Eurobonds - ntoni na? Ngubani ivelisa yaye yintoni efunekayo eurobonds?

Emarikeni lwamaphepha ixesha elide uhlobo olulodwa kwamatyala ekuthiwa eurobonds. Ababoleka phezu kwabo oorhulumente, iinkampani ezinkulu, imibutho yamazwe ngamazwe kunye namanye amaziko ukuba unomdla ekutsaleni izibonelelo zemali ixesha ngokwaneleyo elide kwaye ngexabiso eliphantsi. Okokuqala ngqa, ezi zixhobo zibonakele eYurophu, kwaye wafumana igama edola, ngenxa yokuba namhlanje ukuba ngokufuthi ngokuba "Eurobonds". Luhlobo olunjani bonds, njani na kokukhululwa kwabo yaye yintoni iingenelo abayinika nxaxheba ngamnye kule emarikeni? Iimpendulo zale mibuzo siza kuzama iinkcukacha ngokucacileyo kweli nqaku.

Kombono ezingundoqo iimpawu Eurobonds

Ngamagama alula sinokuthi ukuba bonds ezikhutshwe yelizwe eyahlukileyo ukusuka lwemali yesizwe otyalwayo kunye obolekayo, wazibeka kwangaxeshanye kwiimarike zamazwe ezininzi (ngaphandle kweli lizwe elikhupha). Bona, njengoko umthetho, ukuba imali ixesha elide - ukuya kutsho kwiminyaka engama-40. Kukho Eurobonds elifutshane elide ekhutshwe unyaka okanye emithathu ukuya kwemihlanu, yaye eliphakathi-term - kwisithuba seminyaka elishumi.

Amalungu market edola

Kukho amaziko ezikhethekileyo ukubeka Eurobonds. Yintoni na le sakhiwo? Lo ekuthiwa yamazwe underwriters, ebandakanya amaziko zemali kumazwe awahlukeneyo. Kulo mzekelo, umthetho wesizwe kwimveliso kunye nengeniso zilawulwa ngendlela elinganiselweyo. Kukho kwakhona benkampani (oorhulumente, amaziko amazwe ngamazwe nezesizwe) kunye nabatyali-mali (amaziko zemali - iinkampani ze-inshorensi, imali yomhlalaphantsi, njalo njalo). Bonke abathathi ziyingxenye ye-International Association of nxaxheba imarike eyinkunzi (ICMA) - ngumbutho olawula, ezisekelwe Zurich. Clearstream and Euroclear isetyenziswa elinguvimba kunye neenkqubo evulekile.

Kukho Directive special iKomishoni yaseYurophu Uluntu, enika inkcazelo esemthethweni ngokupheleleyo kwesi sixhobo, ulawula imithetho kunye neenkqubo kwimarike neziphakamiso ezikhutshwayo. Ngokutsho Eurobonds zakhe - lingathengiswa izibambiso ukuba inani lemisebenzi esemqoka:

• imfuneko Kwathi iinkqubo zabo yokuqinisekisa ukubekwa kwazo phakathi ekuthiwa ubuncinane amalungu amabini ziphantsi States ezahlukeneyo;
• isigwebo oluqhutywa imithamo ezinkulu kwiimarike ezininzi (kodwa hayi kwilizwe umnikeli);
• ekuqaleni yathengwa kwiziko ngetyala okanye elinye iziko zemali ezivunyiweyo.

izakhiwo Eurobonds

Eurobonds - uhlobo lwephepha kwaye oko yeempawu abe? Okokuqala, edola ngamnye icwecwana enika mali ilungelo lokufumana inzala kwiqhina ngexesha elithile. Okwesibini, umyinge wenzala inokuba zombini ezinzileyo kunye neguquguqukayo (kuxhomekeka kwiimeko ezahlukeneyo). Okwesithathu, intlawulo inzala lubonelelwe currency eyahlukileyo lowo etsala-mboleko. Oku kubizwa ngokuba ihlelo ezimbini. Ukongezelela, kubalulekile ukwazi inani ezinye iimpawu izibambiso ezinjalo, ezizezi:

• Oku izibambiso zakhe;
• ibekwe ngexesha elinye kwiimarike ezininzi;
• ukuze ixesha elide - ngokuqhelekileyo iminyaka 10-30 ubudala (40 qukwanga);
• lwemali apho ukuboleka, kwaye bezingaqhelekanga sobunyani kunye mali;
• wesiqhelo Ixabiso edola na dollar elingana;
• ukuhlawulwa kwenzala kwi amatikiti ngaphandle kutsalwe irhafu;
• ibekwe Eurobonds isidoda, ekuthiwa kuquka iibhanki, labarhwebi kwaye mveliso notyalo-mali kumazwe aliqela.

