Eurobonds - ndichiyani? Amene umabala ndi zofunikira eurobonds?

Mu wa masheya yaitali ndi mtundu wapadera wa ngongole otchedwa eurobonds. Borrowers pa iwo ndi maboma, mabungwe akuluakulu, mabungwe mayiko ena mabungwe ena amene ali ndi chidwi kukopa ndalama kwa nthawi mokwanira yaitali ndipo pa mtengo wotsikitsitsa. Kwa nthawi yoyamba, zida zimenezi zimajambulidwa mu Europe, ndipo anapatsidwa dzina la eurobond, chifukwa omwe lero iwo nthawi zambiri amatchedwa "Eurobonds". Kodi mtundu kumangidwa, bwanji anamasulidwa ndi ubwino zimene iwo anapereka kwa ophunzira aliyense wa msika? Mayankho a mafunso amenewa tidzayesetsa tsatanetsatane ndi bwino ayankhidwa m'nkhani.

Lingaliro ndi zofunika makhalidwe a Eurobonds

Mu mawu osavuta tikhoza kunena kuti msinga operekedwa ndalama osiyana ndalama mitundu ya ngongole ndi wobwereka, ndipo anaikidwa imodzi pa misika ya mayiko angapo (kupatulapo dziko opereka). Iwo ali, monga ulamuliro, kulera ndalama kwa nthawi yaitali - mpaka zaka 40. Pali yochepa Eurobonds anapereka chaka kapena atatu kapena asanu, ndi sing'anga yaitali - nthawi ya zaka khumi.

Mamembala a msika Eurobond

Pali mabungwe wapadera kuika Eurobonds. ndi kapangidwe chiyani? Ichi ndi syndicate mayiko a underwriters, womwenso mabungwe ndalama m'mayiko osiyanasiyana. Mu nkhani iyi, malamulo a kupangidwa ndi zolowa ndi malamulo m'njira zochepa. Palinso issuers (maboma, nyumba mayiko osiyanasiyana) ndi ndalama (chuma mabungwe - kampani ya inshuwalansi, ndalama penshioni, etc.). onse ali m'gulu la International Association gulu likulu msika (ICMA) - bungwe kudziletsa malamulo, zochokera mu Zurich. Clearstream ndi Euroclear ntchito ngati depository ndi machitidwe kudula.

Pali wapadera malangizo Commission ya European Madera, amene amathandiza malamulo tanthauzo zonse za chida ichi, amalamulira malamulo ndi ndondomeko bwana mpweya msika. Malinga Eurobonds ake - ndi ankagulitsa sheya ndi zingapo zochititsa:

• kufunika pochitika njira zawo underwriting ndi mayikidwe awo kudzera syndicate ndi mamembala osachepera awiri amene ali a States osiyana;
• chilango chawo ikuchitika mabuku lalikulu pa misika angapo (koma osati mu dziko la issuer a);
• poyamba anagula ndi ngongole bungwe kapena zina ovomerezeka bungwe ndalama.

katundu Eurobonds

Eurobonds - wotani pepala ndi zimene mbali khalidwe ali? Choyamba, aliyense eurobond ali kuponi kuti amapereka Investor ufulu kulandira chidwi pa zomangira pa nthawi inayake. Kachiwiri, mlingo chidwi akhoza kukhala amodzi ndi variable (malingana ndi zinthu zosiyanasiyana). Kachitatu, kupereka chidwi akhoza anapereka ndalama wosiyana amene amakopa ngongole. Zimenezi zimatchedwa chipembedzo wapawiri. Komanso, ndikofunika kudziwa chiwerengero cha zina sheya zimenezi, akuti:

• Izi sheya wonyamula;
• anaika imodzi m'misika angapo;
• kupezeka kwa nthawi yaitali - zambiri zaka 10-30 zakubadwa (40 Ponena);
• ndalama zimene kubwereka, ndi achilendo kwa issuer ndi Investor;
• mtengo mwadzina eurobond ali dollar ofanana;
• malipiro chidwi amutumizire wosapangidwa deduction a msonkho;
• anaika Eurobonds umuna syndicate, womwenso mabanki, ziwongola dzanja zaogulitsa ndi Makampani ndalama m'mayiko ambiri.

