IzimaliUtshalomali

Eurobonds - kuyini? Bani khiqiza nalokho okudingekayo eurobonds?

Ezimakethe eside izibambiso uhlobo olukhethekile izikweletu ngokuthi eurobonds. Ababoleka imali kubo kukhona ohulumeni, izinkampane ezinkulu, kunhlanganiso zamazwe omhlaba kanye namanye izikhungo ukuthi unesithakazelo edonsa imithombo yezimali isikhathi ngokwanele eside kanye at izindleko aphansi. Ngokokuqala ngqá, la mathuluzi avele e-Europe, futhi wathola igama eurobond, ngenxa okuyinto namuhla avame ngempela ngokuthi "Eurobonds". Hlobo luni izibopho, kwenzeka kanjani ukukhululwa kwabo nokuthi yini izinzuzo abayinika umuntu ngamunye owayekhona yalesi emakethe? Izimpendulo zale mibuzo sizozama ngokuningiliziwe futhi ziqondiswe ngokucacile esihlokweni.

Umqondo futhi eziyisisekelo izici Eurobonds

Ngamagama alula singasho ukuthi izibopho ekhishwe esihlukile lwemali kazwelonke we ayemkweleta futhi lo muntu obolekayo, futhi ibekwe kanyekanye ezimakethe bamazwe amaningana (ngaphandle yezwe elikhiphe). Ababona, njengoba umthetho, ukukhulisa imali isikhathi eside - kuze kufinyelele eminyakeni 40. Kukhona short-term Eurobonds ekhishwe ngonyaka noma emithathu kuya kwemihlanu, kanye medium-term - a nenkathi yeminyaka eyishumi.

Amalungu Eurobond emakethe

Kukhona izikhungo ekhethekile ukubeka Eurobonds. Kuyini lolu gange na? Lena sigejana wezizwe bomshuwalense, okubandakanya izikhungo zezimali zamazwe ahlukahlukene. Kulokhu, noMthetho kaZwelonke of umkhiqizo wabo kanye inzuzo ihanjiswa ngendlela elinganiselwe. Kukhona futhi issuers (ohulumeni, izakhiwo ngamazwe nezikazwelonke) kanye zimali (izikhungo zezimali - izinkampani zomshuwalense, izimali zempesheni, njll). Bonke ababambiqhaza bayingxenye-International Association of abahlanganyeli capital emakethe (ICMA) - inhlangano self eziqondisayo, ezinze Zurich. Clearstream futhi Euroclear lisetshenziswa njengedivaysi Depository futhi evulekile izinhlelo.

Kukhona ekhethekile Directive iKhomishana European Imiphakathi, esinikela definition ngokugcwele ukuvunyelwa ngokomthetho lo mshini, olawula imithetho nezinqubo iziphakamiso kwekhabhoni emakethe. Ngokusho Eurobonds wakhe - lwamasheya luzokwenziwa izibambiso kokuba inombolo yezici:

  • isidingo ukudlula izinqubo zabo underwriting nokubekwa yabo ngokusebenzisa sigejana amalungu okungenani ezimbili okungokwendlela States ezahlukene;
  • isigwebo sazo wenziwa omningi ezimakethe amaningi (kodwa hhayi ezweni umkhiphi);
  • ekuqaleni uthenge yinhlangano yekhredithi noma olunye evunyiwe isikhungo sezezimali.

izakhiwo Eurobonds

Eurobonds - onjani iphepha futhi yini izici isici abanakho? Okokuqala, eurobond ngamunye has a isigqebhezana esinika zimali ilungelo ukuthola inzalo izibopho ngesikhathi esithile. Okwesibili, izinga isithakazelo kungenzeka kokubili engaguquki kanye variable (kuncike ezicini ezihlukahlukene). Okwesithathu, ukukhokha inzalo ungase unikezwe esihlukile kulowo edonsela loan. Lokhu kubizwa ngokuthi ihlelo ezimbili. Ngaphezu kwalokho, kubalulekile ukwazi isibalo nezinye izici zibambiso, okuyilezi:

  • Lokhu izibambiso lwezikhali;
  • ibekwe kanyekanye ezimakethe eziningana;
  • etholakalayo isikhathi eside - ngokuvamile iminyaka ayi-10-30 ubudala (40 okufakayo);
  • lwemali lapho ukuboleka, futhi angaphandle wezitifiketi kanye zimali;
  • okuzisholo ukubaluleka eurobond has dollar okulingana;
  • ukukhokha inzalo amakhuphoni elingenziwe kokubanjwa kwanoma intela;
  • Eurobonds ibekwe ekushayweni sigejana, okubandakanya amabhange, Brokerage kanye namafemu nokutshalwa kwezimali emazweni amaningana.

