a structured product, the client receives protection of the invested funds and a guarantee of their full return when the product is closed, as well as the opportunity to receive income from the growth, fall, or even from movement in any direction of any underlying asset: currency, shares, index, gold, oil or even coffee, for example,” says Ustinova, adding that “this income is not limited in any way and is potentially higher than in a bank deposit.” The main risk is not getting additional income. The parameters of a structured product (term, profitability) are quite flexible and largely depend on the basic idea on the basis of which the structured product is created, as well as on the needs of the client, says Ustinova. The average lifespan of a structured product ranges from six months to a year, the yield in rubles is 18-22%, in dollars – 8-9%.

You can buy structured products, if they are traded on the stock exchange, through a brokerage account, bank, foreign insurance company, IIS, Smirnova lists. If they are not traded on an exchange, then any purchase method other than a brokerage account will do.

Investors received a pleasant gift from the state - taxation of ruble bonds equalized with bank deposits. From January 1, 2018, pay coupon tax (interest) on new issues corporate bonds no longer necessary, as with interest on deposit. The benefit is valid provided that the bonds were issued from January 1, 2017, and the interest amount does not exceed key rate Bank of Russia, increased by five percentage points.

Let's figure out what this means for investors, what benefits they receive, and which securities are better to invest in.

How to legally avoid paying taxes on bonds

President Vladimir Putin gave instructions to attract citizens to the bond market in December 2015. In his message to the Federal Assembly, he proposed exempting tax coupon income of bonds so that it is profitable for citizens to invest in the development of the domestic real sector.

In 2017, the long-awaited law was finally adopted. He installed preferential taxation For ruble corporate bonds, which are circulated and issued since January 1, 2017. Now the tax authorities don’t care whether a citizen places money in a deposit account or invests in preferential bonds; their taxation is the same.

If you keep your money in preferential bonds until maturity, as in a deposit, you don’t need to pay any taxes at all. New law abolished the 13% income tax from discount to par upon repayment.

Before the law was adopted, private investors received tax benefits only when investing in state, subfederal and municipal bonds. You also do not need to pay coupon tax on them, but you will still have to pay tax on the income received when purchasing such bonds at a discount when they are redeemed.

Personal income tax rate

Comparison of the yields of ordinary and preferential bonds

The abolition of the coupon tax increased attractiveness of investing in bonds compared with deposits. The difference in effective interest rates between a three-year deposit in Sberbank (5.36% per year) and Sberbank bonds due December 2020 (7.35%) is now 2 percentage points.

WITH tax deduction for IIS in the amount of 52,000 rubles in the amount of 400,000 rubles, investments in state bank bonds are twice as profitable as its deposit. By three-year Sberbank bonds 001-03R you can get 11.7% per annum.

Administration costs individual investment account in the amount of 49.9 ₽ per month reduce the profitability of these investments slightly. According to the Home Credit Bank calculator, including commission Yango service, the investor's return will decrease by only 0.14% percentage points.

It's interesting to see how preferential bonds more profitable than ordinary ones issued before January 1, 2017. The infographic below shows a preferential purchase on IIS three-year Sberbank bond 001-03R in the amount of 400,000 rubles in January 2018.

According to estimates website, three year olds Sberbank bonds after eliminating the coupon tax, they actually give the investor a yield of about 1 percentage point more. If you hold the bonds until maturity and reinvest the coupons at the same rate, the investor's income will be 46,120 rubles per year. With the coupon tax, this income would be 4,120 rubles less.

In theory, market participants can include this benefit in the current yield on preferential bonds, which will decrease. However, the share of individuals bond market is small, so nothing like that happens.

According to Moscow Exchange, in December 2017, the share of individuals in secondary trading corporate bonds amounted to 4.4%. Over the year, this figure has quadrupled, thanks in part to cancellation income tax for a coupon.

Sberbank 001-03R in the amount of 400,000 ₽ with IIS

Which tax-free bonds are best to choose?

To independently choose profitable bonds without tax, you need to take into account several nuances:

Tax benefits apply only to ruble bonds of Russian organizations. Foreign currency bonds and bonds of companies registered abroad, as well as bond mutual funds And structural receipts are not covered by the law.

Preferential bonds should apply to the stock exchange. There are no tax benefits over-the-counter bonds, which are not included in the list of those admitted to exchange trading, that is, do not have listing. For example, from income from investments in commercial bonds you will have to pay all taxes.

