{"id":30061,"date":"2023-12-07T08:55:05","date_gmt":"2023-12-07T08:55:05","guid":{"rendered":"https:\/\/masterskills.org\/blog\/gia-san-trai-phieu-bond-floor-la-gi-cong-thuc-tinh-gia-san-trai-phieu.html"},"modified":"2023-12-23T06:11:38","modified_gmt":"2023-12-22T23:11:38","slug":"gia-san-trai-phieu-bond-floor-la-gi-cong-thuc-tinh-gia-san-trai-phieu","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/gia-san-trai-phieu-bond-floor-la-gi-cong-thuc-tinh-gia-san-trai-phieu.html","title":{"rendered":"Gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu (Bond Floor) l\u00e0 g\u00ec? C\u00f4ng th\u1ee9c t\u00ednh Gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Investopedia<\/p>\n<\/figcaption><\/figure>\n

Gi\u00e1<\/span> s\u00e0n tr\u00e1i phi\u1ebfu<\/font><\/h2>\n

Kha\u0301i ni\u00ea\u0323m
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Gi\u00e1<\/span> s\u00e0n tr\u00e1i phi\u1ebfu<\/b> trong ti\u00ea\u0301ng Anh la\u0300 Bond Floor<\/b>.<\/p>\n

Gi\u00e1<\/span> s\u00e0n tr\u00e1i phi\u1ebfu <\/b>l\u00e0 gi\u00e1 tr\u1ecb t\u1ed1i thi\u1ec3u c\u1ee7a m\u1ed9t tr\u00e1i phi\u1ebfu c\u1ee5 th\u1ec3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c giao d\u1ecbch, \u0111\u00e3 b\u1ecf qua gi\u00e1 tr\u1ecb chi\u1ebft kh\u1ea5u t\u1eeb l\u00e3i coupon\u00a0c\u1ed9ng v\u1edbi gi\u00e1 tr\u1ecb mua l\u1ea1i, th\u01b0\u1eddng li\u00ean quan \u0111\u1ebfn tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i.\u00a0<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m Gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu\u00a0<\/font><\/h3>\n

N\u00f3i m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n, gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu<\/b> l\u00e0 gi\u00e1 tr\u1ecb th\u1ea5p nh\u1ea5t m\u00e0 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i c\u00f3 th\u1ec3 gi\u1ea3m xu\u1ed1ng, bi\u1ebft \u0111\u01b0\u1ee3c\u00a0gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i\u00a0(PV) c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n c\u00f2n l\u1ea1i trong t\u01b0\u01a1ng lai v\u00e0 kho\u1ea3n tr\u1ea3 n\u1ee3 g\u1ed1c.\u00a0<\/p>\n

Thu\u1eadt ng\u1eef “gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu” c\u0169ng \u0111\u1ec1 c\u1eadp \u0111\u1ebfn kh\u00eda c\u1ea1nh c\u1ee7a b\u1ea3o hi\u1ec3m danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi t\u1ec9 l\u1ec7 kh\u00f4ng \u0111\u1ed5i (CPPI), \u0111\u1ea3m b\u1ea3o gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 nh\u1ea5t \u0111\u1ecbnh s\u1ebd kh\u00f4ng gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi m\u1ed9t m\u1ee9c \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc. \u00a0 \u00a0\u00a0<\/i><\/p>\n

Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i\u00a0cung c\u1ea5p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng thu l\u1ee3i nhu\u1eadn t\u1eeb b\u1ea5t k\u00ec s\u1ef1 gia t\u0103ng n\u00e0o trong gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh, n\u1ebfu \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i.\u00a0<\/p>\n

\u0110i\u1ec1u n\u00e0y t\u0103ng th\u00eam l\u1ee3i \u00edch ti\u1ec1m n\u0103ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, v\u00ec v\u1eady l\u00e0m cho tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i c\u00f3 gi\u00e1 tr\u1ecb h\u01a1n m\u1ed9t tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh.\u00a0<\/p>\n

Trong th\u1ef1c t\u1ebf, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i l\u00e0 m\u1ed9t tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh c\u1ed9ng v\u1edbi m\u1ed9t quy\u1ec1n ch\u1ecdn c\u00f3 th\u1ec3 thu h\u1ed3i \u0111\u00ednh k\u00e8m. Gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u1ee7a tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u01b0\u1ee3c t\u1ea1o th\u00e0nh t\u1eeb gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh v\u00e0 gi\u00e1 tr\u1ecb chuy\u1ec3n \u0111\u1ed5i.\u00a0<\/i><\/p>\n

