Importance My article considers the economic essence of sub-federal bonds issued to finance the budget expenditure commitments of the constituent entities of the Russian Federation, the placement attractiveness of which, in recent times, has increased dramatically in context of stagnating incomes and systematic growth of expenditures, as well as the classification of sub-federal bonds using the private attributes, that reflect the specifics of those financial instruments. Objectives In the paper, I undertake to identify the specific essential features of the sub-federal bonds as financial instruments, and the classification of some private features that enable to structure their issuance targets, and the possible sources of repayment. Methods A systematic approach to the study of the general theoretical issues related to the production and circulation of bonds emitted by the constituent entities of the Russian Federation based on the consideration of the specific features of the Russian bond market, allowed me to offer my interpretation of the term of sub-federal bonds. The method of comparative analysis of the existing scientific and practical approaches to grouping of bonds provided the basis of my approach to the allocation of sub-federal bonds as an independent group. It also allowed me to offer a number of private classification criteria of sub-federal bonds. Results In accordance with the existing levels of the budget system, I provide a distinct line of reasoning of allocation of the State, regional and municipal bonds. I substantiate my definition of sub-federal bonds and propose the signs (criteria) of groups and the types of sub-federal bonds allocated on this basis. Conclusions and Relevance I have reached a conclusion that in the contrast to the majority of the foreign bond markets, the Russian bond market, in general, and sub-federal bonds market, in particular, are basically stock exchange markets, which, in their turn, significantly influence the specific essential features of the subnational bonds and the criteria for their classification.
Keywords: bond market, issuer, budget, security, bonds grouping
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