Preferential bonds must be issued from January 1, 2017. To calculate taxes for individuals, the Ministry of Finance of Russia considers the issue date to be the day when it began placement of bonds.

The benefit is valid only if the coupon size (percentage) does not exceed the value Bank of Russia key rate, increased by five percentage points. If it is more, then you will have to pay a tax of 35% on the difference between the interest and the maximum level.

Maximum level tax-free interest calculated at the Bank of Russia key rate valid at the time of coupon payment. In January 2018 key rate- 7.75% per annum, maximum coupon size without tax - 12.75% per annum.

More than half of the bonds in the application have a tax-free coupon

What to do with investments in bonds without tax benefits?

IN Yango app users have access to bonds with tax free coupon reliable issuers from different sectors of the economy with different maturity. If we focus on investing in such corporate papers, you can increase the yield of your bond portfolio as a whole. However, there are several situations when you can take your time to shake things up investment portfolio.

Hello! We are always looking for a way to get the greatest profit by investing least amount of effort. Financial independence means great passive income And a large number of free time for family, hobbies and travel. You won’t work forever - your health won’t allow it. You can earn a good amount of money before age 40, but 9 out of 10 readers probably keep their savings in a sock under the mattress or other safe place. Capital collects dust instead of bringing profit. I'll tell you how make money work for you and your well-being. Get ready as we continue to explore securities and bond investing.

What are bonds

Word " bond"came to us from the Latin language. Obligatio translated as “obligation”, in financial world- an obligation to buy back this security after a certain period of time. The first bonds appeared during the Great Geographical Discoveries. The adventurers were looking for investors, to equip a ship and sail away in search of gold, colonization of new lands or trade. The aristocracy built palaces and sewed dresses, so Free money were found only among bankers, merchants and artisans. They rarely took the word of the sailors and demanded special receipt- they say, in two years you will return and pay it back with interest.

During the colonization of the New World, the development of technology and scientific discoveries, many capable businessmen faced financial obstacles to develop your business. Let's say an inventor comes up with a new engine, but there is no money for production. Bankers- not engineers, they don't believe to the commercial success of the engine. Other manufacturers want to support the inventor, but their finances limited. The inventor releases securities, anyone with enough money can buy them. Issuer received the money, launched production and made a profit. Later established time the holder can demand it repayment, and the issuer (who issued debentures) buys the bond and rewards the holder with interest. How do they work? Like a bank loan, only creditor - you.

Issuer expects to receive cash, put them to work and make a profit. Part this arrived will definitely go to repayment bonds and other debt obligations. Wherein percent profits most often fixed- regardless of the company’s profit, the bondholder will receive only the amount that indicated in bond. Securities are often issued to finance individual projects, programs and facilities in order to establish precise levels of income and costs. At the same time, the sale of bonds does not require so papery red tape, like full-fledged lending from a bank or investment fund. Additionally, you can ask.

Where to choose

Also, a list of bonds is available from any broker or bank. Bond characteristics may not correspond to reality or may be incomplete - check information according to several sources.

OFZ and corporate bonds

Any broker or information site will share state And corporate paper. State ones are considered to be ultra-reliable- The state is obliged to pay the bills. Typically, government securities (OFZ) have a maturity of 1-10 years with regular coupon payments. On average it turns out a little less than 8% per annum. It’s quite good if you take advantage of the tax deduction for IIS what will give additional 13% per annum.

Private companies try to obtain financing by offering the most profitable terms for investors. For urgent launching some promising projects reliable companies can offer 12-20% per annum, and their securities will be immediately taken apart by smart investors. If the company has met its obligations before, why not make money from it? It’s another matter if such percentages are offered dark horse, a company on the verge of collapse or an overly secretive legal entity. You are ready take a chance with your own money to earn an additional 10% per annum? Personally, I am always suspicious of such proposals.

What bonds can you buy in the Russian Federation?

First bonds in Russian history was released after the Crimean War. Military operations were carried out with the money of creditors; loans were going to be repaid with indemnity. After the peace treaty, it was necessary to give more financial freedom to entrepreneurs and allow the construction of private railways. Government printed state Central Bank(hereinafter - Securities) for British banks, railway magnates issued corporate bonds. A few years later, the city authorities also began to sell their own bonds - municipal, the proceeds went to the improvement of cities and infrastructure development. The following types are currently in use:

• State- issued by the state to cover the budget deficit. The redemption of bonds is guaranteed by the state. The most reliable type of securities, and therefore the least profitable.
• Municipal- are issued by local authorities, income from them is not taxed.
• Corporate- issued by banks such as Sberbank, VTB or commercial companies to finance projects. High risk, high reward if successful.

