The study suggests formalized algorithm that allows to make an informed choice of instruments for financing M&A transactions. This algorithm includes following several stages: identification of the limiting factor; determination of the anticipated structure of settlements for the M&A transaction; formation of a financial instruments parameters set to use for the instruments' comparison; determination of specific weights of the selected parameters of the M&A financial instruments; identification of "preferable" values of financial instruments' parameters; comparison of the "preferred" financial instruments parameters with their actual or potentially possible parameters; making choice of the instruments for financing the M&A transaction. Approbation of the algorithm is done using the example of JSC "Agrofirma Volga", acting as a buyer company, and JSC "Zorinskoye", acting as a target company.

The article proposes a computational model with eightstep algorithm for usage bond issuance as a systematic instrument to finance corporate assets by optimal capital structure. The crucial model points are methodologically accurate calculation of the average credit spread accounting the difference in maturity of marketable and modeled issues and the consideration of market factors. The model allows using debt financing as a financial manager's tool for funding and lowering cost of capital.Index Terms-bond issue, computing debt instruments parameters, optimal capital structure, cost of capital, financial simulation model

Depreciable bonds issues can significantly expand the issuers' abilities to manage public debt. The purpose of the study is to suggest possible options for a model for fulfilling obligations by issuers of depreciable sub-federal bonds. The study was conducted using a discrete grouping constructed according to the criterion of the bonds face value repayment number. We propose a set of indicators to assess the issuers' possibilities to place depreciable sub-federal bonds in the Russian market. Our analyses showed that, during the period under review, the probability of successful depreciable bond issues placement in the sub-federal segment remained at a high level for bond issues with a nominal value of no more than 30.0 billion rubles and a maturity of no more than 3650 days. Deterioration of the bond market environment did not lead to significant changes in the structure of the bond issuers' obligations fulfillment. The most common was a model involving four repayments of the depreciable bonds nominal value.Index Terms-depreciable bonds, sub-federal bonds, simulation of bond issuance, structure of the bond issuers' obligations fulfillment, b ond market

No abstract

The market of Russian bonds denominated in foreign currencies was considered as the primary target for the initial package of the USA and EU economic sanctions in 2014. The analyses showed that, by the end of 2017, there was a significant reduction in the number of outstanding bond issues denominated in foreign currencies and a sharp increase in the bonds nominal volume evaluated in Russian rubles. The sanctions did not lead to a significant change in the structure of the market either from the standpoint of the number of bond issues denominated in foreign currencies or in terms of their nominal value. However, the number of foreign currencies in which bond issues were denominated was reduced from 11 to 6.