Nezindaba Bond: medium-term, yesikhathi eside, isimo. Udaba isibopho

Amabhizinisi ezisebenza wemboni ezinkulu ngokwezimali noma kwezomnotho, ngokuvamile kakhulu ukuza emakethe isibopho. Lapha, basebenzisa ithuluzi ekhethekile yokugqugquzela imali, okuyinto has eziningi eziwusizo abalulekile. Cabanga kabanzi mayelana nokuthi yini izibopho.

Uhlolojikelele

Bond - yesibambiso. Liqinisekisa ilungelo umnikazi ukuthola kusuka nokhiphe izimali isihloko noma impahla.

Bond - a security ukuthi elungisa lwezikhathi ukhonkolo ukuze uthumele imali. Izihloko abadinga loan, ukhiqiza inani elithile kuzo. Wabhekisela wezitifiketi. loan izibopho akuvumela ukuba:

1. Thola imali enkulu izimali.
2. Ukuqalisa emikhulu amaphrojekthi utshalomali. Lokhu kuvimbela ayehlasela bondholders ukulawula umsebenzi ezezimali nezomnotho.
3. Buthelela imali ethunyelwe kusuka zimali abazimele.
4. Ukwamukela imithombo yezimali kusukela izinhlangano isikhathi ngokwanele eside emigomeni emihle ne isimo lapho emakethe yezimali.

Izinzuzo phezu abolekise bendabuko

Ukufinyelela emakethe isibopho unikeza omningi imiphumela emihle. I loan sokuqala kuyoba inzuzo ngaphezulu kusukela iphuzu kwezomnotho umbono. Bond ukubolekisa zihlale ezishibhile loan ezivamile. Umehluko ebalulekile itholakala isikhathi utshalomali. Ziyakwazi bebakhulu isikhathi imalimboleko.

Kubalulekile futhi ukuthi kuncike akudingekile ukunikeza nezindaba isiqinisekiso isibopho. Unentshisekelo ibhizinisi loan cishe esizimele yomuntu obolekisayo. Lokhu kungenxa ukubandakanywa inqwaba zimali. Isihloko ngenxa uyakwazi buthelela isamba esikhulu ukutshalwa kwezimali. ukubolekisa sasondelana akuvumeli kuphela umuntu othintekayo ithuba lokuveza imibono yazo, kodwa futhi:

1. Nikela ekwakhekeni omuhle credit umlando. Uma isihloko is uyazigcwalisa kahle nezibopho zayo, khona-ke zimali bayofuna inkokhelo ubuncane izingozi ezithile.
2. ekunciphiseni Ngakho izindleko ekushayweni ebukhoneni ukuncintisana phakathi zimali ngethuba iqhaza kuthengiselana.
3. It kwenza kube nokwenzeka ukusakaza ingozi. A ezahlukene zimali aqede ukuncika phi of them. Lokhu kusho e ukujika akukho ingozi nokulahlekelwa ukulawula inkampani.

Enye inzuzo ukuthi Kuhle kokusho inani loan. Inani ubuncane ekushayweni kufanele kube 200-300 mln. Inkampani abasha akunakwenzeka ukuthola loan ezinjalo. Ukubuyisela imali loan kungenziwa eminyakeni 3-5 esilandelayo.

ngezigaba

Zezomnotho manje ezishisa kakhulu zikhipha izinhlayiyana izibopho ezinkampani. Lakhicitwe, ngokulandelana, izinhlangano, izinkampani, nezinye izinhlangano ezingokomthetho. Leli thuluzi lisetshenziswa ikusasa elilondekile ngokwezimali lenkampani. izibopho Corporate elinikezwayo ngaphandle izibambiso. Lokhu kusho ukuthi uma banelungelo lokufuna akukho isidingo ezihilela guarantors noma eseduze.

