Imiba Bond: eliphakathi elide, elide elide, urhulumente. Umba bond

Amaqumrhu ezisebenza kwicandelo zemali okanye yoqoqosho yokwenene, badla kakhulu ukuza bond kulo. Apha, basebenzisa isixhobo esisodwa ukulungiselela le mali, nto leyo eye kwiqela lokulungileyo ebalulekileyo. Cinga iinkcukacha ngakumbi oko okuthathwa izitropu.

Overview

Bond - security. Liqinisekisa ilungelo umnini esiyifumana sobunyani kwaloo mali okanye impahla.

Bond - a unqabiseko oqondela sisicwangciso samaxesha okubhala eziphathekayo imali. Izifundo abafuna mboleko, uvelisa inani elithile kubo. Wabhekisela umsebenzisi. iibhondi mboleko kuvumela ukuba:

1. Fumana imali ethe mali.
2. Zalisekisa iiprojekthi zotyalo ngomlinganiselo omkhulu. Oku ke kuthintela le ukuhlaselwa bondholders kulawulo lomsebenzi mali kunye nezoqoqosho.
3. Aqokelele imali wathuma bangasese.
4. Ukuze ufumane izibonelelo zemali abavela kwimibutho ixesha ngokwaneleyo elide ngoxolo kunye imeko apho kwiimalike zemali.

Izinto eziluncedo phezu abolekisa zemveli

Ukufikelela kwi bond le inika ezininzi iziphumo ezihle. Le mali lokuqala iza kuba nenzuzo kakhulu ukusuka kwindawo kwezoqoqosho ngayo. mboleko Bond zisoloko zitshiphu mboleko eziqhelekileyo. Umahluko kubalulekile ilele ixesha lotyalo mali. Zingcono nexesha-mboleko.

Kwakhona kubalulekile ukuba isifundo akukho mfuneko ukunika imiba isiqinisekiso yebhondi. Unomdla a kwiqumrhu mboleko phantse ezizimeleyo endodeni. Oku kungenxa inxaxheba inani elikhulu abatyali-mali. Ngokuxhomekeke ngenxa iyakwazi ukuqokelela imali elininzi mali. mboleko yesondo akuyi kuvumela nje umntu ochaphazelekayo ukuba ukuthetha, kodwa:

1. Ukuba negalelo ekwakhiweni kwembali HIV ngetyala. Ukuba mbandela uzalisekisa ngokufanelekileyo neemfanelo zalo, ngoko batyali-mali ziya kufuna intlawulo ubuncinane imingcipheko zabo.
2. Ngaloo ndlela kuncitshiswa iindleko ukukhutshwa phambi kukhuphiswano phakathi abatyali ithuba lokuthabatha inxaxheba yingisela.
3. Oku kwenza kube lula ukuba ukusasaza umngcipheko. Uluhlu olubanzi abatyali khipha uxhomekeko nayiphi na kuzo. Oku kuthetha ke ukuba akukho bungozi ukulahlekelwa lulawulo phezu nkampani.

Enye inzuzo ukuba sikhankanye sisixa-mboleko. Ixabiso ubuncinane amadlozi kufuneka 200-300 mln. Inkampani oselula akunakwenzeka ukufumana imali-mboleko enjalo. Ukuhlawula imali-mboleko kunokwenziwa kwiminyaka 3-5 ezayo.

ngezigaba

Ngoku Osoqoqosho ihlaba iibhondi corporate. Bona kuveliswa, ngokulandelelana, imibutho, iinkampani, kunye namanye amaqumrhu asemthethweni. Esi sixhobo isetyenziselwa kukhuseleko lekusasa zemali yenkampani. iibhondi Corporate inokunikwa ngaphandle izibambiso. Oku kuthetha ukuba, ukuba unalo ilungelo lokuba ibango akukho mfuneko ukubandakanya guarantors okanye izibambiso.

