{"id":30059,"date":"2023-12-07T08:54:57","date_gmt":"2023-12-07T08:54:57","guid":{"rendered":"https:\/\/masterskills.org\/blog\/chenh-lech-dieu-chinh-theo-quyen-chon-option-adjusted-spread-oas-la-gi-dac-diem.html"},"modified":"2023-12-23T06:11:36","modified_gmt":"2023-12-22T23:11:36","slug":"chenh-lech-dieu-chinh-theo-quyen-chon-option-adjusted-spread-oas-la-gi-dac-diem","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/chenh-lech-dieu-chinh-theo-quyen-chon-option-adjusted-spread-oas-la-gi-dac-diem.html","title":{"rendered":"Ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn (Option-Adjusted Spread – OAS) l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Investopedia<\/p>\n<\/figcaption><\/figure>\n

Ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn<\/font><\/h2>\n

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

Ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn<\/b> trong ti\u00ea\u0301ng Anh la\u0300 Option-Adjusted Spread – OAS.<\/b><\/p>\n

Ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn (OAS)<\/b> l\u00e0 \u0111\u1ea1i l\u01b0\u1ee3ng \u0111o l\u01b0\u1eddng m\u1ee9c ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t c\u1ee7a\u00a0ch\u1ee9ng kho\u00e1n c\u00f3 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh\u00a0v\u00e0 t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n phi r\u1ee7i ro, sau \u0111\u00f3 \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh cho m\u1ed9t quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m.\u00a0<\/p>\n

Th\u00f4ng th\u01b0\u1eddng, nh\u00e0 ph\u00e2n t\u00edch s\u1eed d\u1ee5ng\u00a0<\/i>l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c\u00a0\u0111\u1ec3 l\u00e0m l\u00e3i su\u1ea5t phi r\u1ee7i ro.\u00a0<\/i><\/p>\n

M\u1ee9c ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn s\u1ebd \u0111\u01b0\u1ee3c th\u00eam v\u00e0o gi\u00e1 ch\u1ee9ng kho\u00e1n c\u00f3 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh, sao cho gi\u00e1 tr\u00e1i phi\u1ebfu phi r\u1ee7i ro b\u1eb1ng v\u1edbi gi\u00e1 tr\u00e1i phi\u1ebfu. \u00a0\u00a0<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m Ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn\u00a0<\/font><\/h3>\n

M\u1ee9c ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn <\/b>gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 so s\u00e1nh d\u00f2ng ti\u1ec1n ch\u1ee9ng kho\u00e1n c\u00f3 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh v\u1edbi c\u00e1c t\u1ec9 l\u1ec7 tham chi\u1ebfu, trong khi v\u1eabn c\u00f3 th\u1ec3 \u0111\u1ecbnh gi\u00e1 c\u00e1c\u00a0quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m\u00a0so v\u1edbi c\u00e1c bi\u1ebfn \u0111\u1ed9ng chung c\u1ee7a th\u1ecb tr\u01b0\u1eddng.\u00a0<\/p>\n

B\u1eb1ng c\u00e1ch ph\u00e2n t\u00edch ri\u00eang bi\u1ec7t ch\u1ee9ng kho\u00e1n v\u00e0 quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh li\u1ec7u kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u00f3 \u0111\u00e1ng gi\u00e1 v\u1edbi m\u1ed9t m\u1ee9c gi\u00e1 nh\u1ea5t \u0111\u1ecbnh hay kh\u00f4ng.\u00a0<\/p>\n

Ph\u01b0\u01a1ng ph\u00e1p ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn (OAS) ch\u00ednh x\u00e1c h\u01a1n vi\u1ec7c ch\u1ec9 \u0111\u01a1n gi\u1ea3n so s\u00e1nh\u00a0l\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n\u00a0tr\u00e1i phi\u1ebfu v\u1edbi \u0111i\u1ec3m chu\u1ea9n. \u00a0 \u00a0\u00a0<\/p>\n

Ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn (OAS) coi d\u1eef li\u1ec7u l\u1ecbch s\u1eed l\u00e0 b\u1eb1ng ch\u1ee9ng cho s\u1ef1 thay \u0111\u1ed5i c\u1ee7a l\u00e3i su\u1ea5t v\u00e0 t\u1ec9 l\u1ec7 tr\u1ea3 tr\u01b0\u1edbc.\u00a0<\/p>\n