Yinkathi senkokhelo imalimboleko kungenzeka esingaphezu konyaka. Kunezinhlobo ezimbili zama-zomculo enixoxa ngalo. Omunye wabo uhulumeni kwemali. Kulokhu, umkhiphi iyona Russian Federation. Abatshalizimali, ngokulandelana, angenza izinhlangano ezingokomthetho noma izakhamuzi. ukubolekisa State ezisetshenziswa ukuxazulula ezinye zezinselele zokusebenza amaphrojekthi ezinkulu eside. Lolu hlobo lwe-loan yokuzithandela. ukubolekisa kamasipala futhi akhona. Lapha, umkhiphi ngeke enze noma yimuphi iyunithi zokuphatha-indawo yezwe. Ngakho, leli thuluzi lisetshenziswa iziphathimandla lesifunda ukubhekana nezindaba ezisemqoka ezingeni tesifundvo ngabanye.

isigqebhezana izibopho

Ukubolekwa bahlukaniswa ngokomthombo nangezinga inkathi. Igama elithi kwetinhlavu loan kuzoncika izimo ezihlukahlukene. Ngokwesibonelo, inani babe lemali edingekile of izikimu zomthetho nemisebenzi wokulungiselela sokukhululwa ukuthunyelwa, ukukhishwa iziqinisekiso nokunye. I medium-term isibopho udaba ezikhiqizwa kwesikhathi unyaka 1 kuya eminyakeni emi-5. isithakazelo kuwo, njengoba umthetho, zikhokhelwa kabili ngonyaka. Ukuhlinzeka ukubolekisa kubabambiqhaza ukhiqiza okubizwa ngokuthi isigqebhezana izibopho. isikhathi zabo zokuvukela umbuso kungaba ezingaphezu kuka-5 no-kuze kube iminyaka engu-10. Lokhu kubolekisa ngemali ezithandwa kakhulu mutual funds iphothifoliyo.

Lesi simo sibangelwa isikhathi eside isikhathi ikhava izikweletu. Phakathi isethi isikhawu i ibhalansi kahle emkhatsini short-term loan kanye isivuno amathuluzi abalulekile zezimali ezisetshenziswa yinde. Ngezinye izikhathi ukubolekisa zokuphumula ezinjalo zibizwa ngokuthi amanothi. Ikhuphoni izibopho kukhona undocumented. Ziyakwazi edishini ibekwe.

Yesikhathi eside isibopho udaba

Isikhathi kunyatheliswa lezi loans uneminyaka engu 20-30. Yesikhathi eside izibopho kahulumeni abizwa ngokuthi izikweletu. E-US, basuke kubhekwe enokwethenjelwa kakhulu. Lokhu kungenxa yokuthi yisiboniso kubo uwuhulumeni. Yesikhathi eside izibopho babizwa nangokuthi izibopho. Sinenkosi isikhathi ukuvuthwa eside.

ukubolekisa federal

Amabhondi yengcebo izibopho ekhishwe uhulumeni. Ngakho, ke uba i emitter. Kulokhu, ukukhululwa Kwenziwa okwesikhathi esithile, bese usetha ngesilinganiso esithile ukubuya. Lamaphepha zaziyiswa eSoviet Union. Phakathi neminyaka engu-kwamandla Soviet, ekushayweni kwenziwa hhayi kuphela imali, kodwa ngokwezimali zangempela. Lesi sikhundla ngenxa yokuthi ngaleso sikhathi izimali babebhekwa njengabantu esifuze capitalism, futhi esikhathini sangaphambi uhulumeni zamaKhomanisi babe imisebenzi ehlukene kanye nemigomo yakhe. Ngenxa yalokho, i-USSR okusanhlamvu, ushukela kanye nezinye loans kwakuthé chithi saka. Okwamanje, lolu hlobo kwezezimali kuthiwa neze asetshenziswa. engathandwa Ikakhulukazi benjalo emazweni isimo somnotho variable noma kunzima.

ukubolekisa kamasipala

Isivumelwano loan ngokusebenzisa ukuthengwa izibopho esikhishwe zimali noma ezinye emakethe, okuvumela ukuba uqaphele ilungelo athole izimali okweletayo sika, yamnikeza loan, futhi isithakazelo isilungisiwe.

ukubolekisa kaMasipala zingaba ezimbili zama. Esokuqala ingqikithi izibopho simboziwe. Zinikeza ingxenye noma yonke isabelomali, kanye siqu-side emitter. Lezi izibambiso ungenalo uhlamvu target utshalomali. Zisetshenziswa ukumboza kwesabelo sezimali futhi asetshenziselwa ukuba ibhekane nezinselelo zamanje. ukubolekisa ezinjalo izici ezihlobene short-term uhulumeni kwemali. ukuqaliswa yabo kwenziwa uhlelo wadala ngokukhethekile olususwe.

