Banking. Issuance strategy of issuers in modern conditions (the most important)

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Banking. Issuance strategy of issuers in modern conditions (the most important)

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Topic 60. Issuance strategy of issuers in modern conditions

In order to carry out the issue of securities, the issuer develops an issue strategy. Of course, it will be specific to each individual issuer, but at the same time, it is possible to establish mandatory issues that should be addressed in its development. These should include:

1) setting the purpose of the issue in accordance with the place that the issuer occupies in the industry and in the economy. Determining the purpose of the issue should follow from the development concept of the issuer and the place it occupies or plans to occupy in the industry (Finance and credit). This will allow the issuer to solve the problem of competitiveness, as well as to determine the amount of capital required and its structure.

General objectives of the issue for all types of issuers: - attraction of the necessary funds; - reconstruction of property; - debt securitization; - risk reduction; - improvement of financial planning.

2) Calculation of its volume. When setting emission volumes, the issuer must take into account objective restrictions. The par value of all ordinary shares must be the same (How to play on Russian exchanges). Preferred shares must be no more than 25%. The volume of the issue of bearer shares must correspond to the ratio established by the FCSM (FFMS) to the value of the paid-up AC.

3) Selection of the type and type of produced paper. based on comparative characteristics of their investment properties. Shares: ordinary, preferred. Bonds: classic (ordinary and unsecured), secured, callable, convertible. The choice of one or another central bank. for the issuer will mainly depend on the purpose of the issue. A joint stock company can issue different types of shares and bonds.

4) analysis of the state of the securities market. and possibilities for placement of produced securities.

5) choice of emission form. Primary, subsequent, open, closed, subscription, conversion, among the founders during the primary issue, among shareholders during subsequent issues.

6) substantiation of the method of emission 7) establishment of the form of existence and the nature of the disposal of property rights enshrined in the issued securities.

8) calculation of the issue price or the manner in which it is established. Nominal price - valuation of securities. during the period of its release, what is indicated on its front side. Issue price - the price of securities. by which it is acquired by its first holder.

9) choice of underwriter. The intermediary assumes obligations to the issuer for the issue and placement of securities. for reward.

10) definition of costsrelated to the emission.

11) emission efficiency analysis. Choosing certain securities. for emission, it should be borne in mind that this applies only to emission securities. According to the federal law "On the securities market" to emission c. b. include those that are placed in separate issues and have the same amount of rights, regardless of the period of their acquisition (for JSCs, these are shares and bonds).

Authors: Shevchuk D.A., Shevchuk V.A.

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