{"id":30067,"date":"2023-12-07T08:55:19","date_gmt":"2023-12-07T08:55:19","guid":{"rendered":"https:\/\/masterskills.org\/blog\/chenh-lech-loi-suat-tinh-static-spread-la-gi-xac-dinh-chenh-lech-loi-suat-tinh.html"},"modified":"2023-12-23T06:11:39","modified_gmt":"2023-12-22T23:11:39","slug":"chenh-lech-loi-suat-tinh-static-spread-la-gi-xac-dinh-chenh-lech-loi-suat-tinh","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/chenh-lech-loi-suat-tinh-static-spread-la-gi-xac-dinh-chenh-lech-loi-suat-tinh.html","title":{"rendered":"Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh (Static Spread) l\u00e0 g\u00ec? X\u00e1c \u0111\u1ecbnh Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Investopedia<\/p>\n<\/figcaption><\/figure>\n

Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh<\/font><\/h2>\n

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

Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh<\/b> trong ti\u00ea\u0301ng Anh la\u0300 Static Spread.<\/b><\/p>\n

Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh<\/b> l\u00e0 m\u1ee9c ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t kh\u00f4ng \u0111\u1ed5i n\u1eb1m tr\u00ean\u00a0\u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t\u00a0giao ngay kho b\u1ea1c, b\u1eb1ng gi\u00e1 tr\u00e1i phi\u1ebfu b\u1eb1ng tr\u00ean\u00a0gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i\u00a0c\u1ee7a d\u00f2ng ti\u1ec1n tr\u00e1i phi\u1ebfu.\u00a0<\/p>\n

N\u00f3i c\u00e1ch kh\u00e1c, m\u1ed7i d\u00f2ng ti\u1ec1n \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u theo l\u1ee3i su\u1ea5t giao ngay tr\u00e1i phi\u1ebfu kho b\u1ea1c c\u1ed9ng v\u1edbi m\u1ee9c ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh.\u00a0 \u00a0 \u00a0 \u00a0<\/p>\n

Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh l\u00e0 m\u1ed9t m\u1ee9c\u00a0ch\u00eanh l\u1ec7ch kh\u00f4ng bi\u1ebfn \u0111\u1ed9ng\u00a0(Z-spread). \u00a0 \u00a0<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh\u00a0<\/font><\/h3>\n

Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 l\u1ee3i su\u1ea5t gi\u1eefa hai \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t.\u00a0<\/p>\n

C\u00e1c \u0111i\u1ec3m l\u1ee3i su\u1ea5t tr\u00ean \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t bao g\u1ed3m l\u1ee3i su\u1ea5t\u00a0t\u00edn phi\u1ebfu kho b\u1ea1c, tr\u00e1i phi\u1ebfu kho b\u1ea1c trung h\u1ea1n\u00a0v\u00e0 tr\u00e1i phi\u1ebfu kho b\u1ea1c d\u00e0i h\u1ea1n, c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 l\u1ee3i su\u1ea5t giao ngay kho b\u1ea1c.\u00a0<\/p>\n

M\u1ee9c ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh<\/b> l\u00e0 m\u1ee9c l\u1ee3i su\u1ea5t s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c t\u1eeb tr\u00e1i phi\u1ebfu kh\u00f4ng ph\u1ea3i do kho b\u1ea1c ph\u00e1t h\u00e0nh, cao h\u01a1n m\u1ee9c l\u00e3i su\u1ea5t c\u1ee7a tr\u00e1i phi\u1ebfu kho b\u1ea1c c\u00f3 th\u1eddi gian \u0111\u00e1o h\u1ea1n t\u01b0\u01a1ng t\u1ef1.\u00a0 <\/p>\n

V\u00ed d\u1ee5, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 so s\u00e1nh \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t kho b\u1ea1c v\u1edbi \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t c\u1ee7a m\u1ed9t c\u00f4ng ty. L\u00e3i su\u1ea5t c\u1ee7a tr\u00e1i phi\u1ebfu kho b\u1ea1c k\u00ec h\u1ea1n 2 n\u0103m l\u00e0 2,49% v\u00e0 l\u00e3i su\u1ea5t c\u1ee7a tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p 2 n\u0103m t\u01b0\u01a1ng \u0111\u01b0\u01a1ng l\u00e0 3,49%.\u00a0<\/p>\n

Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh l\u00e0 m\u1ee9c ch\u00eanh l\u1ec7ch gi\u1eefa hai t\u1ec9 l\u1ec7 l\u1ee3i su\u1ea5t tr\u00ean, \u0111\u00f3 l\u00e0, 1% hay 100 \u0111i\u1ec3m ph\u1ea7n tr\u0103m. L\u01b0u \u00fd m\u1ee9c ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t \u0111\u01b0\u1ee3c cho l\u00e0 kh\u00f4ng \u0111\u1ed5i v\u00e0 gi\u1ed1ng nhau trong b\u1ea5t k\u00ec th\u1eddi k\u00ec n\u00e0o.\u00a0<\/p>\n

X\u00e1c \u0111\u1ecbnh Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh\u00a0<\/font><\/h3>\n

Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh<\/b> c\u1ee7a \u0111i\u1ec3m ph\u1ea7n tr\u0103m c\u00f3 ngh\u0129a l\u00e0 n\u1ebfu th\u00eam 100 \u0111i\u1ec3m ph\u1ea7n tr\u0103m (1%) v\u00e0o l\u1ee3i su\u1ea5t giao ngay kho b\u1ea1c \u0111\u1ec3 chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n c\u1ee7a tr\u00e1i phi\u1ebfu (thanh to\u00e1n l\u00e3i v\u00e0 tr\u1ea3 n\u1ee3 g\u1ed1c), s\u1ebd l\u00e0m cho gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu b\u1eb1ng v\u1edbi\u00a0gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n.\u00a0<\/p>\n

M\u1ed7i d\u00f2ng ti\u1ec1n s\u1ebd \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u v\u1edbi m\u1ee9c t\u1ec9 l\u1ec7 g\u1ed9p c\u1ee7a l\u1ee3i su\u1ea5t giao ngay kho b\u1ea1c \u00e1p d\u1ee5ng cho c\u00f9ng k\u00ec thanh to\u00e1n c\u1ee7a d\u00f2ng ti\u1ec1n, c\u1ed9ng v\u1edbi 100 \u0111i\u1ec3m ph\u1ea7n tr\u0103m.\u00a0Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p th\u1eed v\u00e0 sai.<\/i>\u00a0<\/p>\n

Nh\u00e0 ph\u00e2n t\u00edch ho\u1eb7c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd ph\u1ea3i th\u1eed c\u00e1c s\u1ed1 kh\u00e1c nhau \u0111\u1ec3 t\u00ecm ra m\u1ee9c l\u1ee3i su\u1ea5t ph\u00f9 h\u1ee3p, sao cho khi th\u00eam v\u00e0o gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n c\u1ee7a tr\u00e1i phi\u1ebfu phi kho b\u1ea1c, \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u theo l\u1ee3i su\u1ea5t giao ngay c\u1ee7a kho b\u1ea1c, s\u1ebd b\u1eb1ng v\u1edbi gi\u00e1 c\u1ee7a ch\u1ee9ng kho\u00e1n \u0111\u00f3.\u00a0<\/p>\n

Gi\u1ea3 s\u1eed l\u1ea5y \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t kho b\u1ea1c v\u00e0 c\u1ed9ng th\u00eam 50 \u0111i\u1ec3m ph\u1ea7n tr\u0103m cho m\u1ed7i t\u1ec9 l\u1ec7 l\u1ee3i su\u1ea5t tr\u00ean \u0111\u01b0\u1eddng cong.\u00a0<\/p>\n

N\u1ebfu l\u1ee3i su\u1ea5t giao ngay kho b\u1ea1c 2 n\u0103m l\u00e0 2,49%, t\u1ec9 l\u1ec7 chi\u1ebft kh\u1ea5u s\u1ebd \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 t\u00ecm gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n l\u00e0 2,99% (= 2,49% + 0,5%). \u00a0\u00a0<\/p>\n