Eurobonds - enye yezixhobo zemali linokuthenjwa, kodwa ngenxa yokuba abathengi zabo idla amaziko ezemali afana neenkampani utyalo-mali, imali yomhlalaphantsi, iinkampani ze-inshorensi.

Imbali ukuvela nophuhliso market edola

Ukukhutshwa Eurobonds yi scheme classical yokuhlala kuqala yenziwe eItali ngowama-1963. I Umnikeli yinkampani yokwakha indlela karhulumente Autostrade. Kuye kwathathwa ngeentambo 60,000 kunye nexabiso par of $ 250 nganye. Ngqo ngenxa yokuba Eurobonds ekuqaleni wabonakala eYurophu, nanamhla uninzi umsebenzi wabo lwenziwa kwindawo enye, igama phepha isimaphambili "euro". Namhlanje oko ngakumbi irhafu ukuya nesiko luphawu yokwenene sixhobo.

uphuhliso Active emarike kwenzeka kwi 80s. Ke Eurobonds ezithandwa kakhulu elisesikhundleni. Kamva, kwi 90, baqala "abaxhaphaza" Qaphela Global - iibhondi eliphakathi elide wesiqhelo esikhutshwe kumazwe nokuba (ngokuchasiweyo edola) software. Kwaye onxulumene nokukhula zophuculo lwemarike kunye nokomelezwa ubume olusisiseko mboleki. Ke isabelo sawo edola zizonke zafikelela 60%.

Ekupheleni kwenkulungwane yama-20 kwabonakala kwimarike mboleko bond enkulu, ebizwa ngokuba "jethi". Eurobonds kwamatyala anda, ngoxa kubaboleki ezinkulu ubuso arhente zikarhulumente US kunye namacandelo esizwe anda umdla kule isixhobo zemali. Ukongeza, ngenxa yobunzima lwehlabathi engagqibekanga-mboleko ukuya kurhulumente inani lamazwe e Umzantsi Melika, indima iimbophelelo xa kuthelekiswa ne-mboleko yebhanki landa. Kwakukho ekuthiwa-nkqubo "flight umgangatho" njengoko abatyali bakhetha yotyalo ikhuseleke kakhulu kutyalo eliphezulu-evelisa kunye umngcipheko omkhulu ngokwaneleyo.

Eurobonds namhlanje

Ukuza kuthi ga ngoku, Eurobonds azikho ngaphantsi ngokwemfuno. Eyona njongo ye benkampani abangena imarike - uphendlo kweminye imithombo kwemali (ukongeza elingaphakathi zemveli, ngokukodwa, imali-mboleko yebhanki), kwakunye iyantlukwano-mboleko. Ukongeza, kukho intlaninge yeenzuzo ukuba babe Eurobonds. Yintoni le "iingeniso '? Okokuqala, ukonga iindleko ngenxa umdla eyinkunzi (ukuya kwi-20%). Okwesibini, iintlobo ezimbalwa ezahlukeneyo yezomthetho kunye neemfanelo olwenziwe umsebenzisi. Okwesithathu, akukho ifana miqobo imiyalelo kunye neentlobo ukusetyenziswa kwemali, kunye nezinye bhetyebhetye emarikeni.

Ukukhupha kunye lokuhamba Eurobonds

Kukho iinketho ezahlukene ze nokubekwa Eurobonds, i ixhaphakileyo - an subscription evulekileyo. Kuliwa ngokusebenzisa ekuthiwa of underwriters, kwaye imiba ezidweliswe kwi-stock exchange. Endzhaku ko yingisela Ekuqaleni "uphoswe kude" yi kubathengisi kwi kwimarike zasesekondari, apho zingathengwa efowunini yaye nge-Internet iinkampani zotyalo-mali. Njengalo naluphi na isixhobo utyalo-mali, kufuneka Eurobonds kwemibhalo imveliso yabo, leyo zixhomekeke kwakunye nokufunwa emarikeni. Noko ke, kukho omnye umba ukhetho - umda ukubekwa phakathi iqela elithile abatyali-mali. Kulo mzekelo, izitropu azikho wasebenza kwi sisananelo (hayi zidweliswe).

