| Abstract [eng] |
Security market in economically strong countries has deep developing traditions and acts strong role in financial system. Debt securities market helps to allocate the financial recourses between separate institutions. Also the strong role in financial system plays debts securities market, especially government bonds that help to form the lending resources effectively. Interest rate of government bonds is the main point, which turns rates of lending and borrowing. The incomes, which are gained after issuing debt securities, can be used to increase working capital, or finance the current assets. This study is going to analyse debt securities issued by Lithuanian Government and companies, which are issued for domestic market. The debt securities that are issued for outside market can be the theme of the other study. The object of this study is Lithuania’s debt security market, their changes and tendencies since first emissions up to the year of 2006. The ambition of this study is to traverse debt securities market, securities circulating in it, analyse the market changes since 1994 to 2006 and make the main tendencies of debt securities market in Lithuania. To reach this ambition, these goals were set:  Traverse debt securities market, it functions and place in Lithuania’s financial system.  To mark the main types of bond, set the main methods of evaluating and determining the profitability of the bonds.  To set the main characteristics of treasury bills and saving sheets, find out the advantages and disadvantages of investing in them.  To dispute the types of risk that debt securities experience.  According the statistical information, traverse investors in debt securities market in Lithuania, set the main changes of them.  Traverse the main issues of bonds, treasury bills, saving sheets during the year 1994 – 2006.  According made analysis, make the main tendencies of Lithuania’s securities market. The study consists of three sections. The first section is about debt securities market, types of debt securities market, main characteristics of debt securities, the methods of evaluating and determining the profitability of debt securities. The statistical information is analysed in the second section. And the main tendencies are made in the third one. . The structure of investors has changed during the analysed period of 1994-2006. The issues of debt securities, the types of them and other characteristics also have changed. After the made analysis we can say that the part or foreign investors declined. During the year of 1994 – 2006 the commercial banks were the main part of investors, who invested in debt securities. The problem of small part of natural persons as investors occurred. Treasury bills were started to issue in 1994, the bond – 1996. Saving sheets were issued during the year of 1999-2003. Lithuania’s companies started to issue bonds on 1998. During the period of 1994 – 2006 the terms of debt securities has the tendency to become longer, thus the interest rate of debt securities declined together with the changes in the market. |