Ixesha apho ukuhlawula imali-mboleko ibe ngaphezu konyaka. Kukho iindidi ezimbini lwezixhobo ethathelwa ingqalelo. Enye yazo nendlela urhulumente azakuboleka imali. Kulo mzekelo, umnikeli na Russian Federation. Abatyali, ngokulandelelana, unokwenza amaqumrhu asemthethweni okanye abemi. mboleko State zisetyenziswa ukusombulula ezinye zeengxaki zokusebenza iiprojekthi ixesha elide elikhulu-isikali. Olu hlobo mboleko ngokuzithandela. mboleko zikamasipala khona. Apha, umnikeli uya kwenza nayiphi iyunithi yolawulo-lwengingqi lizwe. Ngako oko, le sixhobo isetyenziswa yi ngoogunyaziwe benqila ukusombulula imiba ephambili kwinqanaba zesifundo ngamnye.

iibhondi coupon

Iimali-mboleko kwakhona zihlelwa ngokungqinelana nexesha. Ixesha ukuyilwa-mboleko iza kuxhomekeka kwiimeko ezahlukeneyo. Umzekelo, ixabiso kufuneka imali eyimfuneko kwizikim zomthetho kunye nemisebenzi amalungiselelo sokukhululwa deployment, nokubulawa kweziqinisekiso njalo-njalo. Umba bond medium-term aveliswe kwisithuba ukususela kunyaka-1 ukuya kwiminyaka-5. nomdla kuyo, njengokuba umthetho, zihlawulwa kabini ngonyaka. Ukubonelela abachaphazelekayo avelisa ekuthiwa-imixokelelwane coupon. ithuba lokugada kwabo of revolution kuba ngaphezu kwe-5 ukuya kwiminyaka eli-10. Le mali-mboleko ezithandwa mali portfolio efanayo.

Le meko ibangelwa elide amatyala cover ixesha. Ngeli xesha lekhefu ukulinganisela kangangoko phakathi mboleko kunye nongeniselo izixhobo zemali ezibalulekileyo elifutshane esetyenziswayo inde. Maxa wambi ezo mboleko zibizwa ngokuba amanqaku. iibhondi coupon izinto ezingafakwanga kumaxwebhu obhaliso lwabafundi. Yokuba iintlelo ezibekwe.

umba bond Long-term

Ithuba kwegazi yezi mali-mboleko yiminyaka 20-30. kwiibhondi zikarhulumente Long-term ngokuba eyilwayo. Kwi-US, nanzo ingqalelo kakhulu zithembeke. Oku kungenxa yokuba waba ngummeli wowona ulungileyo kuba kuzo urhulumente. iibhondi exesha elide ebizwa kwakhona izitropu. Banalo ixesha lokuvuthwa elide.

mboleko federal

iibhondi Bonds kaNondyebo ekhutshwe yi ngurhulumente. Ngako oko, kuba izenzo ibe emitter. Kulo mzekelo, ukukhululwa lwenziwa ixesha elithile, kwaye wamisela semini lembuyekezo. La maphepha ekwabolekiswa eSoviet Union. Ebudeni beminyaka kwamandla eSoviet, ukukhutshwa lwaqhutywa yimali nje kuphela, kodwa ngokwemiqathango ngokwenene. Esi sikhundla kungenxa yokuba ngelo xesha wabona mali nje oyidingayo le capitalism, kwaye kwithuba phambi kokuba urhulumente wamaKomanisi baba imisebenzi eyahlukeneyo kunye neenjongo. Ngenxa yoko, i-USSR ingqolowa, iswekile kunye nezinye mboleko ngokubanzi. Okwangoku, eli hlobo izixhobo zemali zisetyenziswa ngenkankulu. Ingakumbi ezingathandwa ukuba kumazwe ngemeko-bume okanye ezinzima zoqoqosho.

mboleko kamasipala

Isivumelwano semali-mboleko kuya ukuthengwa bonds ezikhutshwe yi-mali okanye kwezinye kwimarike, uvumela ukuba aphumeze ilungelo lokuba afumane iimali sonetyala, wamnika-mboleko, kunye nenzala ezisisigxina.

mboleko kamasipala kweentlobo ezimbini. Eyokuqala iyonke neentambo nesigqubuthelo. Zinika yonke okanye inxalenye yohlahlo lwabiwo-mali, ngokunjalo emitter yedwa icala. Ezi izibambiso abanayo umlinganiswa mali ekujoliswe. Zisetyenziswa ukuhlawula intsilelo mali kwaye zisetyenziswa ukujongana nemingeni yangoku. mboleko ezinjalo iimpawu ezinxulumene nendlela urhulumente azakuboleka imali zexesha elifutshane. ukuphunyezwa kwenziwa scheme wadala ngokukodwa olulungiswe.

