{"id":26980,"date":"2023-12-07T03:15:34","date_gmt":"2023-12-07T03:15:34","guid":{"rendered":"https:\/\/masterskills.org\/blog\/thoi-han-cua-trai-phieu-term-bonds-la-gi-phan-loai-va-lich-trinh-thanh-toan.html"},"modified":"2023-12-22T14:39:03","modified_gmt":"2023-12-22T07:39:03","slug":"thoi-han-cua-trai-phieu-term-bonds-la-gi-phan-loai-va-lich-trinh-thanh-toan","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/thoi-han-cua-trai-phieu-term-bonds-la-gi-phan-loai-va-lich-trinh-thanh-toan.html","title":{"rendered":"Th\u1eddi h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu (Term bonds) l\u00e0 g\u00ec? Ph\u00e2n lo\u1ea1i v\u00e0 l\u1ecbch tr\u00ecnh thanh to\u00e1n"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda (Ngu\u1ed3n: static.tapchitaichinh.vn)<\/p>\n<\/div>\n<\/div>\n

Th\u1eddi h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu (Term bonds)<\/font><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

Th\u1eddi h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu<\/b> trong ti\u1ebfng Anh l\u00e0 Term bonds.<\/b><\/p>\n

Th\u1eddi h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu (Term bonds)\u00a0l\u00e0 s\u1ed1 n\u0103m tr\u00e1i phi\u1ebfu l\u01b0u h\u00e0nh tr\u00ean th\u1ecb tr\u01b0\u1eddng, hay s\u1ed1 n\u0103m c\u00f2n l\u1ea1i cho \u0111\u1ebfn tr\u01b0\u1edbc th\u1eddi \u0111i\u1ec3m thanh to\u00e1n ph\u1ea7n v\u1ed1n g\u1ed1c v\u00e0 l\u00e3i k\u00ec cu\u1ed1i.<\/p>\n

Ph\u00e2n lo\u1ea1i v\u00e0 l\u1ecbch tr\u00ecnh thanh to\u00e1n<\/font><\/h2>\n

Th\u1eddi h\u1ea1n \u0111\u01b0\u1ee3c chia th\u00e0nh 3 lo\u1ea1i: Tr\u00e1i phi\u1ebfu ng\u1eafn h\u1ea1n (short-term) (t\u1eeb 1 \u0111\u1ebfn 5 n\u0103m); Tr\u00e1i phi\u1ebfu trung h\u1ea1n (intermediate-term) (t\u1eeb 5 \u0111\u1ebfn 10 n\u0103m); Tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n (long-term) (tr\u00ean 10 n\u0103m tr\u1edf l\u00ean).<\/p>\n

T\u1ea1i M\u1ef9, Ch\u00e2u \u00c2u hay m\u1ed9t s\u1ed1 qu\u1ed1c gia kh\u00e1c, ph\u1ed5 bi\u1ebfn nh\u1ea5t v\u1eabn l\u00e0 lo\u1ea1i tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c thanh to\u00e1n ph\u1ea7n v\u1ed1n g\u1ed1c (t\u01b0\u01a1ng \u1ee9ng m\u1ec7nh gi\u00e1) m\u1ed9t l\u1ea7n khi \u0111\u00e1o h\u1ea1n, tr\u01b0\u1eddng h\u1ee3p n\u00e0y g\u1ecdi l\u00e0 tr\u00e1i phi\u1ebfu c\u00f3 m\u1ed9t k\u00ec h\u1ea1n (a bullet maturity). M\u1ed9t s\u1ed1 c\u00f4ng c\u1ee5 n\u1ee3 kh\u00e1c thanh to\u00e1n ph\u1ea7n v\u1ed1n g\u1ed1c chia \u0111\u1ec1u theo l\u1ecbch tr\u00ecnh h\u00e0ng th\u00e1ng (nh\u01b0 c\u00e1c c\u00f4ng c\u1ee5 ch\u1ee9ng kho\u00e1n h\u00f3a), g\u1ecdi l\u00e0 ch\u1ee9ng kho\u00e1n tr\u1ea3 d\u1ea7n (amortizing securities).<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m tr\u1ea3 d\u1ea7n v\u1ed1n g\u1ed1c c\u0169ng c\u00f3 \u1edf tr\u00e1i phi\u1ebfu n\u1ebfu t\u1ea1i th\u1eddi \u0111i\u1ec3m ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu c\u00f3 \u0111i\u1ec1u kho\u1ea3n v\u1ec1 qu\u0129 ch\u00ecm (a sinking fund provision). V\u00ed d\u1ee5 nh\u01b0 m\u1ed9t s\u1ed1 \u0111\u1ee3t ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu kh\u00f4ng \u0111\u1ea3m b\u1ea3o (debentures) c\u00f3 k\u00e8m theo \u0111i\u1ec1u kho\u1ea3n cho ph\u00e9p ng\u01b0\u1eddi ph\u00e1t h\u00e0nh mua l\u1ea1i m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng x\u00e1c \u0111\u1ecbnh tr\u00e1i phi\u1ebfu m\u1ed7i n\u0103m.\u00a0<\/p>\n

M\u1ee5c \u0111\u00edch c\u1ee7a \u0111i\u1ec1u kho\u1ea3n qu\u0129 ch\u00ecm l\u00e0 nh\u1eb1m gi\u1ea3m r\u1ee7i ro t\u00edn d\u1ee5ng (credit risk) c\u1ee7a tr\u00e1i phi\u1ebfu, v\u00ec nh\u00e0 ph\u00e1t h\u00e0nh ph\u1ea3i thanh to\u00e1n m\u1ed9t kho\u1ea3n v\u1ed1n l\u1edbn (t\u1ed5ng m\u1ec7nh gi\u00e1 tr\u00e1i phi\u1ebfu \u0111\u00e3 ph\u00e1t h\u00e0nh) t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u00e1o h\u1ea1n.<\/p>\n