Do \u0111\u00f3, gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh l\u00e0 gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu<\/b> c\u1ee7a m\u1ed9t tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i. \u00a0\u00a0<\/p>\n

Gi\u00e1 tr\u1ecb c\u1ee7a tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i s\u1ebd kh\u00f4ng gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu hay gi\u00e1\u00a0tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh.\u00a0<\/p>\n

N\u00f3i c\u00e1ch kh\u00e1c, gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu l\u00e0 gi\u00e1 tr\u1ecb m\u00e0 t\u1ea1i \u0111\u00f3 quy\u1ec1n ch\u1ecdn c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i tr\u1edf n\u00ean v\u00f4 gi\u00e1 tr\u1ecb v\u00ec gi\u00e1\u00a0ch\u1ee9ng kho\u00e1n c\u01a1 s\u1edf\u00a0\u0111\u00e3 gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi gi\u00e1 tr\u1ecb chuy\u1ec3n \u0111\u1ed5i m\u1ed9t m\u1ee9c \u0111\u00e1ng k\u1ec3.\u00a0 <\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh Gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu\u00a0<\/font><\/h3>\n

C\u00f4ng th\u1ee9c t\u00ednh gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu <\/b>l\u00e0: \u00a0 \u00a0\u00a0<\/p>\n

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Trong \u0111\u00f3:<\/p>\n

\u00a0– C l\u00e0 l\u00e3i su\u1ea5t c\u1ee7a tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i.\u00a0<\/p>\n

\u00a0– P l\u00e0 m\u1ec7nh gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i.<\/p>\n

\u00a0– r l\u00e0 t\u1ec9 l\u1ec7 tr\u00ean tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh.\u00a0<\/p>\n

\u00a0– n l\u00e0 s\u1ed1 n\u0103m cho \u0111\u1ebfn khi tr\u01b0\u1edfng th\u00e0nh.\u00a0<\/p>\n

Ho\u1eb7c c\u00f3 th\u1ec3 t\u00ednh theo c\u00f4ng th\u1ee9c sau:\u00a0<\/p>\n

Gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu = PVcoupon<\/sub> + PVm\u1ec7nh gi\u00e1<\/sub> \u00a0<\/i><\/b><\/p>\n

Trong \u0111\u00f3 PV l\u00e0 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n.<\/p>\n

V\u00ed d\u1ee5 v\u1ec1 Gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu<\/font><\/h3>\n

Gi\u1ea3 s\u1eed m\u1ed9t tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i c\u00f3 m\u1ec7nh gi\u00e1 1.000 USD v\u1edbi l\u00e3i su\u1ea5t coupon l\u00e0 3,5% \u0111\u01b0\u1ee3c thanh to\u00e1n m\u1ed7i n\u0103m 1 l\u1ea7n. Tr\u00e1i phi\u1ebfu s\u1ebd \u0111\u00e1o h\u1ea1n trong 10 n\u0103m.\u00a0<\/p>\n

Tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh t\u01b0\u01a1ng \u0111\u01b0\u01a1ng, c\u00f3 c\u00f9ng m\u1ec7nh gi\u00e1 v\u00e0\u00a0ng\u00e0y \u0111\u00e1o h\u1ea1n\u00a0nh\u01b0 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i tr\u00ean, nh\u01b0ng v\u1edbi l\u00e3i su\u1ea5t coupon l\u00e0 5%.\u00a0<\/p>\n

\u0110\u1ec3 t\u00ecm gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu<\/b>, \u0111\u1ea7u ti\u00ean ph\u1ea3i t\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (PV) c\u1ee7a kho\u1ea3n thanh to\u00e1n l\u00e3i coupon h\u1eb1ng n\u0103m v\u00e0 kho\u1ea3n ti\u1ec1n g\u1ed1c, b\u1eb1ng c\u00e1ch chi\u1ebft kh\u1ea5u theo l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh. \u00a0\u00a0<\/p>\n

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Theo k\u1ebft qu\u1ea3 t\u00ednh \u0111\u01b0\u1ee3c, ngay c\u1ea3 khi gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty gi\u1ea3m xu\u1ed1ng, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u1eabn c\u00f3 th\u1ec3 giao d\u1ecbch v\u1edbi m\u1ee9c gi\u00e1 th\u1ea5p nh\u1ea5t l\u00e0 884,18 USD. B\u1eb1ng v\u1edbi gi\u00e1 tr\u1ecb c\u1ee7a tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh th\u00f4ng th\u01b0\u1eddng. \u00a0\u00a0<\/p>\n

