Analysis of investment attractiveness of subfederal bonds at formation of pension capital portfolio

With thedevelopment of global and domestic financial markets the investment portfolios selection problem is of particular interest. Modernscientists are actively engaged in solving this problem, considering its various aspects, such as estimation of risks, of effectiveprofitability of a portfolio, the account of costs (for example, commission of the broker, stock exchange commission), etc. Now there arevarious financial institutions (non-governmental pension funds and investment companies, mutual funds and others), which accumulatemoney resources for their further investment in various market instruments (for example, bonds, stocks, deposits in banks) forsubsequent income. Financial instruments are chosen according to the ultimate goal of investment and legislative restrictions, in case oftheir presence. Specifying, it is necessary to notice that in the research by financial institutions the author understands non-governmentalpension funds and management companies allowed to participate in obligatory pension insurance. At present the pension system ofRussia has some difficulties in rational pension capital investment. The main cause is the absence of investment instruments able tosatisfy legislative requirements concerning pension capital investment and, at the same time, to preserve the governmental pensioninsurance level. Thus, there is a need in investment of pension capital in most effective financial instruments. And the primary goal ofthe manager is selection of financial instruments that would provide the greatest possible profit at minimum risk. The list of objects forpension capital investment is determined by the laws of the Russian Federation. Choosing one or another set of securities, the managershould be guided by the principles of liquidity, profitability, diversification of investment portfolio. In the article the analysis ofinvestment attractiveness of subjects-emitters of bonds on the basis of indicators of reports on execution of budgets is carried out. Themain purpose of the analysis in this paper is to obtain the priority indicators that provide an objective assessment of the reliability of theconsidered bond. As a result of the work done by comparing the calculated parameters the most "attractive" securities for subsequentinclusion in the investment portfolio of pension capital were chosen.

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