eurobonds Russian: imeko yangoku

Okokuqala ngqa, ilizwe lethu liye wangena kwimarike edola yamazwe ngamazwe ngo-1996. Imiba lokuqala kwityala olu hlobo bathwalwa phezu kweminyaka 96-97. Ke ilungelo ukubekwa phantsi kweemeko ezithile wafumana izifundo ezimbini Federation - Moscow St Petersburg. Namhlanje i nxaxheba kule yeemalike iinkampani ngobukhulu kweli lizwe, "Gazprom", "Lukoil", "Norilsk Nickel", "Transneft", "Mail Russia", "MTS", "megaphone". Kuye indima ebalulekileyo njengoko eurobonds "Savings Bank", "VTB" yaye "Gazprombank", "Alfa Bank", "Rosbank" kunye nabanye. Kubalulekile ukuqaphela ukuba iinkampani Russian ukufikelela emarikeni edola i ilinganiselwe ngumthetho wesizwe. Ngenxa yoko, iinkampani joint-stock okunokutsalela ngayo inkxaso-mali ngokusebenzisa esi sixhobo kwimali esingadlulanga imali eyinkunzi yayo share. Kukho kwakhona imiqathango kunikezelo Eurobonds angakhuselekanga (akananto ngokuqhelekileyo efunekayo), kunye neminye imiqathango. Fumanisa ukuthembeka benkampani Russian ukuze libe kwi-arhente rating ezikhethekileyo ezifana Moody kaThixo, Standard & Poor kunye nabanye.

Russia ngonyaka ekhoyo phezu kwimarike ityala ngamazwe. Ngaphandle kwento yokuba ilizwe ngokwaneleyo zemithombo yalo mali, njengoko uMphathiswa wezeMali, oku isiganeko esibalulekileyo-sikhokelo-nkqubo mali eRashiya. Ngo-2014, kuhlelwa omnye okanye ukufikelela ezimbini kumazwe angaphandle kunye Eurobonds ngokubhekisele euro, afikelela 7 billion. Dollars (kuthiwa).

Eurobonds Ukrainian: ukuyithenga "ngomlilo"

IRussia inxaxheba kule nkqubo, kungekuphela nje umnikeli, kodwa njengoko i zimali. NgoDisemba kunyaka ophelileyo, eRashiya bathenga Eurobonds Ukrainian ali $ 3 billion., Ukuba umthengi kuphela kulo mba. Nakuba kunjalo, utyalo-mali esinjalo koloko ku kumazwe hayi ngendlela engcono. Ukususela ngoFebruwari, S & P kunye Fitch kulo nyaka liye ngokuphindaphindiweyo kunciphise rating of eurobonds Ukrainian. Kuthetha ntoni oku? Bond rating lifikelele kwinqanaba CCC (pre-okwendalo), ixabiso lemarike liye lehla, yaye amathuba engagqibekanga kubo liye landa. Russia ngexesha elifanayo ingafuna intlawulo yokuqala ematyaleni, kodwa indawo yayo ngalo mba ithambile. Ngenxa iintsingiselo ezingentle kuqoqosho Ukraine, i-Russian Federation akuyi kuba lula ukubonisa ukuba wayengazi malunga amathuba olungagqibekanga, ubungozi apho babhaliswa emibuzo neememo iphepha-200. ukwala Ukraine ukuba enokumelana nezi zibophelelo neziphumo zingambi kakhulu, kuba ilizwe ngokwayo, ezinxulumene ne ngokonakala imbali yekhredithi kwimarike yamazwe ngamazwe, ukubanjwa kwepropati abanini bezibambiso zayo phesheya kunye nokungakwazi ukungena kwimarike ityala ngenxa Eurobonds ixesha elide. Ngoko ke, xa izilangazelelo kumacala omabini isisombululo esihle umbandela ityala iqhina.

isiphelo

Ngenxa yoko, Eurobonds - ezikwaziyo kakhulu, njengoko umthetho, izixhobo investment zexesha elide ukutsala zenkxaso-mali kwimarike eyinkunzi ngamazwe. ukuba Babeke ngokusebenzisa wabazingeli wadala ngokukodwa ezilawulwa ngamaziko supranational. Ezibaluleke kakhulu udlalwa ngomhla kwimarike edola lo, le arhente yokulinganisela ezibonakalisa ukuthembeka izixhobo mali kwilizwe elithile. Namhlanje, iRussia nokuthatha inxaxheba kwimarike yamazwe ngamazwe ka Eurobonds, ukuthetha kuye njengoko umnikeli kunye mali.