S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa gi\u00e1 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i v\u00e0 tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh l\u00e0 m\u1ee9c\u00a0ph\u1ea7n b\u00f9 r\u1ee7i ro, ch\u00ednh l\u00e0 gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a quy\u1ec1n ch\u1ecdn c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i tr\u00e1i phi\u1ebfu th\u00e0nh tr\u00e1i phi\u1ebfu c\u01a1 s\u1edf.\u00a0<\/p>\n

Gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu trong B\u1ea3o hi\u1ec3m danh m\u1ee5c \u0111\u1ea7u t\u01b0 CPPI\u00a0\u00a0<\/font><\/h3>\n

B\u1ea3o hi\u1ec3m danh m\u1ee5c \u0111\u1ea7u t\u01b0 CPPI\u00a0l\u00e0 m\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh v\u1ec1 gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu<\/b>.\u00a0<\/p>\n

CPPI l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c ph\u00e2n b\u1ed5 danh m\u1ee5c \u0111\u1ea7u t\u01b0 h\u1ed7n h\u1ee3p c\u00e1c t\u00e0i s\u1ea3n r\u1ee7i ro v\u00e0 phi r\u1ee7i ro, \u0111\u01b0\u1ee3c thay \u0111\u1ed5i t\u00f9y thu\u1ed9c v\u00e0o \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng.\u00a0<\/i><\/p>\n

Ch\u00fang c\u00f3 \u0111\u00ednh k\u00e8m ch\u1ee9c n\u0103ng \u0111\u1ea3m b\u1ea3o r\u1eb1ng\u00a0danh m\u1ee5c \u0111\u1ea7u t\u01b0\u00a0kh\u00f4ng gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi m\u1ed9t m\u1ee9c nh\u1ea5t \u0111\u1ecbnh, hay n\u00f3 ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu.\u00a0<\/p>\n

Gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu c\u1ee7a CPPI l\u00e0 gi\u00e1 tr\u1ecb m\u00e0 danh m\u1ee5c CPPI s\u1ebd kh\u00f4ng bao gi\u1edd \u0111\u01b0\u1ee3c gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi, \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o c\u00f3 th\u1ec3 trang tr\u1ea3i t\u1ea5t c\u1ea3 c\u00e1c kho\u1ea3n l\u00e3i v\u00e0 n\u1ee3 g\u1ed1c trong t\u01b0\u01a1ng lai.<\/p>\n

B\u1eb1ng c\u00e1ch \u0111\u00ednh k\u00e8m t\u00ednh n\u0103ng gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu n\u00e0y, r\u1ee7i ro ph\u1ea3i ch\u1ecbu nhi\u1ec1u h\u01a1n m\u1ed9t kho\u1ea3n l\u1ed7 s\u1ebd \u0111\u01b0\u1ee3c gi\u1eef \u1edf m\u1ee9c t\u1ed1i thi\u1ec3u t\u1ea1i m\u1ecdi th\u1eddi \u0111i\u1ec3m.\u00a0<\/p>\n

V\u1ea3 l\u1ea1i, g\u00eda s\u00e0n tr\u00e1i phi\u1ebfu kh\u00f4ng k\u00ecm h\u00e3m ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0, do \u0111\u00f3 cung c\u1ea5p nhi\u1ec1u l\u1ee3i \u00edch cho nh\u00e0 \u0111\u1ea7u t\u01b0 h\u01a1n chi ph\u00ed b\u1ecf ra.\u00a0 \u00a0<\/p>\n

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

\n Gi\u00e1 s\u00e0n tr\u00e1i phi\u1ebfu (ti\u1ebfng Anh: Bond Floor) l\u00e0 gi\u00e1 tr\u1ecb t\u1ed1i thi\u1ec3u c\u1ee7a m\u1ed9t tr\u00e1i phi\u1ebfu c\u1ee5 th\u1ec3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c giao d\u1ecbch, \u0111\u00e3 b\u1ecf qua gi\u00e1 tr\u1ecb chi\u1ebft kh\u1ea5u t\u1eeb l\u00e3i coupon c\u1ed9ng v\u1edbi gi\u00e1 tr\u1ecb mua l\u1ea1i, th\u01b0\u1eddng li\u00ean quan \u0111\u1ebfn tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i.\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\/30061"}],"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=30061"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30061\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}