Here is a good video about Russian government bonds.

Differences between bonds by yield

• Discount(Zero Coupon) – fully repaid by the issuer on time. Sold at a price below par, redeemed at par. Due to the difference, the holder makes a profit.
• Fixed rate, coupon- profit is paid regularly as a percentage of the nominal value. The Central Bank does not lose its nominal value.
• Floating rate- profit is paid regularly, but the percentage is tied to the agreed upon economic indicators. Most often - to loan rates.

Specific profit depends only depending on conditions on which the security was issued. For example, state term for one year can bring 7% profit. And some UTair will offer 968% per annum. The chance of getting money from government bonds is 99.9% versus 1% for UTair. The choice of bonds is searching for the golden mean with good reliability and best profitability.

Examples of bonds

1. State - OFZ-53002-N. Bonds for individuals with a face value of 1,000 rubles in the amount of 15 billion rubles, maturity - three years, long-term. Repayment method - coupon, every six months the holder is paid a certain percentage of the face value, profit - 25.125% for the period or 8.375% per annum.
2. Corporate - VTB-KS-2-242-bob. For individuals, nominal value - 1,000 rubles, total amount - 75 billion rubles, repayment period - one day, short-term. The redemption method is discount, the holder is paid the nominal value. Profit - 0.0195% for the period or 7.12% per annum.

Price bonds is being formed depending on the way accruals arrived. Government bonds are sold at par value, and the holder receives interest. VTB securities are sold below par value (for 99.9805% of par) and are redeemed at par. Difference only V convenience counting. In the first case, it is easier for the state to calculate the profit from the sale, and for us - the invested amount; in the second case, it is easier for the corporation to calculate its debt, and for us - the profit.

The method of selling bonds “at 90 cents on the dollar” originated in the United States and is mainly used for the sale of corporate securities. Calculating taxes is inconvenient in both systems. By the way, it is quite possible legally you don't have to pay them if you register Individual Investment Account, I’ll tell you more about this later.

Bond yield

Profitability Russian government bonds does not exceed 8%. For good corporate bonds you can get a yield of 10-14% . By collecting a briefcase, you can get average profitability 10% per annum. If we take advantage of the tax deduction and purchase securities for the entire 400,000, we get 10 + 13 = 23% per annum or 92 thousand rubles plus. By choosing profitable bonds, you can get more than 100,000 per year.

Where to open an account?

I wrote a separate article about. In short - or in bank, or at broker. It is better to start working with bonds in large a bank like VTB or Sberbank - they charge a commission for every sneeze, but they have a minimal risk of default and long-term litigation in an attempt to return the deposit. Personally, I worked through Promsvyazbank, which still offers low commissions And comfortable conditions.

Working through brokers involves small risk scammer, so you need to use the services verified companies like or . A little more commission, a little more ways to extract money from the client - in exchange they offer us more ways to earn money. For example, PSB’s IIS does not have access to the currency section. Also you can't go to derivatives market securities - experienced traders will say that without these high-risk instruments you cannot make money. But we are still learning, so even absence credit shoulder will suit us for good.

How to choose a briefcase

Everything will be here briefly, since I have a separate article about . 60-70% portfolio must consist of guaranteed state bonds. It is difficult to find government securities with a yield above 10%, so we take “people’s” OFZs with different maturities. 35% capital (140,000) we give for OFZ-53002-n for a period of 3 years (repayable in 2020, coupon payments twice a year, total yield - 7.67% per annum). More 30-35% we give for OFZ-25083-PD with an average yield of 6.78% per annum, maturity in 2021. We have 120,000 remains, which should be divided into two parts and invest in more profitable corporate bonds. For example, Leventuk-1-bean with profitability 18% per annum and payment of coupons once a quarter. Minus bonds - full repayment will be in 2027 year, but I can always sell them with preservation NKD on bonds. Rest 60 000 - purchase GTLK-001R-08-bob(8.8% per annum, coupon payments 4 times a year, duration 10 years). Like the previous ones, their can be sold.

Let's do the math income for one year from the date of purchase of bonds. With OFZ-53002-we will receive 11 thousand, with OFZ-25083-PD we will receive 9,500, with Leventuk - 10,800, with GTLK - 5,280. Together we get 36,580 for the first year, average income - 9%. If you add a tax deduction in the form of a refund, you get 22% or 88 thousand arrived in a year ownership of bonds. How to calculate profitability? Use a calculator, for example: this .

