Interest rate immunization for the government bonds of republic of Croatia

master's thesis

• Title: Kamatna imunizacija državnih obveznica Republike Hrvatske
• Author: Valentina Jaklenec
• Mentor: Davor Zoričić (mentor)
• Committee member: Denis Dolinar (predsjednik povjerenstva)
• Committee member: Andrija Sabol (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2015-09-30, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

Državne obveznice Republike Hrvatske emitirane su na domaćem i stranom tržištu. U radu su analizirane državne obveznice na domaćem tržištu kojima se trguje na Zagrebačkoj burzi. U te obveznice u najvećoj mjeri ulažu mirovinski fondovi zbog zakonske regulative koja polazi od toga da je riječ o domaćim vrijednosnim papirima najvišeg stupnja sigurnosti. Nakon njih slijede obveznički investicijski fondovi i banke. Cilj ovog rada je prikazati kako kako se kamatnom imunizacijom može se eliminirati kamatni rizik prilikom ulaganja u državne obveznice i kreirati kamatno imuniziran portfelj obveznica. Pritom će se koristiti koncept trajanja i kamatne imunizacije na primjerima državnih obveznica koje su predmet trgovanja na Zagrebačkoj burzi.

Abstract (english)

Governmetnt bonds of Republic of Croatia are issued at domestic and forgein markets. The paper analyzes government bonds at domestic market traded on the Zagreb Stock Exchange. The largest investors in this bonds are persion fonds becuase of law regulations which stems from the fact that government bonds are the safest securities. After pension fonds, in government bonds are investing bond mutual fonds and banks. The purpose of the paper is to show how interest rate immunization eliminates interest rate risk during investing in bonds and how to create protected portfolio. That will be achieved by using the concepts of duration and interest rate immunization at the example of government bonds traded on the Zagreb Stock Exchange.

• Keywords: državne obveznice; Zagrebačka burza; portfelj; ulaganje; kamatna imunizacija
• Keywords (english): government bonds; Zagreb Stock Exchange; portfolio; investment; interest rate immunization
• Language: croatian
• URN:NBN: urn:nbn:hr:148:573164
• Study programme: Title: Poslovna ekonomija; Study programme type: sveučilišni; Study level: diplomski; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: text
• File origin: Born digital
• Access conditions: Restricted access
• Created on: 2016-09-27 14:10:24