Eurobonds - omunye amathuluzi enokwethenjelwa kakhulu ngokwezimali, kodwa ngoba amakhasimende abo ngokuvamile izikhungo zezimali ezifana nezinkampani utshalomali, izimali zempesheni, izinkampani zomshuwalense.

Umlando ukuvela nokuthuthukiswa Eurobond emakethe

Impikiswano Eurobonds ngu isikimu zasendulo yokuhlala yaqale eyenziwa e-Italy ngo-1963. I Umkhiphi iyinkampani isimo ukwakhiwa komgwaqo Autostrade. It sathathwa 60,000 izibopho enenani par of $ 250 ngamunye. Yingenxa Eurobonds lalivela e-Europe, futhi kuze kube namuhla, kuyacaca ukuthi amaningi umsebenzi wabo wezandla wenziwa endaweni efanayo, igama iphepha has isiqalo "euro". Namuhla kuba a intela nesiko kunokuhlobana isici wangempela insimbi.

ukuthuthukiswa okusebenzayo emakethe esenzeka 80s. Khona-ke Eurobonds ezidumile ikakhulukazi lwezikhali. Kamuva, ngo-90s, baqala "ukuhlukumeza" Qaphela Global - esimaphakathi izibopho okuzisholo esikhishwe amazwe athuthukile nokuba (njengoba kuqhathaniswa Eurobond) isofthiwe. Kwakuhlangene ukukhula emakethe ofeleba kanye nokuqinisa isimo eziyisisekelo umboleki. Khona-ke sabo Eurobond Imininingwane safinyelela 60%.

Ekupheleni kwekhulu lama-20-ke bavele emakethe ukubolekisa ezinkulu isibopho, ngokuthi "jumbo". Zezimali Eurobonds yanda, kuyilapho ababoleka enkulu lapho sibhekene US ejensi kahulumeni kanye nezinhlangano zikazwelonke, kwakhulisa isithakazelo kule instrument yezimali. Ngaphezu kwalokho, ngenxa inhlekelele yembulunga yonke futhi okuzenzakalelayo on loans kuhulumeni emazweni amaningana e-Ningizimu Melika, indima izibopho uma ziqhathaniswa loans yasebhange anda. Kube inqubo okuthiwa "ukubalekela izinga" njengoba abatshalizimali uncamela utshalomali ephephile kuka ukutshalwa ephakeme ukuhoxa nengozi ngokwanele sina.

Eurobonds namuhla

Kuze kube manje, Eurobonds akuzona esingaphansi funa. Injongo eyinhloko yawo issuers abasathomako - yokusesha kweminye imithombo yemali (ngaphezu ingaphakathi lwendzabuko, ikakhulu, ukubolekisa asebhange), kanye nezinhlobo ezahlukahlukene zokwenziwa imalimboleko. Ngaphezu kwalokho, kukhona eziningi eziwusizo ukuthi babe Eurobonds. Ziyini lezi "inzuzo"? Okokuqala, izindleko imali ngenxa edonsa dolobha (kufika ku-20%). Okwesibili, izinhlobo ezimbalwa ezahlukene okusemthethweni futhi nezibopho zomthetho ngofaka wezitifiketi. Okwesithathu, kukhona cishe ayikho imikhawulo ku-ndlela futhi izinhlobo ukusetshenziswa kwezimali, kanye nezinye Ukuzivumelanisa nezimo emakethe.

Inkinga balo nokusakazwa kwalo Eurobonds

Zikhona ongakhetha ahlukahlukene nokubekwa Eurobonds, ezivame kakhulu - ekubhaliseni evulekile. It Kwenziwa ngokusebenzisa sigejana a ka bomshuwalense, futhi le mpikiswano ohlwini phezu exchange isitokwe. Ngemva ukudayiswa kokuqala "siphonswa kude" by wabenza ku emakethe yesibili, lapho angathengwa ngocingo futhi nge-inthanethi izinkampani utshalomali. Njenganoma yimuphi ithuluzi utshalomali, babe Eurobonds izingcaphuno kanye isivuno sabo, okuyinto incike kwaneliswe isidingo emakethe. Nokho, kukhona esinye nkinga inketho - kungagcini ukubekwa phakathi eqenjini elithile zimali. Kulokhu, izibopho kungukuthi adayiswa ku-exchange (kungukuthi efakwe).