Okwangoku, iingcali inothi ezikhulayo umdla kwizifundo yesi sixhobo zemali. Uhlobo yesibini mboleko, nto leyo namhlanje iinkokeli inani bonds ezikhutshwe ekujoliswe. Bona yaveliswa ukuqaliswa kweprojekthi mali ethile. Loan intlawulo eyenziwe iingeniso.

Avamise kakhulu ke mboleko yezindlu ekujoliswe zikamasipala yangoku. Ulwakhiwo ikhutshwa phandle esebenzisa uyondelelwano lwee- kubemi bonke kunikezelo izibambiso. Eyona njongo iphambili yale ndaba:

1. Funa amathuba ukuphucula iimeko zokuphila zabantu.
2. Ukuphuculwa ezisebenza ixesha elide kunye notyalo-mali ekhuselekileyo ekwakhiweni.
3. Ukuphucula umgangatho womsebenzi.
4. Ukunciphisa iindleko zokwakha kunye nezindlu.

Ezinye iintlobo ze mboleko

Loans nasekhaya izibophelelo kwetyala ngohlobo imixokelelwane ezibalaseleyo kweli lizwe. Ngaphambili, ukuba zilandele ngqo iindlela komoya kwamkele kwezi ntlobo-mboleko kulo mkhuba ehlabathini. ERashiya, yaqala nokukhutshwa iibhondi zasekhaya, anikwa phakathi kwiinkampani zasekhaya.

Kuphuma izibophelelo yangaphandle wenza ubuninzi bobungakanani avumelekile kwityala lemali lesizwe. ixabiso layo umiselwa uMthetho kwi-Budget Federal. Ezi kwiibhondi zikarhulumente zikhutshwa ngazo ngohlobo aqinisekisiwe. Ezi nkundla ke zenzelwe ukulungiselela ukuba zigcinwe kwindawo enye. Umnini Ungayifumana ixabiso bonds kunye nenzala. Iyonke imali wokukhutshwa $ 1.5 billion iibhondi wesiqhelo -. Amawaka 200 zeerandi abe ziindawo enokwenzeka abemi kunye amaqumrhu asemthethweni ... Ngenxa yoko baya kuba zombini ngabahlali kunye abangengabo abemi beli lizwe. Ibhondi zibekwe yi yomrhumo labucala kwaye ungaboniswa inkululo kusasa, ukuba kubonisiweyo yi isiqinisekiso jikelele, leyo ihonjiswe udaba lwabo.

ukukhululwa Iimbalasane

Ukukhutshwa neentambo inika kwanelise yezicwangciso zophuhliso lweshishini ixesha ezahlukeneyo, bavula amathuba amatsha ukutsala izixhobo zemali kwi amagama kakuhle. Oku kungenxa ekwandiseni ulwazi yombutho kunye, ngokufanelekileyo, etsala umtyali inzala.

Imeko wokukhutshwa iqhina ukhonza ilungiselelo ezizodwa kwisivumelwano mba. Yi ityala kufuneka ihlangabezane neemfuno ezithile:

1. Isixa kangangoko mboleko kufuneka ibe ngaphezulu kwezigidi 200 engange.
2. Ixabiso net assets umnikeli kufuneka idlule imali eyinkunzi yayo share.
3. Le nkampani kufuneka iprojekthi yokwenene, ukuqonda eza kuchithwa ukufumana utyalo-mali.
4. intlawulo yonyaka kwi-mboleko kufuneka ifane okanye ibe ngaphantsi kwe ingeniso sobalo xesha enye phambi kokuba kutsalwe iintlawulo ezinyanzelekileyo mali.