Where to buy bonds?

Taxes on profits from bonds

if you have IIS, and the deposit made Not exceeds 400,000 per year, taxes may not be paid on profits of any size. You can open an IIS from any broker with a license to trade securities. We select a broker we like, read the account servicing agreement, look for any problem areas (like a commission of 100 rubles for each transaction). We agree if the conditions suit you. We read the instructions for opening an account in a specific company, follow all the steps, wait several days for the application to be processed and the account to be opened. Have you opened it? Then read on.

How to get a 13% tax deduction

Did you buy bonds for 399,999 and make a profit in a year? We fill out 3-NDFL, receive 2-NDFL from the employer, take a statement confirming the transfer of funds to the IIS account, and a copy of the agreement on opening an IIS. We draw up an application for a 13% tax refund indicating bank details, send all this in tax. We wait crediting funds.

Investment risks

There is always a risk. Even the state, under certain conditions, will not be able to pay off its obligations - the USSR is an example of this. Corporations and banks offer profits from 7% per annum, there are options with 100% and higher. Everyone understands that such proposals signal that “a young dynamic company is on its last legs and desperately looking for money.” But some investors can take a risk and invest in such a company in order to receive their profit in case of success, and in case of bankruptcy - to sue. But better Not touch risky options until you have experience in investing.
In any bonds one can distinguish the following: risks:

• Interest rate risk. The price of bonds in the market is inversely proportional to the average interest rate. If I bought bonds at 8% per annum, but securities at 10% suddenly appeared on the market, I will try to sell the portfolio in order to get money to buy more profitable bonds. And I will sell below par if the loss on the sale covers the profit on more annual interest. Where is the risk here? Bonds may lose value due to the release of more profitable securities.
• Reinvestment risk. I bought a Central Bank at 15% per annum for a period of 3 years. Two months passed, the valuation of the bonds changed, the issuer decided to call them back! Yes, he has such a right if this is agreed upon when issuing securities. The issuer gives me my money, interest for two months and a small compensation. But instead of 45% of the profit over three years, I only have money in my hands, which again needs to be invested somewhere. The same issuer again offers me to buy its debt obligations, but at 10% per annum. You will have to be content with less profit.
• Inflation risk. Everything is simple here - in 2013 the dollar was at 30, I bought people's bonds at 30% per annum (dreams, dreams) for 3 years. In 2016, I received 90% of the profit, the ruble depreciated by half. Total - I lost 10% in value. I regret not buying dollars.
• Default risk. We buy some “Horns and Hooves” securities at 100% per annum and pray. Three days before repayment, the company defaults and disappears into thin air along with its money, property and personnel. It sounds exaggerated, but even the largest banks and giant corporations could declare bankruptcy tomorrow. To assess the risk, you need to look at the statements and compare the company's profits with the amounts that it must repay for its debts. The lower the debt relative to projected earnings, the lower the chance of bankruptcy and default.
• Credit rating risk. I woke up, saw bonds at 15% per annum from a small and fairly reliable company, and bought myself several bonds. The Standard & Poor’s analyst woke up and looked at the company’s reporting. I decided that they would not be able to repay their obligations, and gave them a credit rating of D (nowhere lower). The bank director woke up, saw D, sweated with excitement and raised the company's loan rate. The head of the company is terrified, but there is nowhere to go - we need to attract investment by offering more favorable interest rates. Investors woke up and saw new Central Banks at 20% per annum. “Something is unclean here...” - they thought and went to look at other papers. The company was unable to attract investment and closed, and I lost money.
• Liquidity risk. I bought bonds for a period of 5 years, but I suddenly and urgently needed money. It turned out that no one needed the obligations of the local candle factory on the stock exchange, and I had to sell the securities for 50% of the face value. Some bonds are simply illiquid and, if necessary, difficult to sell to other investors.

Risks can be eliminated if study market, situation in the country, general situation on the market, interest, credit ratings, reports of the selected company and more ten important of things. And still risk Not to avoid- the most reliable issuer will face force majeure in the form of a meteorite falling on the main office and will not be able to repay debts. In simple words: limit risks, distributing capital between 5-10 types valuable papers.

Let's sum it up

Bonds- profitable and reliable alternative bank deposits. Bond interest varies from 7% to 20% per annum, term - from one day up to 15 years. Payments on bonds you can get one once at the end of the term or regularly throughout the term. Payments are accrued as a percentage from the face value of the bond. Bonds Can sell on the market at any time. The most reliable investment option is to buy people's federal loan bonds.

