Eurobonds - he aha te mea te reira? Ko wai hua me te mea e hiahiatia ana te eurobonds?

I roto i te mākete o te peeke wā roa-ko te momo motuhake o te nama i huaina eurobonds. Kaitono i runga i a ratou ko nga kāwanatanga, corporations nui, ngā rōpū o te ao, me etahi atu whare e te hunga hiahia i roto i te kukume rauemi pūtea hoki o te wā, he wā ka makona roa me i te utu i raro. Hoki te wa tuatahi, kua puta enei taputapu i roto i Europe, a riro te ingoa o eurobond, e tika ana ki nei i tenei ra e tino maha i huaina ratou "Eurobonds". He aha te momo o here, pehea ko to ratou tuku, me te aha painga hoatu ratou ki ia kaiuru o tenei mākete? Ko te whakautu ki ēnei pātai e tamata tatou ki taipitopito me te āta whakatutuki i roto i te tuhinga.

Ko te ariā me te taketake āhuatanga o Eurobonds

I roto i te mau parau ohie e nehenehe ia tatou te mea e tukuna ai here i roto i te moni rerekē i te moni motu o te moni, me te nama, ka whakanohoia tukutahi i runga i nga mākete o te maha whenua (ki te haunga o te whenua tuku). Ko ratou, rite ki te tikanga, ki te whakaara moni mo te wā roa - ki runga ki te 40 tau. He Eurobonds wā-poto tukuna he tau e toru ranei ki rima, me wā-reo - he wā o kotahi tekau nga tau.

Te mau melo o te mākete Eurobond

He pūtahi motuhake ki te tuu Eurobonds. He aha te mea tenei hanganga? Ko te rōpū ā-ao o Underwriters, e ngā pūtahi pūtea o whenua ngā tenei. I roto i tenei take, kua whakaritea te ture motu o ratou production me te rerekē haere i roto i te iti tikanga. He hoki kaituku (kāwanatanga, ngā hanganga te ao me te motu), me pūtea (pūtahi pūtea - kamupene inihua, moni penihana, me ētahi atu). kaiuru katoa he wahi o te International Association o ngā kaiuru mākete whakapaipai (ICMA) - he whakahaere whaiaro-ture, e hāngai ana i roto i Zurich. Clearstream ko Euroclear whakamahia rite te nehua me ngā pūnaha mahinga.

He he he arata'iraa motuhake Komihana o te Pākehā Communities, e whakarato ana whakamāramatanga ture tonu o tenei mea, faatere i te ture me ngā whakahaere mō ēnei mō te mākete tono pira. E ai ki a ia Eurobonds - kua hoko peeke he maha o ngā āhuatanga:

• te hiahia ki te haere ratou ngā tukanga underwriting me ratou whakanohonga i roto i te rōpū i te iti rawa e rua ngā mema o e no ki rerekē States;
• kawea ratou rerenga i roto i roto i ngā pukapuka nui i runga i ngā mākete maha (engari i roto i te whenua o te kaituku kore);
• hokona tuatahi i te whare nama atu whare pūtea whakaaetia ranei.

āhuatanga Eurobonds

Eurobonds - he aha te ahua o te pepa, me te aha nga āhuatanga āhuatanga i ratou? Tuatahi, ia eurobond he coupon e homai te investor te tika ki te riro moni runga te here i te tetahi wa. Tuarua, kia rua pūmau me te ana'iraa (i runga i ngā āhuatanga rānei) te auau o te moni. Tuatoru, kia kia whakaratohia te utu o te moni i roto i te moni rerekē i te tetahi e rata ana te taurewa. huaina ana tēnei ko te hāhi rua. I tua atu, he mea nui ki te mohio te tokomaha o te tahi atu āhuatanga pērā peeke, ara:

• Tenei peeke kaimau;
• whakanohoia wā kotahi i roto i te maha o hokohoko;
• e wātea ana hoki te wa roa - te nuinga o 10-30 tau o tau (40 urutomo);
• moni i roto i nei ki te taonga tarewa, me he ke ki te kaituku me te investor;
• uara ränei eurobond he tāra ōrite;
• utu o te moni i runga i nga tīkitipati i hanga kahore taua ruritanga o pupirikana;
• Eurobonds whakanohoia tukunga rōpū, e ngā pareparenga, hokohoko, me ngā umanga haumi i roto i te maha o nga whenua.

