Bonds - Insurance

Securities issued by the state, local governments, government-related agencies, companies, etc. when borrowing funds from an unspecified number of investors. Depending on the issuer, they are classified as government bonds, local government bonds, corporate bonds, etc. With the exception of Japanese government bonds for individuals, investors can resell them and convert them into cash.

The issuance of bonds is said to date back to Medieval Europe. The first bond issue by the Japanese government was a foreign currency-denominated public bond offered in London in 1870 (Meiji 3), with the first domestic issue occurring in 1872. The first corporate bond issued in Japan was by the Osaka Railway Company in 1890.

Bonds can be classified into coupon-bearing bonds and discount bonds according to their interest rate. Coupon-bearing bonds are bonds that accrue interest at regular intervals, while discount bonds are issued with the interest amount discounted from their face value, meaning that the interest amount is paid in advance. The distinction between newly issued and already issued bonds (or between newly issued and already issued bonds) is also important. Bonds that issuers issue to raise new funds are called newly issued bonds, and the market in which they are traded is called the issuance market. Meanwhile, bonds that have already been issued are called already issued bonds, and the market in which they are traded is called the secondary market. The buying and selling prices of bonds in the secondary market change depending on factors such as interest rates and the remaining time to maturity.

In the case of fixed-rate bonds, where the interest rate at the time of issue is fixed until maturity, the price of a bond is inversely proportional to the market interest rate, falling when market interest rates rise and rising when interest rates fall. If the interest rate of a newly issued bond in the primary market rises, the price of an already issued bond with the same conditions in the secondary market falls because it is relatively disadvantageous based on the interest rate promised at the time of issue.

[Takashi Asaba August 21, 2018]

"Bond Analysis: Theory and Practice" by Bruce Tuchman, translated by Toshiki Yotsuka and Hiroshi Morita, Revised Edition (2012, Toyo Keizai Inc.)

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

国、地方公共団体、政府関係機関、企業等が不特定多数の投資家から資金を借りる際に発行する有価証券のこと。発行体により、国債、地方債、社債などに分類される。日本の個人向け国債のような例外を除き、投資家は転売し換金することが可能である。

　債券の発行は、古くは中世のヨーロッパにさかのぼるといわれる。日本国政府による初の債券発行は、1870年（明治3）にロンドンで募集した外貨建公債で、国内での発行は1872年が最初である。国内初の社債は大阪鉄道会社によるもので、1890年であった。

　債券を金利との関係で分類すれば、利付債と割引債に区分できる。利付債は、一定期間ごとに金利が発生する債券で、割引債は金利分を額面価額から割り引いて発行、つまり金利分を先取りする形になっている。新発債と既発債（あるいは新発債券と既発債券）という区分も重要である。発行体が新たに資金調達するために発行する債券を新発債といい、それを取引する市場を発行市場とよぶ。一方、すでに発行されている債券を既発債とよび、取引する市場を流通市場とよぶ。流通市場における債券の売買価格は、金利や満期までの残存期間との関係などで変化する。

　債券の価格は、発行時の金利が償還まで固定される固定金利債の場合、市場の金利が上昇すれば低下し、金利が低下すれば上昇する反比例の関係にある。発行市場における新発債の金利が上昇した場合、流通市場における同一条件の既発債は発行時に約束された金利では相対的に不利になるため、価格が低下する。

［浅羽隆史　2018年8月21日］

『ブルース・タックマン著、四塚利樹・森田洋訳『債券分析の理論と実践』改訂版（2012・東洋経済新報社）』

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