Okwamanje, izazi inothi ezikhulayo isithakazelo izikhonzi zalo instrument yezimali. Uhlobo lwesibili ziqondiswa ukubolekisa, okuyinto namuhla nabaholi inani izibopho ikhishwe. Basuke ezivezwa ukuqaliswa utshalomali project ethize. Loan ukubuyiswa kwemali Yenziwe inzuzo.

I ezivamile wamanje isikweleti sendlu target kamasipala. Ukwakhiwa Kwenziwa esebenzisa lokuhlushwa sonkana ngokusebenzisa Ukukhishwa izibambiso. Yezinjongo eziyinhloko kule ndaba yilaba:

1. Funa amathuba kuthuthukiswe izimo zokuphila zabantu.
2. Ukuthuthukiswa izindlela eside futhi utshalomali elondekile ukwakhiwa.
3. Ukwenza ngcono ikhwalithi yomsebenzi.
4. Ukwehlisa intengo yemali wokwakha izindlu.

Ezinye izinhlobo imalimboleko

Home Loans kukhona izibopho ezikweletini ngendlela izibopho oluvelele kuleli zwe. Ngaphambili they ngokuqinile athobele izindlela ekushayweni yokutholwa lezi zinhlobo loans umkhuba jikelele. ERussia, kwaqala Ukukhishwa izibopho yasekhaya ayetholakala ezindaweni phakathi izinkampani zasekhaya.

Emission izibopho zangaphandle kwenziwa ubukhulu avumelekile isikweletu sezwe. Inani layo kunqunywa uMthetho the Ibhajethi Federal. Lezi izibopho kahulumeni ikhishwa ngefomu isitifiketi. Ziklanyelwe yokugcina eyodwa. Umnikazi bengathola ukubaluleka yizibopho inzalo enqwabelene. Isamba sokukhishwa $ 1.5 bhiliyoni izibopho Okuzisholo -. ayizinkulungwane 200 zamadola njengoba abanikazi engaba khona izakhamuzi nezinhlangano ezingokomthetho ... Ngakho ngezinye izikhathi ingaba umthombo izakhamuzi ze-non-izakhamizi yezwe. Izibopho ezibekwe okhokhelwayo yangasese futhi kungenzeka owethulwe wokuhlengwa ekuseni, uma kuboniswa isitifiketi global, okuyinto lihlotshiswe udaba lwabo.

ukukhululwa Highlights

Impikiswano izibopho inikeza ukwaneliseka esiphezulu ukuthuthukiswa kwamabhizinisi izinhlelo ezinkathini ezihlukahlukene, bavula amathuba amasha ukuheha kwezezimali ku ngaphansi kwezimo ezimvunayo. Lokhu kungenxa ukuqaphela okuthuthukayo inhlangano futhi, ngokufanelekile, edonsa zimali isithakazelo.

Isimo isibopho udaba ukhonza ilungiselelo elikhethekile e isivumelwano ngalolu daba. Ngu esikweletini kumelwe ahlangabezane nezimfuneko ezithile:

1. Inani elikhulu imalimboleko kufanele kube ruble ayizigidi ezingaphezu kuka-200.
2. Inani izimpahla umkhiphi sika inetha libe ngaphezu kwenani share yayo dolobha.
3. Le nkampani kumele kube project sangempela, ukugcwaliseka okuzokwenziwa wachitha kokuthola utshalomali.
4. izinkokhelo Lonyaka ku loan kufanele zifane noma ibe ngaphansi ezimali inzuzo ngesikhathi esifanayo ngaphambi kokubanjwa kwanoma izinkokhelo eziphoqelekile isabelomali.