Securities are issued by the state, local authorities and legal entities. State and municipal securities are the most reliable, corporate securities are the most profitable. Important Right estimate risks bonds so as not to lose your deposit and not sue for compensation. For each type of bond there is minimum And maximum quantity for purchase- read the conditions. For transactions amounting to less than 400 000 can be done tax deduction on 13% (52,000 for 400,000).

Information can be found on special websites, on the Ministry of Finance website and from brokers. You can buy bonds at a bank or from a broker; to do this, you need to open an investment account and sign a contract. Read the contract slowly And thoughtfully- brokers make money on inattention clients and commissions. The life credo of an investor is don't put all your eggs in one basket.

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Risks and taxation

How to start?

A bond is a debt security under which the issuer undertakes to repay the investor the amount borrowed from him, as well as pay interest over a certain period of time. Buying a bond means you are lending money to the issuer. A bond is issued for a limited period during which the issuer pays the bondholder a percentage of the face value.

Types of bonds

Bonds there are interest And discount.

By interest bearing bonds During the bond's life, the issuer pays periodic interest called a coupon. The vast majority of bonds traded on Russian stock exchanges are interest-bearing.

By discount bonds no coupons are paid. These bonds are issued at a discount, i.e. below the par value of the bond, and they are repaid at par value. Thus, the bondholder's income is a discount - the difference between the issue price and the face value.

By issuer type there are bonds state, municipal, corporate.

Corporate bonds are issued by corporations (industrial groups and institutions).

Government bonds are issued by the Ministry of Finance of the Russian Federation (OFZ) and the ministries of finance of the constituent entities of the Russian Federation (subfederal bonds).

Characteristics of bonds

• nominal cost bonds (nominal value). Each bond has a par value. The coupon size is determined as a percentage of the face value. Most bonds traded on Russian stock exchanges have a par value of 1,000 rubles.
• Market price. In addition to the face value, each bond has its market price. Unlike the face value, the market price is constantly changing depending on the current situation in the interest rate market, supply and demand for bonds on the stock exchange. The market price is determined on the exchange during the trading process. The market price is quoted not in rubles, but as a percentage of the bond's face value. And it can be both higher (for example, 101.2%) and below par (98.7%). This price is also called the net price of the bond.
• Bond coupon- This interest payment on a bond. The size and payment dates of coupons are usually known to the investor in advance. The coupon size is determined as a percentage of the face value.
• Depreciation is the payment of bond debt through regular payments.
  The borrower resorts to depreciation in order not to raise a significant amount on the repayment day Money, for example, the par value of bonds.

Bonds are considered a less risky instrument than shares, but at the same time, there are both external risks that affect the activities of the issuing company, and internal events that affect the price, and therefore the yield of bonds. Bond prices may change depending on macroeconomic events and events affecting the activities of the issuing company.

Credit risk of bonds- is the risk of non-payment or delay in payment of coupons and/or principal amount of the bond. Depending on the risk level of a particular issuer rating agencies assign certain reliability ratings to issuers.

Bond market risk is the risk of changes in the value of a bond as a result of changes in the level of value or volatility of current market returns.

Taxation- the tax rate on personal income of residents of the Russian Federation is 13%. Taxation of transactions with securities is regulated by Article 214.1, Part 2 Tax Code RF.

Hello! We have already looked at the benefits of investing in bonds. While banks offer a maximum of 10% per annum and are not very willing to return deposits, you can earn 20% per annum with almost no effort. Purchase of government bonds and use tax deduction for IIS they practically guarantee this profit. If you invest in corporate bonds, you can earn even more. Today I'll tell you about the technical side- where to register, what to download, how to buy bonds for an individual.

Where to buy bonds

By law, bonds and other types of securities are traded by banks and brokers with the appropriate license. Conditions shopping everywhere are the same, differences- in convenience interface, list securities and availability of current information. For example, some small brokers do not consider it necessary to collect full information on securities. The number of bonds issued, the current value of the bond, the method of their redemption, the total yield on coupons - all this have to search on third party sites.

Here I briefly described the 5 most popular brokers on the Russian market. Details You can read about each of them.

Banks

Sberbank

Bank website .

Largest bank Russia sells government and corporate bonds. On the site there are detailed ones instructions on all points of investment: opening an account, setting up a trading client, purchasing and repaying bonds. When registering an account, the investor is given a login and password for trading terminal QUIK.

VTB 24

Website .