Sau khi \u0111\u00e3 t\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i cho t\u1ea5t c\u1ea3 c\u00e1c d\u00f2ng ti\u1ec1n, xem x\u00e9t xem li\u1ec7u ch\u00fang c\u00f3 b\u1eb1ng gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu hay kh\u00f4ng.\u00a0<\/p>\n

N\u1ebfu c\u00f3 th\u00ec \u0111\u00f3 ch\u00ednh l\u00e0 m\u1ee9c ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh<\/b>, n\u1ebfu kh\u00f4ng, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n x\u00e1c \u0111\u1ecbnh m\u1ee9c ch\u00eanh l\u1ec7ch m\u1edbi cho \u0111\u1ebfn khi gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n \u0111\u00f3 b\u1eb1ng v\u1edbi gi\u00e1 tr\u00e1i phi\u1ebfu.\u00a0<\/p>\n

\u1ee8ng d\u1ee5ng c\u1ee7a Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh \u00a0<\/font><\/b><\/h3>\n

Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh<\/b> kh\u00e1c v\u1edbi ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t danh ngh\u0129a<\/i> \u1edf ch\u1ed7 ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t danh ngh\u0129a ch\u1ec9 \u0111\u01b0\u1ee3c t\u00ednh \u1edf m\u1ed9t \u0111i\u1ec3m n\u1eb1m tr\u00ean \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t kho b\u1ea1c, trong khi ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng nhi\u1ec1u l\u1ee3i su\u1ea5t giao ngay tr\u00ean \u0111\u01b0\u1eddng cong. \u00a0\u00a0<\/p>\n

Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho c\u00e1c\u00a0ch\u1ee9ng kho\u00e1n b\u1ea3o \u0111\u1ea3m b\u1eb1ng th\u1ebf ch\u1ea5p\u00a0(MBS) v\u00e0 c\u00e1c tr\u00e1i phi\u1ebfu v\u1edbi c\u00e1c quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m kh\u00e1c.\u00a0<\/p>\n

M\u1ee9c ch\u00eanh l\u1ec7ch \u0111i\u1ec1u ch\u1ec9nh theo quy\u1ec1n ch\u1ecdn (OAS) th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 tr\u00e1i phi\u1ebfu v\u1edbi c\u00e1c\u00a0quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m.\u00a0<\/p>\n

V\u1ec1 c\u01a1 b\u1ea3n n\u00f3 l\u00e0 m\u1ed9t ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh \u0111\u01b0\u1ee3c t\u00ednh d\u1ef1a tr\u00ean nhi\u1ec1u m\u1ee9c l\u00e3i su\u1ea5t d\u1ef1 ki\u1ebfn kh\u00e1c nhau v\u00e0 t\u1ec9 l\u1ec7 tr\u1ea3 tr\u01b0\u1edbc t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi t\u1eebng m\u1ee9c l\u00e3i su\u1ea5t \u0111\u00f3.\u00a0<\/p>\n

M\u1ee9c ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh c\u0169ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i trong th\u1ecb tr\u01b0\u1eddng\u00a0h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i r\u1ee7i ro t\u00edn d\u1ee5ng\u00a0(CDS). N\u00f3 \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t th\u00f4ng s\u1ed1 \u0111o l\u01b0\u1eddng m\u1ee9c ch\u00eanh l\u1ec7ch t\u00edn d\u1ee5ng t\u01b0\u01a1ng \u0111\u1ed1i kh\u00f4ng nh\u1ea1y c\u1ea3m v\u1edbi c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p ho\u1eb7c ch\u00ednh ph\u1ee7.<\/p>\n

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

\n Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t t\u0129nh (ti\u1ebfng Anh: Static Spread) l\u00e0 m\u1ee9c ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t kh\u00f4ng \u0111\u1ed5i n\u1eb1m tr\u00ean \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t giao ngay kho b\u1ea1c, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi vi\u1ec7c gi\u00e1 tr\u00e1i phi\u1ebfu b\u1eb1ng v\u1edbi gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n tr\u00e1i phi\u1ebfu.\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\/30067"}],"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=30067"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30067\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}