Eurobonds - tetahi o te tino pono mea pūtea, engari no te mea he te nuinga o ratou kiritaki pūtahi pūtea pērā kamupene haumi, moni penihana, kamupene rīanga.

Ko te hītori o te putanga me te whanaketanga o te mākete Eurobond

Take o Eurobonds i te kaupapa puāwaitanga o te noho i te tuatahi kawea atu i roto i Itari i te tau 1963. Ko te Kaituku Ko te āhua kamupene huarahi hanga Autostrade. I tangohia te reira e 60,000 here ki uara par a $ 250 ia. Ïa no te mea tuatahi ka puta Eurobonds i Europe, a ki tenei ra kawea te nuinga o ratou hokohoko i roto i te wahi kotahi, e te kuhimua "ūropi" te ingoa pepa. I teie mahana, ko reira atu he takoha ki te iho atu i te huru mau o te mea.

ka mau te whanaketanga Active o te mākete wahi i roto i te 80. Na Eurobonds rawa rongonui kaimau. I muri mai, i roto i te 90, ka anga ratou ki te "kapokapohia" Note Global - wā-reo iti here tukuna e whenua whakawhanakehia me he (rite te ātete ki te Eurobond) pūmanawa. I hono te reira ki te tupu o te pūmatuatanga mākete me te whakapakari o te mana taketake o te nama. Na ka tae to ratou wahi i roto i te Eurobond katoa 60%.

I te mutunga o te rau tau 20 ka puta i te reira i runga i te mākete loans here nui, i huaina "waka ruarangi". Eurobonds tere nui haere, i nui haere nga kaitono e nui i roto i te mata o US ngā pokapū kāwanatanga me hinonga motu moni i roto i tenei mea pūtea. I tua atu, e tika ana ki te raruraru ao, me te taunoa i runga i loans ki te kāwanatanga, nui haere te maha o nga whenua i roto i Amerika ki te Tonga i te tūranga o here i roto i te rite ki te pēke loans. He ko pera-ka karanga te tukanga o "rere ki te kounga" rite pūtea hiahia haumi haumaru atu haumi teitei-whai ki te mōrea makona nui.

Eurobonds tenei ra

Ki te rā, kei kore iti i roto i tono Eurobonds. Ko te whāinga matua o kaituku tomo te mākete - te rapu mō puna o pūtea kē (i roto i te tua ki roto tuku iho, i roto i ngā, pareparenga loans), kia rite ki te pai kia rite ki te whänui o te taurewa. I tua atu, i reira e he maha o ngā painga e whai Eurobonds. He aha e enei "hua"? Tuatahi, penapena e tika ki te kukume whakapaipai (ki runga, ki te 20%) te utu. Tuarua, iti momo rerekē o i ngā ture me herenga whakahaeretia e te kaituku. A toru, i reira e ngā kahore here i runga i tohutohu me ngā puka o te whakamahi o moni, me ētahi atu ngäwari mākete.

Putanga me te tohanga o Eurobonds

He kōwhiringa ngā mō te whakanohonga o Eurobonds, te tino noa - he ohaurunga tuwhera. Kei te kawea te reira i roto i roto i te rōpū o Underwriters, me nga take e whakarārangitia i runga i te utu kararehe. I muri i te hoko tuatahi e "maka atu" e kaihoko i runga i te mākete tuarua, te wahi e taea te hokona ratou i runga i te waea me te mā te Internet i te kamupene haumi. Ka rite ki tetahi taputapu haumi, kua Eurobonds korukī me ratou e tukua, e whakawhirinaki i runga i supply me te tono i roto i te mākete. Heoi, i reira te mea tetahi take kōwhiringa - iti whakanohonga i roto i te rōpū motuhake o pūtea. I roto i tenei take, e kore e nga here hoko i runga i te utu (e kore e whakarārangitia).