Ukubekwa nokutholwa

Amabhondi zikhishwa kwegazi emakethe eyinhloko. Nansi ukuqaliswa yabo. Uma zithengiswa khona, angase adedelwe emakethe yesibili. Ukuqaphela lokhu kuchaza inzuzo yabo ukhiye - zezimali. Ngaphansi komthetho wamanje, umnikelo kokuqala umphakathi yokuboleka le mali ingase iqale izinyanga 3. kuze kube unyaka. Ngemva kokubhaliswa akumelwe ibe ngaphezulu kuka-1 ngonyaka. Ekusebenteni, umnikelo umphakathi kokuqala kwenziwe ezinsukwini ezimbalwa. Ukuze uthenge isibopho, kudingeka utadishe lonke uhlelo yohwebo emakethe yezimali. ivolumu yabo eyinhloko itholakala kwi eMoscow isitokwe lwemali. Izimakethe isitokwe adayiswa izibopho ebhange. Phakathi kwabo, kungase kube ngokuhweba, izikhungo zikahulumeni. Ngokwesibonelo, ungakwazi ukuthenga izibopho Sberbank. Lokhu isikhungo sezezimali sekukhomba elikhiphe izikweletu, uqhuba imisebenzi ethile, enikeza ukwandisa imali engenayo ezifundeni ezahlukene, futhi ngaleyo ndlela iqhaza ekuthuthukisweni komnotho wezwe.

Sberbank ukuthenga izibopho kungaba kunoma yiziphi igatsha lawo noma ngokusebenzisa website esemthethweni. Nokho, ochwepheshe batusa ngaphambi kokuthenga uhlole izingcaphuno. Ingqikithi ukutshala izimali ukuthenga njengoba elishibhile ngangokunokwenzeka ukuze adayise ngentengo ephezulu kakhulu. Ukuqalisa izibopho kuphela ngemva kwenkathi ethile isikhathi abayakuzenza ucacise. Kule ndaba, kukhona okungalunga zimali kumele akwazi ukubala inzuzo yemali ebolekwayo. Udaba isibopho eyenziwa Sberbank ngokuvamile eminyakeni 1-5. Nge ukubala kahle umnikazi nithole inzuzo okuqinile.

Kufanele kukhunjulwe ukuthi Savings Bank yisikhungo lapho abangaphezu kuka-50% we dolobha asekelwe nguhulumeni. Njengoba umkhuba ubonisa, inhlokodolobha okungu ziye zanda minyaka yonke. Ngaphezu kwalokho, inani elandayo zemali yokuqhuba ibhizinisi kanye ukubaluleka ezibolekiwe kanye ukubuyiswa kwemali imali. Lokhu, inikeza ukwanda reserve yasebhange evumela izinhlangano ukukhipha nendawo izibopho.

intengo

Izindleko isibopho udaba isethwe ngokuvumelana izici ezimbili. It kuncike umlando Ikhredithi solvency umkhiphi sika. Ukuncishiswa amazinga loan ikhuthaza ukunwetshwa amasayithi yesibili kanye nokuzethemba ukwanda zimali.

Positive umlando Ikhredithi kudala elihle umkhiphi hhayi kuphela, kodwa futhi kunciphisa tindleko ukuhlinzeka loans esikhathini esizayo. Loan Isamba ngokubala pre-sentela sangaphakathi senzuzo (noma ngesikhathi sokukhokha imali) ezivela imali wezimali kusuka izibopho.

Loan njengoba ithuluzi ukuqoqa izimali

Bond udaba ivumela umkhiphi ukuqoka imingcele yayo. Ikakhulukazi, kuba nenkinga ivolumu, zenzalo, imigomo isikhathi sokwelashwa, nokunye. Amabhondi neqhaza ngcono kohlelo zasemizaneni, ukuthuthukiswa isakhiwo okumele zikhokhelwe kanye Receivables we Umkhiphi. Phakathi naleso sikhathi, naphezu izinzuzo ezisobala leli thuluzi ukuqoqa izimali, kufanele sikhumbule ukuthi lolu hlobo isenzo boleko eqinile nakho ngeke kusize izikweletu ngokwanele. Ukukhishwa izibopho, babambimsuka azichaye izingozi ezithile. Okokuqala, zihlotshaniswa bikho cishe impumelelo yawo wonke lo msebenzi. Ngakho-ke, iqiniso mayelana nodaba kwamatayitela akuqinisekisi ukubekwa yabo namagama kuboniswa wezitifiketi.