Tr\u00e1i phi\u1ebfu \u0111\u00e1o h\u1ea1n chu\u1ed7i (serial bonds) l\u00e0 lo\u1ea1i tr\u00e1i phi\u1ebfu c\u00f3 v\u1ed1n g\u1ed1c \u0111\u01b0\u1ee3c chia th\u00e0nh nhi\u1ec1u k\u00ec ho\u00e0n tr\u1ea3. Khi m\u1ed9t tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u00e1o h\u1ea1n chu\u1ed7i, t\u1ec9 l\u1ec7 ho\u00e0n tr\u1ea3 s\u1ebd \u0111\u00e1o h\u1ea1n theo t\u1eebng kho\u1ea3n cho \u0111\u1ebfn khi to\u00e0n b\u1ed9 n\u1ee3 g\u1ed1c \u0111\u01b0\u1ee3c thanh to\u00e1n.\u00a0<\/p>\n

V\u00ed d\u1ee5, tr\u00e1i phi\u1ebfu ph\u00e1t h\u00e0nh 14\/07\/1994, \u0111\u00e1o h\u1ea1n n\u0103m 2015, t\u1ed5ng gi\u00e1 tr\u1ecb ph\u00e1t h\u00e0nh: 2.875.000 USD, l\u00e3i su\u1ea5t cu\u1ed1ng phi\u1ebfu 8,75%, c\u00f3 l\u1ecbch tr\u00ecnh ho\u00e0n tr\u1ea3 ph\u1ea7n v\u1ed1n g\u1ed1c nh\u01b0 sau: b\u1eaft \u0111\u1ea7u t\u1eeb 2004 \u0111\u1ebfn 2015.<\/p>\n

V\u00ed d\u1ee5, b\u1ea3ng l\u1ecbch ho\u00e0n tr\u1ea3 v\u1ed1n g\u1ed1c c\u1ee7a tr\u00e1i phi\u1ebfu<\/p>\n

\n\n\n\n\n\n\n\n\n\n
\u0110\u00e1o h\u1ea1n<\/th>\nT\u1ed5ng s\u1ed1<\/th>\n<\/tr>\n<\/thead>\n
2004<\/td>\n350.000 USD<\/td>\n<\/tr>\n
2008<\/td>\n550.000\u00a0USD<\/td>\n<\/tr>\n
2010<\/td>\n650.000\u00a0USD<\/td>\n<\/tr>\n
2012<\/td>\n650.000\u00a0USD<\/td>\n<\/tr>\n
2015<\/td>\n675.000\u00a0USD<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\u00dd ngh\u0129a<\/b><\/p>\n

Th\u1eddi h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu r\u1ea5t quan tr\u1ecdng, n\u00f3 cho nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ea5y \u0111\u01b0\u1ee3c kho\u1ea3ng th\u1eddi gian h\u1ecd k\u00ec v\u1ecdng \u0111\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n l\u00e3i tr\u00ean tr\u00e1i phi\u1ebfu v\u00e0 bao l\u00e2u n\u1eefa h\u1ecd s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c ph\u1ea7n v\u1ed1n g\u1ed1c n\u1ebfu n\u1eafm gi\u1eef cho \u0111\u1ebfn khi \u0111\u00e1o h\u1ea1n.\u00a0<\/p>\n

Ngo\u00e0i ra, th\u1eddi h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu c\u0169ng quy\u1ebft \u0111\u1ecbnh l\u00e3i su\u1ea5t (yield) c\u1ee7a tr\u00e1i phi\u1ebfu, th\u01b0\u1eddng tr\u00e1i phi\u1ebfu c\u00f3 th\u1eddi h\u1ea1n c\u00e0ng d\u00e0i nh\u00e0 \u0111\u1ea7u t\u01b0 y\u00eau c\u1ea7u l\u00e3i su\u1ea5t ph\u1ea3i c\u00e0ng cao h\u01a1n so v\u1edbi nh\u1eefng tr\u00e1i phi\u1ebfu c\u00f3 th\u1eddi h\u1ea1n ng\u1eafn, m\u1ed1i quan h\u1ec7 gi\u1eefa l\u00e3i su\u1ea5t v\u00e0 th\u1eddi h\u1ea1n \u0111\u01b0\u1ee3c bi\u1ec3u di\u1ec5n b\u1eb1ng \u0111\u01b0\u1eddng cong l\u00e3i su\u1ea5t (yield curve).<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u00e0 c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh, NXB Kinh t\u1ebf Th\u00e0nh ph\u1ed1 H\u1ed3 Ch\u00ed Minh)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Th\u1eddi h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu (ti\u1ebfng Anh: Term bonds) r\u1ea5t quan tr\u1ecdng, n\u00f3 cho nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ea5y \u0111\u01b0\u1ee3c kho\u1ea3ng th\u1eddi gian h\u1ecd k\u00ec v\u1ecdng \u0111\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n l\u00e3i tr\u00ean tr\u00e1i phi\u1ebfu v\u00e0 bao l\u00e2u n\u1eefa h\u1ecd s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c ph\u1ea7n v\u1ed1n g\u1ed1c n\u1ebfu n\u1eafm gi\u1eef cho \u0111\u1ebfn khi \u0111\u00e1o h\u1ea1n.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[414],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/26980"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=26980"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/26980\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=26980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=26980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=26980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}