Eurobonds - mmodzi wa zida yodalirika ndalama, koma chifukwa makasitomala awo amakhala mabungwe a zachuma monga makampani ndalama, ndalama penshioni, kampani ya inshuwalansi.

Mbiri ya zikamera ndi kukula kwa msika Eurobond

Nkhani Eurobonds ndi chiwembu chakale la malawi anali woyamba ikuchitika Italy mu 1963. The Issuer amatanthauza kumanga msewu kampani Autostrade. Iwo anatengedwa ndi 60,000 nsinga ndi phindu ndime ya $ 250 lililonse. Ndendende chifukwa Eurobonds poyamba anaonekera mu Europe, ndipo lero zambiri za malonda awo ikuchitika mu malo omwewo, pepala dzina ali ndi manambala oyambirira "yuro". Lero ndi zambiri msonkho mwambo kuposa khalidwe lenileni la chida cha.

Yogwira chitukuko cha msika zinachitika mu 80s. Ndiye Eurobonds makamaka wotchuka wonyamula. Kenako, mu 90s, iwo anayamba "kuzunza" Global Dziwani - sing'anga-akuti mwadzina nsinga wosindikiza m'mayiko olemera ndi kukhala (monga ankatsutsa Eurobond) mapulogalamu. Iwo anali wolumikizana ndi kukula kwa capitalization msika ndi kulimbitsa udindo yaikulu ya wobwereka lapansi. Ndiye ntchito yawo Eurobond okwana anafika 60%.

Kumapeto kwa zaka za m'ma 20 zinaoneka pa msika waukulu ngongole akapolo, amatchedwa "jumbo". Liquidity Eurobonds kuchuluka, pamene borrowers lalikulu nkhope ya mabungwe US ndi mabungwe dziko kuchuluka chidwi chida ichi ndalama. Komanso, chifukwa mavuto padziko lonse ndi kusakhulupirika pa ngongole kwa boma mayiko ku America South, udindo kumangidwa poyerekeza ndi ngongole kubanki kuchuluka. Panali otchedwa ndondomeko ya "kuthawira khalidwe" monga ndalama amakonda ndalama otetezeka kuposa ndalama apamwamba-ololera ndi chiopsezo mokwanira kwambiri.

Eurobonds lero

Pakali pano, Eurobonds si zochepa zikufunika kwambiri. Cholinga chachikulu cha issuers kulowa msika - ndi kufufuza madera zina za ndalama (kuwonjezera mkati mwambo, makamaka, ngongole za ku banki), komanso osiyana ngongole ya. Komanso, pali ubwino amene ali Eurobonds. Kodi izi "phindu"? Choyamba, mtengo ndalama chifukwa kukopa likulu (20%). Chachiwiri, ochepa zosiyanasiyana chofuna malamulo ndi udindo kugwiridwa ndi issuer lapansi. Chachitatu, pali pafupifupi palibe zofunikila pa mayendedwe ndi mawonekedwe a ntchito za ndalama, ndi kusinthasintha zina msika.

Nkhani ndi makope Eurobonds

Pali zinthu zosiyanasiyana kwa mayikidwe a Eurobonds, ambiri - ndi muzimvetsera lotseguka. Iwo ikuchitika kupyolera syndicate wa underwriters, ndi nkhani zalembedwa pa katundu kuwombola. Pambuyo kugulitsa koyamba ndi "kukamutaya" ndi bongo pa msika sekondale, kumene iwo zikhoza kugulidwa pa foni kudzera pa Internet pa makampani ndalama. Ngati chida chilichonse ndalama, ndi Eurobonds makoti ndi zokolola zawo, amene amadalira okwanira ndi kufunika kumsika. Komabe, pali njira vuto lina - okha Kusinthaku mwa gulu lapadera la ndalama. Pankhaniyi, nsinga si ankagulitsa pa kuwombola ndi (ali palibepo).