eurobonds Russian: isimo samanje

Ngokokuqala ngqá, izwe lethu wangena Eurobond ezimakethe zomhlaba jikelele ngo-1996. Kunyatheliswa omagazini bokuqala esikweletini lolu hlobo Kwakuseshwa engaphezu kwengu-96-97. Khona-ke ilungelo ukubekwa yabo ngaphansi kwezimo ezithile ithole izifundo ezimbili umfelandawonye - eMoscow Petersburg. Namuhla kubahlanganyeli lokhu emakethe kukhona izinkampani ngobukhulu kuleli, "Gazprom", "Lukoil", "Norilsk Nickel", "Transneft", "Imeyili Russia", "MTS", "megaphone". It has a indima ebalulekile njengoba eurobonds "Savings Bank", "VTB" futhi "Gazprombank", "Alfa Bank", "Rosbank" nabanye. Kubalulekile wazi ukuthi izinkampani Russian ukufinyelela emakethe Eurobond kukhawulwe ngumthetho kazwelonke. Ngakho, izinkampani okuhlangene isitokwe okungadonsela uxhaso ngokusebenzisa izinkandi lemali engeqile enanini share yayo dolobha. Kukhona futhi imikhawulo Ukukhishwa Eurobonds okungaphephile (eseduze ngokuvamile kudingeka), kanye neminye imithetho. Thola ukuthembeka issuers Russian kungenzeka ngokuvumelana ezikhethekile ejensi yokulinganisela ezifana uMoody, Standard & Kubi nabanye.

Russia ngonyaka khona izikweletu ezimakethe zomhlaba jikelele. Naphezu kweqiniso lokuthi leli lizwe linazo ngokwanele emithonjeni ayo kwezimali, ngokuvumelana noNgqongqoshe wezeziMali, lena isenzakalo esibalulekile ngohlaka lwenqubomgomo isabelomali waseRussia. Ngo-2014, kuhlelwe elilodwa noma amabili ukufinyelela ezimakethe benezinto Eurobonds kumadola kanye euro, engamaphesenti 7 bhiliyoni. Dollars (okusolwa).

Eurobonds Ukraine: ukuthenga futhi "zisishise"

Russia ehilelekile kulesi simiso, hhayi kuphela njengoMhlengi umkhiphi, kodwa futhi njengoba i zimali. Ngo-December ngonyaka odlule, i-Russia wathenga Eurobonds Ukrainian engamaphesenti $ 3 billion., Ukuba kuphela umthengi lalo magazini. Nokho, investimenti abanjalo bangase ethubeni lokuba amazwe hhayi indlela engcono kakhulu. Kusukela ngoFebhuwari ngowe-, S & P futhi Fitch kulo nyaka liye ehliselwa emanzini ngokuphindaphindiwe sohlelo eurobonds Ukraine. Kusho ukuthini lokhu? Isilinganiso Bond ifinyelele ezingeni CCC (pre-okuzenzakalelayo), ukubaluleka emakethe elinciphile, futhi ematfuba ezenzakalelayo kubo liye lenyuka. Russia ngesikhathi esisodwa kungadinga buyiselo zakuqala ezikweletini, kodwa indawo ngalolu daba ibuthakathaka. Ngenxa imikhuba emibi emnothweni Ukraine, Russian Federation ngeke kube lula futhi ebonisa ngezingcaphuno ukuthi ngangingazi mayelana amathuba okuzenzakalelayo, ingozi lapho babhaliswa uHulumeni lemininingwane enamakhasi angu-200. ukwenqaba Ukraine ukuhlangabezana nezibopho ube nemiphumela ebuhlungu kakhulu kuleli ngokwayo, elihlobene ne Ukuwohloka Umlando wokukhokha kwemali ezimakethe zamazwe omhlaba, ukuboshwa impahla abanikazi kwamatayitela yayo phesheya nokungakwazi bakwazi ukungena kwimakethe yokuphehla isikweleti esithile eside isikhathi Eurobonds. Ngakho-ke, ukuze bakhonze izithakazelo zombili nokulungiswa omuhle mayelana nodaba yesikweletu isibopho.

isiphetho

Ngakho, Eurobonds - negalelo kakhulu, njengoba umthetho, amathuluzi isikhathi eside kodwa ezuzisayo ukuheha uxhaso ku-dolobha ezimakethe zomhlaba jikelele. Basuke ezibekwe ngokusebenzisa emtsetfweni wadala ngokukhethekile enganyelwe izinhlangano supranational. Lokubaluleke kakhulu udlalwa emakethe Eurobond, ejensi isilinganiso ukuthi ukucacisa ukuthembeka zomculo zezimali ezweni elithile. Namuhla, eRussia ngokuzimisela ezimakethe zomhlaba jikelele we Eurobonds, ukukhuluma kuye njengoba umkhiphi kanye zimali.

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