Popular bank, trades all types of bonds. Valuable papers dedicated separate chapter a site where you can find information about issued bonds, read reviews and comments from analysts, register an account and start investing. VTB also offers to register demo account and try your hand at investing virtual money. I advise you to try it to get used to working through the QUIK platform. Still, a demo account on QUIK is not as useful as a demo on Forex - there is no volatility, profits are guaranteed in 90% of cases, there is no need to predict market movements.

Brokers

Finam

Go to broker page .

Most popular broker in Russia, allows in a few clicks open IIS and get busy investments. When working with Finam you can get analyst advice, invest By profitable trading strategies or instruct account management for experienced financier. There is also a small calculator on the Finam website where you can calculate the approximate income from investment and tax deductions.

Opening

The site of the company .

Reliable and popular broker which attracts newcomers low threshold (minimum investment - 5000 rubles), availability ready-made strategies and the promise of huge interest. When opening an account you can order consultations investors and automatic modeling portfolio with given profitability and risk.

BCS Broker

BCS website .

Broker offers invest into giants with a worldwide reputation and in the largest Russian companies. It is clear that BKS Broker is betting on young people - minimalistic design, “average” income percentages. When opening an IIS you can get bonuses: help and consultations on formation relevant portfolio, Access to ready strategies. If, after registering an IIS, you deposit 300,000 rubles into the account, you can 2 months use services personal broker.

Zerich

Zerich website .

Broker Zerich offers to invest in valuable paper states and largest enterprises. Company doesn't promise excess profits, promotes safe investment and gradual accumulation of funds. Directly Online can be filled in application for the opening IIS And join V stock exchange bargaining bonds. Luckily the broker doesn't impose consultant services and even provides full information on commissions before opening an account.

Where is it profitable to buy bonds?

The bulk of banks' profits is provided by huge interest rates on loans that banks regularly issue. Brokers' profits depend only on how often clients will use their services. That's why brokers more care O quality work, availability of tariffs and customer awareness than banks. Most brokers keep transaction fees at 0.05% of the transaction amount, while banks require from 0.5% - ten times more.

Also brokers Fine earn on additional services - newsletters, personal assistants, professional analytics, advice on which bonds are currently the most profitable on the Russian market, and so on. Often these services are available free of charge for some time or are automatically activated when a certain turnover or amount in the account is reached. Really useful addition- This ready strategies investing. If an investor has doubts about whether he has chosen the right securities, always Can look on major financiers and copy their portfolio is on a smaller scale.

So I I advise open check at the broker. You'll get less commission to commit financial transactions, the best quality services, news And access To interesting articles and seminars. And if you have to go to the broker’s branch in person, you won’t waste time waiting in line.

How to choose a broker?

Reliability

Bankruptcy is a sudden thing. Often the management of a bank or other organization associated with money hides losses, the withdrawal of money from the budget and the impending collapse. Even more often, such banks give final chord in the form of deposits and bonds with huge profitability. Management is trying to collect more money and disappear, and investors will then have to communicate with the insurance company. IN 2016 In a similar way went broke 109 banks, in 2015 - 106 , A since 2000 years ceased to exist more than 1000 banks. For the last 20 years went broke total 6 brokers. The probability of liquidation of a “pure” broker is very low.

Why are brokers more resilient? Because they income built on commission from client trade and provision of additional services. Bye have clients - the broker is working. And the main source income in banks- This loans. According to Fitch statistics for 2016, everyone third a citizen has a loan or other type of loan from a bank. General sum public debt - 11 trillion rubles. If every hundredth debtor cannot pay the loan, banks will lose 100 billion rubles, many of them will not survive the blow and will burst. Colossi like Sberbank, VTB Bank and Alfa Bank will survive due to reserves and government assistance, these banks are considered Too Big to Fall– too big to fall. If you want to buy bonds via bank - choose one of state.

Maintenance cost

Both the bank and the broker will charge commission for service bills and purchase valuable papers. It happens that commissions eat small income on OFZ type bonds. Commission for service depends from the sum on the account and the method of replenishment. One-time large payment will eat less commissions than regular replenishment small amounts. Commissions for replenishment and maintenance differ from broker to broker, since they all estimate the cost of transferring money and maintaining an account differently. Usually the commission for replenishment counts as fixed payment + percentage from the replenishment amount. Percent decreases at growth amount, but not so much that this benefit covers the loss from the fixed payment.

Another service point - depositories. The purchased bonds will be stored in special depositories, this service is paid for additionally. For example, can charge fee behind every month or day, in which transactions were made, percent from the transaction amount or calculate the depository commission using a different formula.