Nokubekwa nokufunyanwa

Bonds zikhutshwa kwi ejikeleza kwi kwimarike zaseprayimari. Nantsi ukuphunyezwa. Ukuba bathe ithengiswa, ukuba akhululwe kwimarike eziziisekondari. Ukuqaphela Oku kuchazela inzuzo yazo engundoqo - yokuhlawula amatyala. Phantsi komthetho ngoku, nomnikelo sokuqala kawonke-mboleko ekungabonini ukususela kwiinyanga ezi-3. ukuya kunyaka. Emva ukubhalisa kufuneka ungabi ngaphezu kwe-1 konyaka. Ukuziqhelisa, nomnikelo umphakathi wenziwe kwiintsuku nje ezimbalwa. Ukuze uthenge ngokuzikhanyeza, kufuneka ufundisise yonke inkqubo korhwebo kwimarike zemali. volume zazo eziphambili iyafumaneka kwi Moscow lwemali stock exchange. Iimarike stock bakurholela iibhondi yebhanki. Phakathi kwabo, kusenokubakho yorhwebo, kunye namaziko karhulumente. Umzekelo, unako ukuthenga iimbophelelo Sberbank. Eli ziko-mali iye nakwimali-mboleko, uqhuba imisebenzi ethile phezu kwabo, ngokubonelela ukunyusa ngongeniselo kwiingingqi ezahlukeneyo, yaye ngaloo ndlela inxaxheba kuphuhliso loqoqosho kweli lizwe.

Sberbank ukuthenga imixokelelwane banokuba naliphi na isebe lawo okanye ngokusebenzisa le website esemthethweni. Noko ke, iingcali bacebisa phambi kokuba kuthengwe sihlole yamaxabiso. Eli ukutyala imali ukuthenga kangangoko ngexabiso kangangoko kunokwenzeka ukuze ukuthengisa ngexabiso aphezulu kangangoko. Ukusebenzisa imixokelelwane kuphela emva kwexesha elithile ixesha abaya ucacise. Kulo mba, umtyali-mali enokwenzeka kufuneka bakwazi ukubala inzuzo-mboleko. Umba bond olwenziwe Sberbank ngokuqhelekileyo iminyaka 1-5. Ngokubalwa olufanelekileyo umnini ukuze afumane inzuzo esiqinileyo.

Kufuneka kukhunjulwe ukuba Savings Bank liziko apho ngaphezulu kwe-50% ye-capital exhaswa ngurhulumente. Njengoko yokusebenza ibonisa, ngokulinganayo kwemali eyinkunzi ziye zanda minyaka yonke. Ukongeza, isixa nokukhula eyinkunzi kunye nexabiso-mboleko kunye okuhlawula amatyala. Oku, inika ukwanda reserve zebhanki evumela ukuba imibutho ukuba ikhuphe nendawo izitropu.

inani

Iindleko wokukhutshwa iqhina nto zisetwe izinto ezimbini. Kuya kuxhomekeka kwimbali yamatyala yokuhlawula amatyala umnikeli ngayo. Ukunciphisa kumazinga mboleko ikhuthaza ukwandiswa kwezi sayithi ezizisekondari kunye nokwanda nokuzethemba.

Imbali entle mboleko kudala kuphela igama elihle umnikeli, kodwa kunciphisa iindleko zokubonelela mboleko kwixesha elizayo. imali-mboleko kuxhomekeke ngokubala pre-irhafu isilinganiso sangaphakathi lokubuya (nokuba ngexesha intlawulo yengeniso) ezivela ingeniso yemali neentambo.

Loan njengesixhobo imali

umba Bond ivumela umnikeli lokugqiba eyakho iparameters yayo. Ngokukodwa, yinto umba umthamo, inzala, imiqathango kunye nexesha konyango, njalo-njalo. Bonds igalelo kuphuculo inkqubo zokuhlala, uphuhliso ubume kuhlawulwa kunye kufunyanwa le Umnikeli. Ngelo xesha, nangona iingenelo ezicacileyo esi sixhobo zokunyusa imali, kufuneka kukhunjulwe ukuba olu hlobo senzo mboleko namatyala eqine ngokwaneleyo. Ukukhutshwa bonds, bachaphazelekayo akukukhuseli ukuba iingozi ezithile. Okokuqala, ukuba ezayanyaniswa nokungabi mhlawumbi wempumelelo wonke lo msebenzi. Ngoko ke, isibakala le umba angeke ntoni ukuqinisekisa ukubekwa ngokwemigaqo aboniswe umsebenzisi.