eurobonds Russian: te āhuatanga o nāianei

Hoki te wa tuatahi, kua tomo to matou whenua i te mākete Eurobond te ao i roto i te 1996. kawea te take tuatahi o te nama o tenei momo i roto i runga i 96-97 tau. Katahi whakatika te tika o to ratou whakanohonga i raro i etahi tikanga e rua kaupapa o Kotahitanga - Moscow ko St Petersburg. I teie mahana te whai wāhi o tenei mākete he corporations nui rawa te whenua a, "Gazprom", "Lukoil", "Norilsk Konukōreko", "Transneft", "Mail o Russia", "WhM", "Megaphone". He he wāhi nui rite eurobonds "Tiaki Bank", "VTB" me "Gazprombank", "Alfa Bank", "Rosbank" me etahi atu. He mea nui ki te mōhio e kamupene Russian te uru ki te mākete Eurobond e iti e te ture-motu. Ko te kupu, Ka taea e te kamupene tahi-take kukume pūtea i roto i tenei mea i roto i te moni e kore e nui rawa te nui o tona whakapaipai hea. He hoki here ki runga ki te issuance o Eurobonds tarewa (whakakapi te tikanga e hiahiatia ana), me ētahi atu tikanga. Kimihia atu te tika o kaituku Russian kia rite ai ki te pokapū whakatauranga motuhake pērā i Moody a, Paerewa & Poor o me ētahi atu.

Russia ia tau hakari i runga i te mākete nama ao. Ahakoa te meka e te whenua he nui o ona ake puna o pūtea, rite ki te Minita o Pūtea, ko te hui nui i roto i te anga o te kaupapa here pūtea a Russia tenei. I roto i 2014, i te whakaritea tetahi ranei e rua uru ki ngā mākete ke ki Eurobonds i roto i tara me euros, tapeke 7 piriona. Tara (whakapae).

Eurobonds Ukrainian: hoko me "tahu"

whai wāhi Russia te i roto i tenei pūnaha, rite te kaituku kore anake, engari ano hoki i rite te investor. I roto i te Hakihea whakamutunga tau, hokona Russia Eurobonds Ukrainian tapeke $ 3 piriona., Hoko anake te kaihoko o tenei take. Heoi, kia tahuri te haumi taua i ki whenua kore i roto i te ara pai. Mai February, S & P me Fitch kua toutou tuku iho i tenei tau te whakatauranga o eurobonds Ukrainian. He aha te tikanga o tenei? Kua tae Bond whakatauranga te taumata o CCC (mua-taunoa), kua heke te uara o te mākete, me kua nui haere te tūponotanga o te taunoa ki runga ki a ratou. Russia i te wa ano kia rapua e utu wawe a nama, engari tona tūranga i runga i tenei take he ngoikore. Nā ki te ngā kino i roto i te ōhanga o Ukraine, e kore e te Russian Federation kia ngāwari ki te whakamatau i te mea kahore he whakaaro e pā ana ki te taea o taunoa, te mōrea o i i rēhita i roto i te tohu ai 200-whārangi. kore o Ukraine ki te whakatau i te mau titauraa i te mau hopearaa rawa kino mo te whenua ano, e pā ana ki te ino o te hītori nama i roto i te mākete o te ao, te hopu o te taonga kau ma'u o ona peeke ki waho me te ngoikore ki te tomo i te mākete nama mo te Eurobonds wa roa. Na reira, i roto i nga ngākau nuitanga o ngā taha e rua o te taumira pai o te take o te nama here.

mutunga

Ko te kupu, Eurobonds - he tino pakari, rite ki te tikanga, ki te taputapu haumi wā roa-kukume pūtea i runga i te mākete whakapaipai ao. E whakanohoia ana e ratou i roto i te ohu rawa hanga me e faaterehia e te hinonga Supranational. O te whakatangihanga faufaa nui i runga i te mākete Eurobond, nga pokapū whakatauranga e whakatau i te tika o nga mea pūtea o te whenua ngā. I teie mahana, Russia ko he wāhi kaha i roto i te mākete o te ao o Eurobonds, korero ki a ia rite te kaituku me te investor.