Agio ( Italian agio , "convenience" ) or premium is the difference between the face value of a coin or banknote and the actual market value . In finance , agio refers to a surcharge that can be requested in addition to the purchase price or market value for certain types of business . It is a surcharge on the face value and is usually given as a percentage .
The opposite of the premium is the discount or discount.
In the case of bonds , there is usually an issue at nominal value (100%) or with a discount, but bonds above nominal value (e.g. 105%) can also be issued. Agio or discount affect the effective interest rate , as the nominal interest rate is calculated from the face value of the bond. In financial circles, the 'premium reserves' account is often referred to as the accounting black sheep of the account plan, as it sometimes causes confusion among accountants.
In the emission of stocks (the premium is the amount by which the output amount of shares whose nominal value exceeds 1 para. 2 no. HGB). The premium is expressly regulated in stock corporation law as a case of over- par emissions ( (2), (1) AktG). It is included as part of the issue amount in the articles of association ( (2) No. 2 AktG) and in the case of the capital increase in the capital increase resolution ( (3) AktG) in compliance with the form of the notarial record ( sentence 1 AktG) as well as in Specify the subscription slip ( (1) sentence 3 no. 2 AktG). The entire premium must be paid in before the capital increase is registered with the commercial register (Section 36a, Paragraph 1, Clause 2, Paragraph 2, Sentence 1 AktG).
In the case of investment funds , the issue surcharge is used. This is a one-time fee that is charged when purchasing fund shares. It is determined by the respective fund company and must be mentioned in the sales prospectus. As a rule, it is up to 1% for money market funds, 2–4% for bond funds, 3–6% for equity funds and 5–5.5% for open real estate funds. The issue surcharge is added to the net investment amount and is therefore included in the issue price and serves to finance the fund's distribution costs .
If the front-end load is reduced or even omitted, it is called a fund discount .
Sometimes the term agio is also used when selling varieties to bank customers, but more precisely it is an ask price .
In the case of shares, a premium is to be added to the capital reserve of the stock corporation in accordance with (2) No. 1 HGB and thus becomes part of the equity reported in the balance sheet . AktG places the premium and other premium-like additional payments (Section 272 (2) No. 1 HGB) in the statutory reserve and subjects them to capital tied up to protect creditors . The premium is included as part of the issue amount in the articles of association ( (2) No. 2 AktG) and in the case of the capital increase in the capital increase resolution ( (3) AktG) while maintaining the form of notarial certification ( sentence 1 AktG) and to be stated on the subscription slip ( (1) sentence 3 no. 2 AktG).
Buyer's premium in a narrower sense is also the commission that a bidder has to pay to the auction house in addition to the hammer price . The amount of the premium varies and depends on the auction conditions. Depending on the auction item, the buyer's premium can be between 15% and 25% of the hammer price.
In order to be able to buy a security with a nominal value of EUR 1,000 with a premium of 5%, EUR 1,050, i.e. 105% of the nominal value, must be paid.
- Helmut Kahnt, Bernd Knorr: Old measures, coins and weights. A lexicon. Bibliographisches Institut, Leipzig 1986, licensed edition Mannheim / Vienna / Zurich 1987, ISBN 3-411-02148-9 , p. 381.