Likvidita obligácií a niektoré jej aspekty na slovenskom kapitálovom trhu
LIQUIDITY OF BONDS AND SOME OF ITS ASPECTS IN THE SLOVAK CAPITAL MARKET

Summary/Abstract: One of the basic functions in the financial market is the function of liquidity, through which the financial market provides for the investors the possibility to exchange their fortune preserved in the various financial tools into cash money. From the investor’s point of view the speed of this transaction is important too, provided no loss is linked to this exchange. The liquidity of the financial asset is thus always connected with the price stability, reversibility and negotiability. Bonds belong to the category of financial assets, where the financial theory particularly watches their liquidity problem. The more profound analysis of the market with bonds shows, that various kinds of bonds have also va-rious liquidity, and that even the bonds from the same issuer can have different liquidity. The basis for the whole analysis is the theory of liquidity preference; one of its main representatives is J.M. Keynes. According to this theory the demand for money influ-ences mainly the behaviour of an investor from the transaction, safety, and speculative points of view. From a short-term point of view it is obvious, that the demand for money, as well as the level of interest rates and after all also the liquidity of bonds are influenced by the speculative motive only. Logical conclusion of this theory is the fact that the investor has a tendency to purchase preferably the short-term bonds over long-term ones. This is related partly to the demand of cash in a short time by the investor, partly however to the lower price risk of the short-term bonds compared to the long term ones. The compensation for risk, the investor is willing to bear in case of long-term bonds is the so called liquid bonus. Its height is however also variable according to the maturity period, it grows mainly in the first years of this period, whereas along with the prolongation of this period the growth rate is lower. The risk of the considerable price movement at long-term bonds as well as their lower liquidity brings about in the world financial markets the shortening of the time horizon of the bond life. Two contradictory interests turned to be the paradox of every capital market. On the one side there are investors, who out of safety considerations prefer short-term invest-ments, and on the other side there are issuers, who are interested above all to get long-term resources for their purpose. The theory of finance and the economic practice try to harmonize these interests also by various innovations in the bonds market. In this sphere a roll-over effect is well known; here the investor is no longer limited by the maturity period and is able to en-sure his liquidity each time at the end of a certain period. Roll-over effect thus enables the issuer to avoid higher liquid bonus, on the other hand it carries along for the issuer higher costs (refinancing, repeated registration of the emission, advertising etc.).

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