{"id":29728,"date":"2023-12-07T08:37:26","date_gmt":"2023-12-07T08:37:26","guid":{"rendered":"https:\/\/masterskills.org\/blog\/lai-coupon-binh-quan-gia-quyen-weighted-average-coupon-wac-la-gi-dac-diem.html"},"modified":"2023-12-23T06:10:22","modified_gmt":"2023-12-22T23:10:22","slug":"lai-coupon-binh-quan-gia-quyen-weighted-average-coupon-wac-la-gi-dac-diem","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/lai-coupon-binh-quan-gia-quyen-weighted-average-coupon-wac-la-gi-dac-diem.html","title":{"rendered":"L\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n (Weighted Average Coupon – WAC) l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: ThinkNewFound<\/p>\n<\/figcaption><\/figure>\n

L\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n<\/font><\/h2>\n

Kha\u0301i ni\u00ea\u0323m<\/b><\/p>\n

L\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n <\/b>trong ti\u00ea\u0301ng Anh la\u0300 Weighted Average Coupon – WAC.<\/b><\/p>\n

L\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n (WAC)<\/b> l\u00e0 th\u01b0\u1edbc \u0111o t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n\u00a0c\u1ee7a m\u1ed9t nh\u00f3m c\u00e1c kho\u1ea3n th\u1ebf ch\u1ea5p \u0111\u01b0\u1ee3c b\u00e1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u01b0\u1edbi d\u1ea1ng\u00a0ch\u1ee9ng kho\u00e1n b\u1ea3o \u0111\u1ea3m b\u1eb1ng th\u1ebf ch\u1ea5p\u00a0(MBS).\u00a0<\/p>\n

C\u00e1c kho\u1ea3n th\u1ebf ch\u1ea5p c\u01a1 s\u1edf th\u01b0\u1eddng \u0111\u01b0\u1ee3c ho\u00e0n tr\u1ea3 \u1edf c\u00e1c th\u1eddi h\u1ea1n vay kh\u00e1c nhau, do \u0111\u00f3, gi\u00e1\u00a0 tr\u1ecb WAC t\u1ea1i th\u1eddi \u0111i\u1ec3m ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n n\u1ee3 c\u00f3 th\u1ec3 kh\u00e1c v\u1edbi gi\u00e1 tr\u1ecb WAC sau \u0111\u00f3.\u00a0<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m L\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n\u00a0<\/font><\/h3>\n

C\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u1eddng xuy\u00ean b\u00e1n c\u00e1c kho\u1ea3n th\u1ebf ch\u1ea5p m\u00e0 h\u1ecd ph\u00e1t h\u00e0nh tr\u00ean m\u1ed9t th\u1ecb tr\u01b0\u1eddng th\u1ebf ch\u1ea5p th\u1ee9 c\u1ea5p. Ng\u01b0\u1eddi mua l\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c nh\u01b0 c\u00e1c\u00a0qu\u0129 ph\u00f2ng h\u1ed9\u00a0v\u00e0 ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n

Nh\u1eefng ng\u01b0\u1eddi mua n\u00e0y nh\u00f3m c\u00e1c kho\u1ea3n th\u1ebf ch\u1ea5p th\u00e0nh c\u00e1c lo\u1ea1i ch\u1ee9ng kho\u00e1n c\u00f3 th\u1ec3 b\u00e1n \u0111\u01b0\u1ee3c cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edf, d\u01b0\u1edbi d\u1ea1ng\u00a0ch\u1ee9ng kho\u00e1n \u0111\u1ea3m b\u1ea3o b\u1eb1ng th\u1ebf ch\u1ea5p\u00a0(MBS). \u00a0 \u00a0 \u00a0<\/p>\n

Trong t\u00ednh to\u00e1n l\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n, s\u1ed1 d\u01b0 g\u1ed1c c\u1ee7a m\u1ed7i kho\u1ea3n th\u1ebf ch\u1ea5p s\u1ebd \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u00e0m t\u1ec9 tr\u1ecdng c\u1ee7a kho\u1ea3n th\u1ebf ch\u1ea5p \u0111\u00f3.<\/p>\n

