채권, bond

채권은 중앙 정부, 지방 정부, 공기업, 금융 기관, 기타 법인 등이 정책 시행이나 사업 수행을 위해 자금을 조달하려고 돈을 빌렸으며, 정해진 기한 후에 투자자에게 원금과 함께 이자를 상환하는 채무증서로 증권화된 금융 상품이다.

쉽게 말해 사고 파는 빚 증명 문서. 일반적인 대출과 달리 자금을 공급받는 기관들이 기업이나 국가같이 일반적인 사람간 거래보다 신용도가 훨씬 크다는 것에 착안, 그 빚문서를 거래가능한 유가증권 형태로 만들어 불특정 다수로부터 돈을 빌릴 수 있게 하는 제도가 만들어졌다. 즉, 기관 입장에서 채권을 발급하면 불특정 다수에게 돈을 빌릴 수 있게 되는 것이고, 돈을 빌려준 사람 입장에선 빚문서를 사고팔 수 있게 되었다.

그러다보니 일단 빚 문서 거래시장이 존재하는 이상 수요와 공급의 원리가 빚문서라고 적용되지 않을 이유가 없다. 결국 채권의 신용도, 만기기한 등 여러 조건에 따라 나름의 방식에 따른 실물 경제가치를 지니게 되어 채권을 발행하는 1차시장에 더해 채권을 거래하고 유통하는 2차시장을 형성하게 되었다. 현대 와서는 가계나 기업, 정부 등의 각 경제적 주체가 자산관리를 위해 가능한 선택 중 하나가 된 상황이다.

최초의 채권은 기원전 2400년 수메르까지 거슬러 올라갈 수 있으나, 최초의 채권시장은 12세기의 베네치아에서 5% 이율의 전쟁 채권을 발행하면서부터 시작한 걸로 본다. 이때 발행된 채권은 판매와 구매가 가능했기 때문에 최초의 채권 시장이 형성될 수 있었고, 시장에선 현대와 비슷한 방식으로 채권가치를 산정해 매매결정을 내리기까지 했다고 한다.

 

 

 

 

 

Bonds are financial products securitized as debt certificates that the central government, local governments, public enterprises, financial institutions, and other corporations borrow money to raise funds for policy implementation or business execution and repay interest to investors after a set deadline.

In other words, a debt proof document that buys and sells. A system was created that allows the institutions receiving funds to borrow money from an unspecified number of people by making the debt document in the form of tradeable securities, based on the fact that the institutions receiving funds have a much higher credit rating than the general person-to-person transactions, such as companies and countries. In other words, if bonds are issued from the institution, it is possible to borrow money from an unspecified number of people, and from the perspective of the person who lent the money, it is possible to buy and sell debt documents.

Therefore, once there is a debt document trading market, there is no reason that the principles of supply and demand should not be applied as debt documents. Eventually, depending on various conditions, such as the creditworthiness and maturity date of the bond, it has real economic value according to its own method, forming a secondary market for trading and distributing bonds in addition to the primary market for issuing bonds. In modern times, each economic entity, such as households, companies, and the government, has become one of the choices available for asset management.

The first bonds can be traced back to Sumer in 2400 BC, but the first bond market is believed to have begun in Venice in the 12th century with the issuance of war bonds at a rate of 5%. It is said that the first bond market could be formed because bonds issued at this time could be sold and purchased, and the market even made a decision to buy and sell the bonds by calculating the value of the bonds in a similar way to modern times.