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ISSUER


The issuer, or debtor, can be either a company or a public body that seeks to finance itself by attracting lenders from among the public as opposed to borrowing from a bank.


SECTOR
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Issuers can be classified according to the following sectors :
  • Government
  • Sovereign
  • Agency
  • Supranational
  • Real-estate
  • Companies (auto, banking, finance, insurance, oil, industry, retail, chemical, telecommunications, tobacco, services, etc.)

GOVERNMENT
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The government category includes all bonds issued by a state in its own currency.

The government in question sets the income generated by this form of indebtedness.






SOVEREIGN
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This bond category includes three types of issuers :
  • States that issue bonds denominated in currencies other than their own.
  • Public institutions and agencies at the regional, provincial or municipal level.
  • State-run institutions, providing an explicit guarantee on the part of the State






SUPRANATIONAL
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A supranational issuer is an issuer that includes several countries.






AGENCIES
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Agencies are State-backed institutions. In general, the State holds a stake in the agency’s capital, but it does not provide an explicit guarantee regarding the debt.






PAYS
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The country where the debt is registered. This country can be different from the country where the issuing company’s headquarters is located.


W/TAX - WITHHOLDING TAX
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The abbreviation W/Tax indicates the presence of a withholding at the source on the payment of interest. For instance, it could be the American withholding tax, or the Swiss ‘impôt anticipé’ or advance tax. In general, investors residing outside the country are charged with the tax but reimbursed after declaring it in their income tax returns.


EU TAX
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EU Tax refers to the new EU tax which went into effect on the 1 July 2005 . According to European Directive 2003/48/CE, European residents’ interest income is taxed regardless of the currency of the issue. However, certain issues are exempt from this tax.

Issues issued prior to 1 March 2001 are not subject to the tax, benefiting from the so-called grandfather clause. But certain exceptions exist. It is necessary to check whether the debt was reopened after 1 March 2002 . If no reopening has taken place, the bond is not subject to the tax. If, however, the debt was reopened after 1 March 2002 and the issuer is a government, the entire issue will be subject to the tax, although only the reopened portion is subject to the tax if the issuer is a company.


ISIN (International Securities Identification Number.)
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A 12-character number serving as a reference to facilitate the delivery of the bond between the different clearing systems.


VALOREN
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Swiss identification number assigned by Telekurs. It has 9-digits.


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