Author: Aleksandr A. Scherbakov, Postgraduate of Finance Dept., Saratov Socio-Economic Institute (Branch of Plekhanov Russian University of Economics)

Abstract: The paper scrutinizes the existing conditions and principles of issuing bonds aimed at financing expenditure commitments of the budgets of the RF subjects. The author has conducted an in­depth analysis of existing legal acts regulating the issue of subfederal bonds in order to discover methodological principles of bond financing of the RF subjects in today’s conditions. The systemic approach to studying legal framework enables us to assert that the issuers of subfe­deral bonds are subject to strict regulatory requirements which relate to both operating procedures of issuing bonds and disclosure of relevant information. It is concluded that under current conditions it is advisable to distinguish the following specific guidelines for issuing regional bonds: the principle of legislative fixation; the principle of fixity maturity, and the principle of determining the cost of borrowing.

Keywords: Securities, issuer, subject of the Russian Federation, Russian legislation