Vi\u1ec7c x\u00e1c \u0111\u1ecbnh c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y r\u1ea5t ph\u1ee9c t\u1ea1p v\u00ec c\u00e1c nh\u00e0 ph\u00e2n t\u00edch ph\u1ea3i\u00a0l\u1eadp c\u00e1c m\u00f4 h\u00ecnh d\u1ef1 b\u00e1o\u00a0c\u00e1c thay \u0111\u1ed5i trong t\u01b0\u01a1ng lai c\u1ee7a l\u00e3i su\u1ea5t, h\u00e0nh vi tr\u1ea3 tr\u01b0\u1edbc c\u1ee7a ng\u01b0\u1eddi \u0111i vay th\u1ebf ch\u1ea5p, v\u00e0 x\u00e1c su\u1ea5t tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c mua l\u1ea1i s\u1edbm h\u01a1n.\u00a0<\/p>\n

C\u00e1c ph\u01b0\u01a1ng ph\u00e1p m\u00f4 h\u00ecnh th\u1ed1ng k\u00ea n\u00e2ng cao h\u01a1n nh\u01b0 ph\u00e2n t\u00edch\u00a0Monte Carlo\u00a0th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 d\u1ef1 \u0111o\u00e1n c\u00e1c t\u1ec9 l\u1ec7 x\u00e1c su\u1ea5t tr\u1ea3 tr\u01b0\u1edbc. \u00a0\u00a0<\/p>\n

Ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn v\u00e0 Bi\u1ebfn \u0111\u1ed9ng\u00a0<\/font><\/h3>\n

L\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n\u00a0(YTM) c\u1ee7a tr\u00e1i phi\u1ebfu l\u00e0 l\u1ee3i su\u1ea5t c\u1ee7a ch\u1ee9ng kho\u00e1n \u0111i\u1ec3m chu\u1ea9n, \u0111i\u1ec3n h\u00ecnh l\u00e0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c c\u00f3 c\u00f9ng k\u00ec h\u1ea1n c\u1ed9ng v\u1edbi\u00a0ph\u00ed ph\u1ea7n b\u00f9\u00a0ho\u1eb7c m\u1ed9t m\u1ee9c ch\u00eanh l\u1ec7ch cao h\u01a1n l\u00e3i su\u1ea5t phi r\u1ee7i ro, \u0111\u1ec3 b\u00f9 \u0111\u1eafp r\u1ee7i ro gia t\u0103ng cho nh\u00e0 \u0111\u1ea7u t\u01b0. \u00a0\u00a0<\/p>\n

Tuy nhi\u00ean, vi\u1ec7c ph\u00e2n t\u00edch l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu s\u1ebd tr\u1edf n\u00ean ph\u1ee9c t\u1ea1p h\u01a1n m\u1ed9t khi tr\u00e1i phi\u1ebfu c\u00f3 c\u00e1c quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m.<\/i><\/p>\n

\u0110\u00e2y l\u00e0 c\u00e1c quy\u1ec1n ch\u1ecdn thu h\u1ed3i, cho ph\u00e9p nh\u00e0 ph\u00e1t h\u00e0nh c\u00f3 quy\u1ec1n mua l\u1ea1i tr\u00e1i phi\u1ebfu tr\u01b0\u1edbc khi\u00a0\u0111\u00e1o h\u1ea1n\u00a0v\u1edbi m\u1ee9c gi\u00e1 \u0111\u00e3 \u0111\u1ecbnh tr\u01b0\u1edbc, hay c\u00e1c quy\u1ec1n ch\u1ecdn b\u00e1n l\u1ea1i (hay h\u1ee7y b\u1ecf) cho ph\u00e9p tr\u00e1i ch\u1ee7 b\u00e1n l\u1ea1i tr\u00e1i phi\u1ebfu c\u1ee7a c\u00f4ng ty v\u00e0o m\u1ed9t s\u1ed1 ng\u00e0y nh\u1ea5t \u0111\u1ecbnh.\u00a0<\/p>\n

L\u00fac \u0111\u00f3, ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn (OAS) <\/b>s\u1ebd \u0111i\u1ec1u ch\u1ec9nh m\u1ee9c ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t sao cho c\u00e1c d\u00f2ng ti\u1ec1n ti\u1ec1m n\u0103ng \u0111\u1ec1u \u0111\u01b0\u1ee3c xem x\u00e9t. \u00a0\u00a0<\/p>\n

Ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn (OAS) t\u00ednh \u0111\u1ebfn hai lo\u1ea1i bi\u1ebfn \u0111\u1ed9ng m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i \u0111\u1ed1i m\u1eb7t, khi \u0111\u1ea7u t\u01b0 v\u00e0o ch\u1ee9ng kho\u00e1n c\u00f3 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh v\u1edbi c\u00e1c quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m:\u00a0<\/p>\n

\u00a0– Thay \u0111\u1ed5i l\u00e3i su\u1ea5t, \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn t\u1ea5t c\u1ea3 c\u00e1c lo\u1ea1i tr\u00e1i phi\u1ebfu.\u00a0<\/p>\n

\u00a0– Th\u1ee9 hai l\u00e0 r\u1ee7i ro tr\u1ea3 g\u1ed1c tr\u01b0\u1edbc.\u00a0<\/p>\n

H\u1ea1n ch\u1ebf c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p n\u00e0y l\u00e0 c\u00e1c \u01b0\u1edbc t\u00ednh \u0111\u1ec1u ch\u1ec9 d\u1ef1a tr\u00ean d\u1eef li\u1ec7u l\u1ecbch s\u1eed, nh\u01b0ng l\u1ea1i \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho m\u1ed9t m\u00f4 h\u00ecnh d\u1ef1 b\u00e1o hi\u1ec7u su\u1ea5t t\u01b0\u01a1ng lai.\u00a0<\/p>\n

M\u1eb7t kh\u00e1c, c\u00e1c kho\u1ea3n tr\u1ea3 tr\u01b0\u1edbc c\u0169ng th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u01b0\u1edbc t\u00ednh t\u1eeb d\u1eef li\u1ec7u l\u1ecbch s\u1eed, v\u00e0 kh\u00f4ng t\u00ednh \u0111\u1ebfn c\u00e1c thay \u0111\u1ed5i trong kinh t\u1ebf ho\u1eb7c c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1c c\u00f3 th\u1ec3 x\u1ea3y ra trong t\u01b0\u01a1ng lai. \u00a0<\/i><\/p>\n

Ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn v\u00e0 Z-Spread\u00a0<\/font><\/h3>\n

Kh\u00f4ng n\u00ean nh\u1ea7m l\u1eabn ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn (OAS) <\/b>v\u1edbi Z-Spread.\u00a0<\/p>\n

Ch\u00eanh l\u1ec7ch kh\u00f4ng bi\u1ebfn \u0111\u1ed9ng\u00a0hay Z-Spread l\u00e0 m\u1ee9c l\u1ee3i su\u1ea5t sao cho gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu b\u1eb1ng v\u1edbi gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n c\u1ee7a n\u00f3, d\u1ecdc theo m\u1ed7i \u0111i\u1ec3m tr\u00ean\u00a0\u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t\u00a0tr\u00e1i phi\u1ebfu kho b\u1ea1c.\u00a0<\/p>\n

Tuy nhi\u00ean, Z-Spread kh\u00f4ng bao g\u1ed3m gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m, v\u1ed1n c\u00f3 th\u1ec3 c\u00f3 t\u00e1c \u0111\u1ed9ng l\u1edbn \u0111\u1ebfn\u00a0gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a\u00a0d\u00f2ng ti\u1ec1n. \u00a0\u00a0<\/p>\n

Ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn (OAS) b\u00f9 \u0111\u1eafp thi\u1ebfu s\u00f3t c\u1ee7a ch\u00eanh l\u1ec7ch kh\u00f4ng bi\u1ebfn \u0111\u1ed9ng, \u0111\u00e1nh gi\u00e1 c\u00e1c gi\u00e1 tr\u1ecb c\u1ee7a quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m.\u00a0<\/p>\n

Ngo\u00e0i ra, OAS c\u00f2n cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 so s\u00e1nh b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng v\u00e0 kh\u1ea3 n\u0103ng tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c thu h\u1ed3i s\u1edbm h\u01a1n (hay r\u1ee7i ro tr\u1ea3 g\u1ed1c tr\u01b0\u1edbc).\u00a0 \u00a0<\/p>\n

(Theo Investopedia)<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn (ti\u1ebfng Anh: Option-Adjusted Spread – OAS) l\u00e0 \u0111\u1ea1i l\u01b0\u1ee3ng \u0111o l\u01b0\u1eddng m\u1ee9c ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t c\u1ee7a ch\u1ee9ng kho\u00e1n c\u00f3 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh v\u00e0 t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n phi r\u1ee7i ro, sau \u0111\u00f3 \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh cho m\u1ed9t quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m.\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\/30059"}],"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=30059"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30059\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}