Ch\u1ee7 s\u1edf h\u1eefu MBS s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c c\u00e1c kho\u1ea3n thanh to\u00e1n l\u00e3i hay ti\u1ec1n l\u00e3i\u00a0coupon\u00a0\u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng m\u1ee9c b\u00ecnh qu\u00e2n gia quy\u1ec1n l\u00e3i coupon c\u01a1 s\u1edf c\u1ee7a c\u00e1c kho\u1ea3n vay th\u1ebf ch\u1ea5p \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o cho MBS. Hay s\u1ebd nh\u1eadn l\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n <\/b>c\u1ee7a nh\u00f3m t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o b\u1eb1ng th\u1ebf ch\u1ea5p.<\/p>\n

T\u00ednh to\u00e1n L\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n \u00a0\u00a0<\/font><\/h3>\n

L\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n (WAC)<\/b> \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch l\u1ea5y t\u1ed5ng l\u00e3i su\u1ea5t c\u1ee7a c\u00e1c kho\u1ea3n th\u1ebf ch\u1ea5p c\u01a1 s\u1edf c\u1ee7a MBS, sau \u0111\u00f3 t\u00ednh tr\u1ecdng s\u1ed1 theo t\u1ec9 l\u1ec7 m\u00e0 m\u1ed7i kho\u1ea3n th\u1ebf ch\u1ea5p \u0111\u1ea1i di\u1ec7n. \u00a0\u00a0<\/p>\n

L\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n (WAC) \u0111\u1ea1i di\u1ec7n cho t\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t trung b\u00ecnh c\u1ee7a c\u00e1c nh\u00f3m th\u1ebf ch\u1ea5p kh\u00e1c nhau v\u1edbi l\u00e3i su\u1ea5t kh\u00e1c nhau. \u00a0\u00a0<\/i><\/p>\n

\u0110\u1ec3 t\u00ednh l\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n, l\u00e3i su\u1ea5t c\u1ee7a m\u1ed7i kho\u1ea3n th\u1ebf ch\u1ea5p ho\u1eb7c MBS s\u1ebd \u0111\u01b0\u1ee3c nh\u00e2n v\u1edbi\u00a0s\u1ed1 d\u01b0 g\u1ed1c\u00a0c\u00f2n l\u1ea1i c\u1ee7a n\u00f3, c\u1ed9ng c\u00e1c k\u1ebft qu\u1ea3 l\u1ea1i v\u1edbi nhau sau \u0111\u00f3 chia cho t\u1ed5ng s\u1ed1 d\u01b0 g\u1ed1c c\u00f2n l\u1ea1i. \u00a0\u00a0<\/p>\n

M\u1ed9t c\u00e1ch kh\u00e1c \u0111\u1ec3 t\u00ednh l\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n l\u00e0 l\u1ea5y tr\u1ecdng s\u1ed1 c\u1ee7a t\u1eebng nh\u00f3m th\u1ebf ch\u1ea5p, nh\u00e2n v\u1edbi t\u1ec9 l\u1ec7 coupon t\u01b0\u01a1ng \u1ee9ng sau \u0111\u00f3 c\u1ed9ng l\u1ea1i \u0111\u1ec3 thu \u0111\u01b0\u1ee3c WAC.\u00a0<\/p>\n

V\u00ed d\u1ee5 v\u1ec1 t\u00ednh to\u00e1n L\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n\u00a0<\/font><\/h3>\n

Gi\u1ea3 s\u1eed m\u1ed9t MBS bao g\u1ed3m 3 nh\u00f3m th\u1ebf ch\u1ea5p kh\u00e1c nhau v\u1edbi s\u1ed1 d\u01b0 n\u1ee3 g\u1ed1c l\u00e0 11 tri\u1ec7u USD.\u00a0 <\/p>\n

