Wertpapiere PDF

# Wertpapiere - Wertpapiere are documents that record legal or economic facts. - Functions of documents are classified as evidence, certifications and securities. ## Arten von Wertpapieren ### Unterscheidung nach Übertragbarkeit: * **Inhaberpapiere:** transfer by agreement and delivery. * **Orderpa...

# Wertpapiere - Wertpapiere are documents that record legal or economic facts. - Functions of documents are classified as evidence, certifications and securities. ## Arten von Wertpapieren ### Unterscheidung nach Übertragbarkeit: * **Inhaberpapiere:** transfer by agreement and delivery. * **Orderpapiere:** endorsement is additionally required for transfer. * **Rektapapiere:** assignment of claims is required. ### Unterscheidung nach Art des verbrieften Vermögenswerts: * **Geldwertpapiere:** short-term money claims, e.g. checks. * **Warenwertpapiere:** ownership of goods; important in international payment transactions. * **Kapitalwertpapiere:** long-term claims or ownership rights. ## Kapitalwertpapiere ### Unterscheidung in: * **Nicht vertretbare Wertpapiere:** unique documents such as savings certificates. * **Vertretbare Wertpapiere:** interchangeable securities such as shares and bonds. Focus on **vertretbare Kapitalwertpapiere**, also called securities. * **Gläubigerpapiere:** bonds and certificates, where the investor has claims. * **Teilhaberpapieren:** shares and investment certificates, where the investor becomes a shareholder. ## Wertpapierkennnummern * All securities have national security identification numbers (WK) and international security identification numbers (ISIN). * The ISIN consists of a country code and a checksum. ## Derivate * Derivatives are dependent on a reference value and are derived from it, often from securities. * The theoretical foundations are less relevant for exams, but the concepts are important for future learning units. # 1. Anleihen - Anleihen are bonds, creditor securities. - The investor gives the issuer (state, bank, company) a loan. - The investor receives: * Regular or final interest payments * Repayment of the loan at maturity. ## 2. Unterscheidung von Anleihen - Issuers: Public sector (e.g. federal securities), banks, companies. ### Verzinsungstypen: * **Zinscoupons:** regular interest payments. * **Nullkuponanleihen:** interest payable only at maturity. ### Rückzahlung: * **Planmäßig:** repayment at maturity. * **Außerplanmäßig:** redemption rights possible. ## 3. Verzinsung von Anleihen - **Nominalzins:** fixed interest rate on the nominal value of the bond. - **Laufende Verzinsung:** ratio of nominal interest rate to purchase price (acquisition price). Formula: $Laufende\ Verzinsung = (\frac{Nominalzins}{Erwerbskurs}) \times 100$ - **Rendite** (effective interest rate): Actual annual return including gains or losses. Formula: $Rendite = (\frac{Nominalzins + Rückzahlungskurs - Erwerbskurs}{Restlaufzeit \times Erwerbskurs}) \times 100$ ## 4. Risiken von Anleihen - **Bonitätsrisiko:** Risk that the issuer may become insolvent. * Poorer creditworthiness = higher interest rates. * Rating agencies (e.g. Standard & Poor's) assess creditworthiness; the highest rating is AAA. - **Marktzinsrisiko:** When interest rates rise, existing bond prices fall. ## 5. Sicherheitsmerkmale bei Geldanlagen * **Mündelsicherheit und Deckungsstockfähigkeit:** Bonds are considered safe investments for conservative investors. ## 6. Besonderheiten von Pfandbriefen - Pfandbriefe are secured bonds, particularly secure. * Issue proceeds may only be allocated against specific collateral. * Loans may not exceed 60% of the collateral value. * Due to high security: Lower return compared to ordinary bonds. ## Wichtige Hinweise - Price above 100% = loss on redemption. - Price below 100% = gain on redemption. - Compare bonds not only based on the nominal interest rate, but also on the actual returns. ## Abrechnung von Anleihen - Bonds are calculated based on the interest payments and the so-called accrued interest. - When buying a bond during a current interest period, the buyer must reimburse the seller for the accrued interest. ## Zinszahlungen und Zinslauf - **Zinszahlung**: On the interest date, the issuer pays the interest for the past interest period. * Example: On June 1, 2020, the interest for the period June 1, 2019 to May 31, 2020 is paid. - **Stückzinsen:** If you buy a bond during a current interest period, you must