Role of convertible bonds in financingof activity of the companies in the countries enteringinto the Eurasian Economic Union (EEU)
The issue and use of convertible bonds in financing of activity of the companies of the countries of EEU is highlighted in this article. The author emphasizes importance of development of financial system in the economic union and also mutual integration of the financial markets. There is a growth of interest from potential investors and issuers to convertible bonds. They more often appear in listing at the exchange, they are placed publicly or among limited circle of investors. Especially it concerns the Russian market. For this reason the author uses emissions of convertible bonds as object of the research. Unfortunately, the non-financial companies registered in Kazakhstan, Armenia Belarus and Kyrgyzstan during this period did not make emission of convertible bonds. However for these markets this instrument of attraction of financing is very significant. The author has carried out assessment of investment opportunities and competitive positions of the companies issuers of convertible bonds by means of number of indicators: asset turnover, profitability of assets (ROA), Tobin's Q Ratio coefficient, relation of the amount of emission to total assets (issue size / total assets), relation of the amount of emission to material assets (issue size / tangible assets), relation of capital investments to total assets (CapEx / total assets) and also studying of motives of emission. The conclusion has been drawn that funding from emission of convertible bonds allow the companies to increase the investment opportunities. At the same time, convertible bonds are used by the companies with low investment opportunities for financing of investment projects, attraction of funding with low costs and also refinancing of the previous issues of eurobonds that is directly specified in the prospectus of the issue of convertible bonds.