– Nh\u00f3m th\u1ebf ch\u1ea5p \u0111\u1ea7u ti\u00ean, hay\u00a0\u0111\u1ee3t th\u1ebf ch\u1ea5p th\u1ee9 nh\u1ea5t, bao g\u1ed3m c\u00e1c kho\u1ea3n th\u1ebf ch\u1ea5p tr\u1ecb gi\u00e1 4 tri\u1ec7u USD c\u00f3 l\u00e3i su\u1ea5t 7,5%.<\/p>\n

– Nh\u00f3m th\u1ee9 hai c\u00f3 s\u1ed1 d\u01b0 n\u1ee3 th\u1ebf ch\u1ea5p l\u00e0 5 tri\u1ec7u USD v\u1edbi t\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t l\u00e0 5%.\u00a0<\/p>\n

– Nh\u00f3m th\u1ee9 ba c\u00f3 kho\u1ea3n th\u1ebf ch\u1ea5p tr\u1ecb gi\u00e1 2 tri\u1ec7u USD v\u1edbi t\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t 3,8%. \u00a0\u00a0<\/p>\n

S\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c t\u00ednh \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c n\u00eau \u1edf tr\u00ean, ta c\u00f3: \u00a0<\/p>\n

WAC = [(4 tri\u1ec7u USD * 0,075) + (5 tri\u1ec7u USD * 0,05) + (2 tri\u1ec7u USD * 0,038)]\/11 tri\u1ec7u USD = 5,69%. \u00a0\u00a0<\/p>\n

Theo c\u00e1ch th\u1ee9 hai, l\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n (WAC)<\/b> c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau: \u00a0<\/p>\n

– T\u1ec9 tr\u1ecdng nh\u00f3m 1 = 4 tri\u1ec7u USD\/11 tri\u1ec7u USD = 36,36%. \u00a0\u00a0<\/p>\n

– T\u1ec9 tr\u1ecdng nh\u00f3m 2 = 5 tri\u1ec7u USD\/11 tri\u1ec7u USD = 45,45%. \u00a0\u00a0<\/p>\n

– T\u1ec9 tr\u1ecdng nh\u00f3m 3 = 2 tri\u1ec7u USD\/11 tri\u1ec7u USD = 18,18%. \u00a0\u00a0<\/p>\n

T\u1ed5ng t\u1ec9 tr\u1ecdng l\u00e0 100%, l\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau:\u00a0 \u00a0\u00a0<\/p>\n

WAC = (36,36% * 0,075) + (45,45% * 0,05) + (18,18% * 0,038) = 5.69%. \u00a0\u00a0<\/p>\n

T\u1ec9 l\u1ec7 l\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n c\u00f3 th\u1ec3 thay \u0111\u1ed5i trong v\u00f2ng \u0111\u1eddi c\u1ee7a MBS, v\u00ec c\u00e1c kho\u1ea3n th\u1ebf ch\u1ea5p kh\u00e1c nhau c\u00f3 m\u1ee9c l\u00e3i su\u1ea5t kh\u00e1c nhau v\u00e0 c\u00f3 l\u1ecbch tr\u1ea3 n\u1ee3 kh\u00e1c nhau.\u00a0 \u00a0 \u00a0\u00a0<\/i><\/p>\n

(Theo Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n L\u00e3i coupon b\u00ecnh qu\u00e2n gia quy\u1ec1n (ti\u1ebfng Anh: Weighted Average Coupon – WAC) l\u00e0 th\u01b0\u1edbc \u0111o t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n c\u1ee7a m\u1ed9t nh\u00f3m c\u00e1c kho\u1ea3n th\u1ebf ch\u1ea5p \u0111\u01b0\u1ee3c b\u00e1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u01b0\u1edbi d\u1ea1ng ch\u1ee9ng kho\u00e1n b\u1ea3o \u0111\u1ea3m b\u1eb1ng th\u1ebf ch\u1ea5p (MBS).\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29728"}],"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=29728"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29728\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=29728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=29728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=29728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}