Russian eurobonds: momwe zinthu zikusinthira

Kwa nthawi yoyamba, dziko wathu walowa wa mayiko Eurobond msika mu 1996. Nkhani yoyamba ya ngongole ya mtundu umenewu kunachitika pa zaka 96-97. Ndiye lamanja la kaikidwe awo akamaziwononga muli nkhani ziwiri za chitaganya - Moscow ndi St. Petersburg. Lero gulu msika ndi mabungwe akuluakulu a dziko, "Gazprom", "Lukoil", "Norilsk faifi tambala", "Transneft", "Mail la Russia", "MTS", "Megaphone". Iwo ali mbali yofunika monga eurobonds "Bank ndalama", "VTB" ndi "Gazprombank", "Alfa Bank", "Rosbank" ndi ena. Nkofunika kudziwa kuti makampani Russian kulumikiza kwa Eurobond msika okha ndi malamulo. Choncho, makampani olowa katundu angathe kukopa ndalama kudzera chida ichi ndi kuchuluka osati choposa kuchuluka kwa gawo likulu lake. Palinso yosaloledwa issuance wa Eurobonds unsecured (zambiri chofunika ina), ndi malangizo ena. Tikupeza kudalirika kwa issuers Russian akhoza mogwirizana ndi mabungwe apadera mlingo monga Moody, Standard & Osauka ndi ena.

Russia chaka analipo pa msika ngongole lonse. Ngakhale kuti dziko lili zokwanira magwero yakeyake ndalama, malinga ndi nduna ya zachuma, ichi ndi chochitika chofunika mu chimango cha mfundo bajeti Russia. Mu 2014, anakonza chimodzi kapena ziwiri kupeza misika ya kunja ndi Eurobonds ndalama ndi mayuro azigwiritsidwa 7 biliyoni. Madola (ankati).

Chiyukireniya Eurobonds: kugula ndi "kuwotcha"

Russia kumatanthauza dongosolo lino, osati monga issuer, komanso ngati Investor ndi. Mu December chaka chatha, Russia anagula Eurobonds Chiyukireniya okwana $ 3 biliyoni., Khalani wogula yekha m'magazini ino. Komabe, chotero ndalama usiye kuti mayiko si njira yabwino. Kuyambira February, S & P ndi fitch chaka chino mobwerezabwereza anatsitsa mlingo wa eurobonds Chiyukireniya. Kodi izi zikutanthauza chiyani? Mgwirizano mlingo wafika mlingo wa CCC (chisanadze pofikira), ubwino wa msikawu pansi, ndipo Mwina kusakhulupirika pa iwo chawonjezeka. Russia pa nthawi yomweyo kungafune alipire oyambirira ngongole, koma malo ake pa nkhaniyi ndi ofooka. Chifukwa mumaganiza choimira pa chuma cha Ukraine, ku Russia, silidzakhala Lofewa kutsimikizira kuti sanadziwe za mwayi wa kusakhulupirika, chiopsezo amene mayina a masamba 200 prospectus. chokana Ukraine kuti akwaniritse udindo ali zotsatira zoipa kwambiri kwa dziko palokha, kugwirizana ndi kuwonongeka kwa mbiri ngongole mu msika lonse, kumangidwa kwa katundu ogwirizira a sheya ake akunja kulephera kulowa msika ngongole kwa Eurobonds nthawi yaitali. Choncho, zofuna za mbali zonse za chikalata zabwino za nkhani ya ngongole muzikondana.

Pomaliza

Choncho, Eurobonds - ndi wangwiro, monga ulamuliro, yaitali ndalama zipangizo kukopa ndalama pa msika lonse likulu. Iwo anayikidwa kupyolera syndicates mwapadera analenga ndi zimatsatira mabungwe supranational. Chofunika kwambiri ndi ankasewera pa Eurobond msika, mabungwe mlingo akanadziŵa kudalirika kwa zida ndalama za dziko makamaka. Lero, Russia ndi ophunzira yogwira mu msika wa mayiko wa Eurobonds, kulankhula naye monga issuer ndi Investor.