pay the seller the accrued interest from the last interest date to the purchase date. ## Berechnung der Stückzinsen - **Stückzinsen-Formel:** $Stückzinsen = \frac{Nennwert \times Zinssatz \times Tage}{365 \times 100}$ ## Example - Nominal value: 20,000 € - Interest rate: 5% - Days (from the last interest date to the day before purchase): 182 days $Stückzinsen = \frac{20,000 \times 5 \times 182}{365 \times 100} = 498.63€$ - You must pay the seller 498.63 € in accrued interest. ## Kosten für Käufer und Erlös für Verkäufer ### Kosten for the buyer: 1. Purchase price: (e.g. 20,400 €) 2. + Accrued interest: (e.g. 498.63 €) 3. + Commission: 0.5% of the purchase price (e.g. 0.5% of 20,400 € = 102 €) 4. + Brokerage fee: 0.75 per mille of the nominal value (e.g. 0.75 per mille of 20,000 € = 15 €) **Total cost for the buyer:** 20,400 €(purchase price) + 498.63 €(accrued interest) + 102 €(commission) + 15 €(brokerage fee) = 21,015.63 € ### Proceeds for the seller: 1. Purchase price: (e.g. 20,400 €) 2. + Accrued interest: (e.g. 498.63 €) 3. - Commission: (e.g. 102 €) 4. - Brokerage fee: (e.g. 15 €) **Total proceeds for the seller:** 20,898.63 € - 102 € - 15 € = 20,781.63 € ## Schaltjahre beachten - Leap year: If the period includes February 29th, use 366 days instead of 365 days for the calculation. ## Variabel verzinsliche Anleihen (Floaters) - Interest on floaters is calculated using the "actual/360" method, i.e. 360 days per year, regardless of whether it is a leap year. ## Kauf einer Anleihe vor Zinslaufbeginn - If you buy a bond before the start of the first interest period, you must receive the interest for the days until the first interest date instead of paying it. # Aktien ## Rechte der Aktionäre * **Stimmrecht:** Participate in the general meeting; vote on important decisions. * **Dividenden:** Share in company profits. * **Right to information:** Ask questions at the AGM (limited in the case of trade secrets). * **Pre-emptive rights:** Priority when buying new shares. * **Liquidation proceeds**: Share in the remaining assets in the event of dissolution. ## Arten von Aktien * **Par value shares:** Fixed par value. * **Shares:** Share in the capital. * **Common shares:** With voting rights. * **Preferred shares:** Higher dividends but no voting rights. ## Aktienanalyse - **Fundamental analysis:** Key figures such as P/E ratio and dividend yield. - **Technical analysis**: Observe price trends and movements. ## Motive für Aktienanlagen - **Return:** Dividends and capital gains. - **Speculation:** Hoping for price increases. - **Influence**: Voting rights for company decisions. ## Risiken - **Market risk:** Fluctuating share prices. - **Dividend risk:** Reduction or cancellation of dividends. - **Insolvency risk:** Loss of capital in the event of insolvency. # Arten der Kapitalerhöhung * **Ordentliche Kapitalerhöhung** = issuance of new shares against contributions. The board of directors may issue shares within a certain period. * **Authorized capital** = reserves are converted into paid-in capital. * **Conditional capital increase** = share issuance upon conversion of bonds or options. ## Auswirkungen auf die Bilanz (Tabelle) | Type of capital increase | Assets | Liabilities | |----------------------------|------------|----------------------------------------------| | Ordentliche Kapitalerhöhung | Bank balance increases | Paid-in capital increases + Capital reserve | | Kapitalerhöhung aus Gesellschaftsmitteln | No change | Transfer of reserves to paid-in capital | | Bedingte Kapitalerhöhung | No direct effect | Impact only when converted into shares | ## Berechnung des Bezugsverhältnisses $Bezugsverhältnis = \frac{Altes\ Grundkapital}{Grundkapitalerhöhung}$ - Old capital: 10,000,000 € - Capital increase: 2,000,000 € $Bezugsverhältnis = \frac{10.000.000 €}{2000.000 €} = 5$ - This means an old shareholder receives 1 new share for every 5 old shares. ## Wert des Bezugsrechts (Table) - Price of the old share: 120 € - Issue price of the new shares: 100 € - Subscription ratio: 50 € $Wert\ des\ Bezugsrechts = \frac{120 - 100 - 20}{5} = 3,33€$ ## Operation Blanche (Diagram) **Explanation:** 1. **Sale of subscription rights:** The old shareholder sells his subscription rights. 2. **Acquisition of new shares:** The proceeds from the sale cover the price of the new shares. 3. **Result:** The old shareholder increases his shareholding without investing any additional funds.