Commissions

Behind every paper (contract) will have to be paid separately, and if you buy OFZ worth 1000 rubles with your entire capital, you will have to pay 400 trades. Good brokers they immediately say that you will definitely have to pay 0,01% from the contract value as a commission to the exchange. Bad This hide. Good consider their own commission as a percentage from the contract value or called fixed amount. Bad They say “0.1% of the contract, but not less than 50 rubles”, which for OFZ will result in 5% commissions. Of course, if you buy bonds worth from 50,000 rubles, such a commission will seem profitable. But for the owners of a portfolio of government bonds, such a commission will eat up half arrived.

I cannot create a table with commissions for transactions, since the information is on brokers’ websites not always corresponds reality. Commission may vary depending from total amount transactions. For example, for a purchase bonds for 50,000 rubles Sberbank will take 1,5% , and for the purchase by 300,000 rubles - 0,5% . Conditions Finama - 0.035% (minimum 41.3 rub.) from daytime turnover, for operations of 120,000 per day the commission exceeds obligatory payment. Information about commissions is often hidden or made unclear, so before registering an IIS Necessarily call and ask specify!

Number of clients

The number of clients is an important indicator. How more active clients pays commissions, so less commission a broker can afford while maintaining income. Also a large number of clients means popularity broker among investors and that the working conditions are suitable for clients. According to statistics from the Moscow Exchange on January 2018 registered 106 000 active clients (made at least one transaction per month). Behind 2017 made at least one transaction a year 1.3 million. clients. The distribution is as follows:

As seen, majority clients prefer work With brokers. They're probably attracted the best commissions and working conditions, broker marketing campaigns and support services to increase income.

Convenience of the trading terminal

Sberbank, VTB, Otkritie and BCS use the terminal QUIK. Program interface looks complex and old-fashioned, but does not distract from the quotes and the movement of the chart. For greater convenience program Can clean and add important windows on one's own. For example, display on one screen a list of bonds available for purchase and information on them, information about your portfolio and open transactions. Terminal QUIK can be installed on mobile device or open in a browser.

Finam offers to trade through own terminal Finam-Trade. If you previously had questions like “How to buy bonds in QUIK,” then at Finam-Trade All will Just and understandable. The terminal has a built-in mode for copying the operations of successful traders. From useful - simple registration account, demo account on Android and iOS.

Technical support

U average investor registration IIS, studying, what are the best bonds you can buy, and their purchase occupy three weeks. During this time, questions and problems may arise that are not described in any article. Complex instructions and a confusing terminal interface, failures in the web protocol, conflicts between programs on a PC, the difference between the expected and actual commission - all this raises the natural question “What?!” For questions about the operation of the software and the services provided technical support should reply fast, decide real problems - lightning fast, otherwise the broker risks losing the client.

VTB solves problems through remote assistant. To do this you need to download Team Viewer, call technical support, describe the problem and give the login and password for remote control computer.

Sberbank offers to all clients call the call center or write to mail technical support. One of the disadvantages of Sberbank is that it is, first and foremost, a bank. 95% of reference materials relate specifically to banking services; work with IIS, bonds and terminals is written few instructions.

Finam Same uses the system remote access - first you need to call technical support, describe the problem, and, if necessary, provide a login and password to access Team Viewer.

Opening offers fill online application, call Skype or come in person to the office for a consultation. Before registering an individual investment account, you can get advice and learn more about purchasing bonds, working conditions, commissions and other nuances.

BKS-Broker offers order back call or send an application with a description of the problem. Solution will be served according to phone.

Additional services

Brokers love impose additional services: personal manager, voice control, assistance in drawing up a portfolio, trust management. Many services at first are coming for free under the guise of a registration bonus. The expectation is that the investor will get used to doing everything with hints and decide that easier pay than to independently analyze the market situation. Don't use ready-made solutions - study think yourself. Then you will receive dividends and remember this advice.

Marginal lending can also be classified as additional services. The broker is ready to lend you money to buy securities at 12-20% per annum. This analogue credit shoulder, which not worth it use for beginners. Firstly, better begin investments from reliable bonds with a yield of 7-15%. With such interest difficult make a profit at all if you do not invest in high-yield securities. Secondly, without several years of experience buy bonds for borrowed money not worth it at all.