Boleko umthombo mali

Le indima umba iqhina kumazwe aphuhlileyo mkhulu kakhulu. Kwiminyaka eli-10 edlulileyo kwinkulungwane yama-20 ukuya kwimveliso yezibophelelo ezifana waba ngaphezu kwesiqingatha utyalo-mali labucala, kwaye umba lezabelo waba phakathi-5%. Phambi ngokubeka imixokelelwane zixeliweyo ngeenkcukacha ezaneleyo imisebenzi kunye namalungelo abantu abachaphazelekayo, kubandakanywa abanini. Le ndimelwe kubangelwa kukungabikho izenzo zolawulo osemthethweni uluhlu olugqityiweyo lwe imithetho yamazwe elawula inkqubo imveliso yawo kunye neentengiso. Njengomba ophambili umda ubukhulu mhlaba umi nokubekwa. Izinto eziluncedo esi sixhobo njenge ukuxhaswa ngemali ziquka:

1. Ithuba lokwandisa imali kubatyali ezahlukeneyo. Babe kuquka iibhanki.
2. Ukukwazi ukutsala amatyala amancinane. Oku kubangelwa ixabiso elincinane izitropu.
3. Ukuba nokwenzeka sabele iindleko iinkonzo mboleko kuba iindleko zokuvelisa. Oku, kunciphisa ingeniso irhafu.
4. Ithuba ukwandisa isithutyana.
5. iindleko ezisezantsi ngaphandle kokukhutshwa kwizabelo.
6. Low-ukuthatha umngcipheko. Liqinisekisa inxaxheba kwamaqela ezithile abatyali-mali.

Icala positive yale zokubeka amashishini na ukukwazi ukubala isivuno kangangoko imixokelelwane ngexesha lonyango. Nangona kunjalo, le nkampani nga kuqinisekisa inzala kakuhle kwiintlawulo ukuba bezimali kakhulu ngakumbi. Njengoko umzuzu elibi kubalulekile ukuphawula amathuba nokubekwa engaphelelanga kwi zorhwebo zaseprayimari. Kwimeko intswelo ephantsi uya kwandisa umgangatho nezivuno bond. iimeko ukukhululwa entle zifuna iintshukumo ezithile. Inegative, ngokulandelelana, ukunciphisa imisebenzi.

izinto ezimbi

Le nkqubo ingentla iye yachazwa eziluncedo ezininzi umba iqhina. Kodwa zonke izinto ezifanelekileyo kwesi sixhobo kwaye baneempawu ezimbi. Phakathi kwabo kubalulekile ukukhumbula:

1. Ukuntsonkotha inkqubo ukukhutshwa. Ukuze ufaneleke, isihloko, ngena nje imvumelwano kumbutho enikezela ngayo. Ukukhutshwa imixokelelwane ibandakanya ukuqukumbela izivumelwano kunye nokukhululwa zomququzeleli, lo depositary, kwaye istock exchange. Ukongeza, kuyimfuneko ukuba sesikweni kunye nerejista amaxwebhu ayimfuneko umthamo owaneleyo. Umzekelo, neziqu inamaphepha malunga 300.
2. Ukungakwazi ukucwangcisa ixesha wachitha. Into yokuba umbandela wenkxaso ngokwasemthethweni inkqubo kwenziwa ngumququzeleli. Unomdla wokufumana imali umntu akakwazi neempembelelo le nkqubo, ngoko ke ihlala kuphela ukwamkela isibakala sokuba ixesha elichithwa kunokuba ebonakalayo.
3. iindleko ezongezelelekileyo. Kwimeko-mboleko yebhanki unetyala ahlawule sonke eso sixa lwenqununu kunye nenzala. Xa bond mboleko ukuya iminikelo bathi ziya kongezelelwa iindleko ezongezelelweyo, ubukhulu leyo 2-3% kubungakanani ukukhutshwa.

Kuseyinto indlela ukutsala utyalo-mali ukuza kuthi ga kuhlala ezithandwa kakhulu. Ngesi sixhobo, iinkampani ezininzi nako ukuphumeza iiprojekthi zabo. umba Bond, kwezinye iimeko, izibonelelo kurhulumente. Kuyanceda ukuqinisekisa wemvula intsilelo mali kunye ilahleko engephi. iibhondi kuthenga njengommi kunye esemthethweni. abatyali zimali makhwelo phambi kokugqitywa deal, iingcali Siyaleza ukufunda inkqubo istock exchange.