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The relevance of the research is that regional bonds are not only a source of covering the region’s public debt, but also a tool for investment. Currently, the investment attractiveness of such instruments is low, since they are not liquid enough and are low-yielding. In the context of global uncertainty and monetary policy easing, regional bonds can be considered as an alternative investment tool, since they have a fairly high reliability and low investment risk. The purpose of the research is to assess the investment attractiveness of regional bonds of the Orenburg region. The main results are as follows. The comparative characteristics of the Moscow exchange indices on the terms and depth of correction in the securities market in the first half of 2020 are carried out. The dynamics of the exchange rate value of bonds of the Orenburg region (issue # 35003) and the index of municipal bonds are analyzed. It is shown that the bonds of the Orenburg region included in the index of municipal bonds are more stable and conservative financial instruments in comparison with other units of the considered population. The correlation between the yield, price and duration of bonds from the municipal bond index is identified and described based on correlation and regression analysis. To do this, the relationships between the yield and price of bonds were initially estimated using pair regression, and then the yield and duration of the bonds were estimated. As a result, a multi-factor model of multiple regression was built, which allows forecasting the yield of regional bonds. Other factors that are not included in the model and may have an impact on bond yields are indicated. It is shown that in comparison with budget loans, bond loans have a number of advantages: a longer-term nature of attracting funds, availability for a large number of investors, market pricing, the ability to improve the image and investment attractiveness of the Issuer with the help of a credit rating of the region, confirmed by leading rating agencies. The reliability of regional bonds of the Orenburg region was confirmed by the rating Agency Fitch Ratings on June 12, 2020 at the level of «BB+», the forecast is «Stable». It is shown that an additional incentive to purchase sub-Federal bonds by individuals can be a significant tax savings in the framework of opening and active use of an individual investment account.

English: Law No. 33 of 2004 is a source of legal basis used as a guideline in the process of issuing regional bonds. This study discusses issues related to the issuance of regional bonds in Indonesia, particularly in the provinces of Central Java, West Sumatra, and West Kalimantan. In connection with the issuance of regional bonds, to date there are now regions that issue regional bonds including of Central Java, West Sumatra, and West Kalimantan. The purpose of this study is to find out more about the problems that form the basis of the issue of bonds in the region. Researchers use descriptive analysis method that can indicate the level of income and finance of the provinces of Central Java, West Sumatra, West Kalimantan where the region has met the requirements to issue regional bonds. While the SWOT analysis conducted in the area, each region still has many obstacles in the process of issuing regional bonds, one of which is the problem in human resources (SDM). Keywords: Regional Bonds, Regional Development, SWOT. Indonesia: Undang-undang No. 33 tahun 2004 merupakan sumber dasar hukum yang dijadikan pedoman dalam proses penerbitan obligasi daerah. Penelitian ini membahas permasalahan terkait penerbitan obligasi daerah di Indonesia, khususnya pada provinsi Jawa Tengah, Sumatra Barat, dan Kalimantan Barat. Berkaitan dengan penerbitan obligasi daerah, sampai saat ini belum ada daerah yang menerbitkan obligasi daerah termasuk Jawa Tengah, Sumatra Barat, dan Kalimantan Barat. Tujuan dari penelitian ini yaitu untuk mengetahui lebih lanjut permasalahan yang menjadi dasar tidak terbitnya obligasi didaerah tersebut. Peneliti menggunakan metode analisis diskriptif yang dapat menunjukan tingkat pendapatan dan keuangan provinsi Jawa Tengah, Sumatra Barat, Kalimantan Barat dimana daerah tersebut sudah memenuhi syarat untuk melakukan penerbitan obligasi daerah. Sedangkan analisis SWOT yang dilakukan pada daerah tersebut, masing-masing daerah masih memiliki banyak kendala dalam proses penerbitan obligasi daerah salah satunya yaitu permasalahan pada sumber daya manusianya (SDM). Kata Kunci: Obligasi Daerah, Perkembangan Daerah, SWOT.

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