Interest accrual on balance

If you haven't used the money in your account, some brokers will charge it interest as usual bank deposit. 3-4% per annum- lower than the interest on deposits in banks, but in IIS you can use tax benefits(deducting or not paying tax on profits received) and get profitability 8-17% per annum, which is already better than banking. This mode will help level out commissions and increase capital if you want to make regular contributions throughout the year.

How much can you earn?

Earnings depend on your capital. If you are ready to invest in bonds 400,000 rubles, then almost guaranteed get 52,000 rubles as a tax deduction 13% . First thing you need to buy guaranteed government bonds ( OFZ), average yield according to them will be 8,5% per annum (at the beginning of 2018). Next you can take a closer look at municipal bonds- they are more reliable than many corporate ones and give 9-10% per annum, but are not always available on the market. The icing on the portfolio cake can be considered corporate yield bonds 10-15% per annum.

Step by step from opening an individual investment account to purchasing bonds

Banks type VTB and Sberbank for opening an individual investment account often invite client visit department and fill out the contract. "Clean" brokers work With service Public services And register accounts through the Internet. If you have a confirmed account on the State Services portal, everything will be simple. If you are not yet on State Services - I advise you to create an account to simplify all future transactions where identity verification may be required. Before opening an IIS, make sure that your account has the status “ Confirmed».

Let's move on to the website necessary broker. I chose Finam because the registration process there is extremely simple and straightforward. Find the tab in the site header "Client's account", then select "Open a brokerage account". In the new window select “Log in using Gosuluga” and wait for registration to complete. If you haven't opened it yet account in “State Services”, you will have to fill form registration, receive a password via SMS and using it to come in to your personal account.

To buy bonds you need replenish check. To do this, select the tab "Information" and click on "Requisites". A page will open with options account replenishment: bank transfer, replenishment credit card , through payment terminal . We choose a convenient method, follow the instructions and wait for the funds to be credited. Enrollment speed depends from payment systems- translation may take a few days, payment by card - few hours.

Purchase And sale bonds are coming through terminal, so we download the QUIK or Finam-Trade terminal and create keys. Broker Finam created good instructions , so I don't see the point in telling the same thing.

Now you can create a portfolio and design order to purchase the necessary bonds. In the terminal first thing is necessary deal with quotes to weed out unnecessary and risky bonds. Go to the tab “System - Data ordering - Quote flow”, a table will open with a selection of quote classes.

I advise you to first press the button "Clear", and then check the boxes next to T+ETF, T+Promotions And T+Bonds(Calculated in USD). T+Bonds and T0 Bonds are displayed by default - these are government and municipal papers, reliable and profitable enough for investment. By checking the "Tool filter" and by clicking on the button opposite, you will open a filter for bonds of the current class. There you can choose, which bond program will display, A which - ignore.

Further we create new tables To display information, click on the tab “Create window - Current trading”. First we enter Name tables (I divided corporate and government), select Class(T0 - corporate, T+ - government), click « Add". Next, select the parameter "Paper", in the window opposite - NKD (automatically calculates the yield on coupons). Now all necessary information on the screen- you can learn how to trade bonds.

Choose the right paper, double click on it or click one once, then click F2. A purchase confirmation window will open - checking the specified bond, your account number, price, enter the number of lots and click “ Yes" Now all you have to do is wait - if there is the required number of bonds in the order book, the system will buy them in a few seconds. If there are no bonds at a suitable price, you will have to wait a little. Which bonds should I buy? Sort them by profitability and evaluate reliability.

Let's say the bonds have already been repaid. How to withdraw money? We go to the user account on the Finam website, click on the button "Recall of funds", which here replaces "Conclusion". We enter the withdrawal details, confirm the operation and wait for the funds to be debited. Finam does not charge a withdrawal fee, but personal income tax will have to be paid if you choose an IIS type "A" with tax deduction.

Unobvious things in working with brokers

Always remember that brokers' income is commissions, spread and additional services. It is advisable to choose a broker whose office is in your city - any issues are much easier to resolve with a live consultant than in correspondence with technical support. Do not be afraid ask questions, ask again for numbers, ask to calculate percentages and clarify information. It's yours right both the client and yours duty as an investor.

Summary

As you can see, registering an individual investment account and buying bonds is not so difficult. All top brokers provide the same services through one terminal, main criterion- payment for these services and their quality. To know how to make money by buying bonds, you need to study the offer on the market, evaluate reliability and simply buy bonds.

In previous articles, I discussed in detail the formation of a portfolio and the choice of bonds. We consider this cycle regarding bonds to be complete. Stay tuned for updates, and see you soon!

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