Loan deku uxhaso

Lokhu indima udaba isibopho ababhekene nazo emazweni asethuthukile mikhulu. Kule minyaka 10 eminyakeni yekhulu lama-20 kuze kube ukukhiqizwa nezibopho ezinjalo kwadingeka ezingaphezu kwesigamu kweBraam-, kanye udaba lamasheya kwaba ngaphakathi 5%. Ngaphambi kokufaka izibopho kucacisiwe ngokuningiliziwe eyanele imisebenzi namalungelo ababambe iqhaza, kufaka abanikazi. Lokhu isidingo kubangelwa ukuntula izenzo zokulawula wezomthetho uhlu oluphelele kakhulu imithetho yamazwe elawula inqubo ukukhiqizwa nokuthengiswa kwazo yokuthengisa. Njengoba esiyinhloko nokukhawulela ubukhulu impahla imi ukubekwa. Izinzuzo leli thuluzi njengoba umthombo ngezimali zihlanganisa:

1. The kungenzeka ukhulisa izimali bezimali ezahlukene. Kungenzeka kuhlanganise amabhange.
2. Ikhono ukuheha abakweletwayo encane. Sibangelwa value elincane izibopho.
3. The kungenzeka wokuba sabele izindleko zokubheka ukubolekisa izindleko zokukhiqiza. Lokhu, kunciphisa inzuzo intela.
4. Kungenzeka ukunweba maturities.
5. Izindleko ezingaphansana kuka nenkinga nokwabelana.
6. Okuphansi ingozi-ethatha. Liqinisekisa ukumbandakanywa amaqembu athile zimali.

Okuhle lokhu ukubekwa amabhizinisi yikhono ukubala isivuno elikhulu izibopho ngesikhathi sokwelashwa. Nokho, le nkampani lungacacisa evumayo zenzalo izinkokhelo ukuheha abatshalizimali kakhulu ngaphezulu. Njengoba isikhashana negative Kuyaphawuleka ematfuba ukubekwa akuphelele ukuhweba eyinhloko. Endabeni funa ongaphakeme kuzokhuphula izinga lwesibopho ezithela. izimo Positive ukukhululwa zidinga ezinye izenzo. Negative, ngokulandelana, kukhawulwe imisebenzi.

izici ezingezinhle

Okungenhla iye yachazwa izinzuzo eziningi udaba isibopho. Kodwa zonke izinto obuhle of lo mshini futhi ine izici ezingezinhle. Phakathi kwabo kuyafaneleka:

1. Ukuba yinkimbinkimbi kwayo inqubo ekushayweni. Ukuze ufaneleke, isihloko, vele ungene ngemvume inkontileka nenhlangano enikeza ke. Impikiswano izibopho kuhilela ekuphetheni izivumelwano ukukhululwa umhleli, ama-depositary, futhi izingxoxo ezinhle nabo isitokwe. Ngaphezu kwalokho, kubalulekile ukuba bahlele futhi ubhalise nemibhalo edingekayo kuyinto elizwakalayo. Ngokwesibonelo, lemininingwane linamakhasi ayisi mayelana 300.
2. Ukungakwazi ukuhlela isikhathi esichithwa. Iqiniso lokuthi le ndaba yokungaziphathi ukwesekwa zomthetho yenqubo eyenziwa umhleli. Unentshisekelo yokuthola izimali umuntu ngeke usithonye le nqubo, ngakho-ke kuphela uhlala ukwamukela iqiniso lokuthi isikhathi esichithwa kungaba ephawulekayo.
3. izindleko ezengeziwe. Endabeni yibhange imali engango okweletayo okhokhela lemali uthishanhloko kanye isithakazelo. Lapho loan isibopho iminikelo wathi niyozenezelelwa izindleko ezengeziwe, ubukhulu okuyinto 2-3% we ubukhulu ekushayweni.

Namanje kubhekwa indlela ukuheha utshalomali kuze kube manje uhlala zithandwa kakhulu. Ngaleli thuluzi, izinkampani eziningi bakwazi ukuqalisa amaphrojekthi yabo. Bond daba, kwezinye izimo, izinzuzo ze-uhulumeni. Kuyasiza ukuqinisekisa replenishment kwesabelo sezimali nokulahlekelwa sakugcina. Ukuthengwa izibopho can njengesakhamuzi futhi esemthethweni. zimali Novice phambi isiphelo sesimiso idili, ochwepheshe batusa ukufunda icebo exchange isitokwe.