{"id":30109,"date":"2023-12-07T08:57:48","date_gmt":"2023-12-07T08:57:48","guid":{"rendered":"https:\/\/masterskills.org\/blog\/trai-phieu-chuyen-doi-du-phong-contingent-convertible-coco-la-gi-dac-diem.html"},"modified":"2023-12-23T06:11:45","modified_gmt":"2023-12-22T23:11:45","slug":"trai-phieu-chuyen-doi-du-phong-contingent-convertible-coco-la-gi-dac-diem","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/trai-phieu-chuyen-doi-du-phong-contingent-convertible-coco-la-gi-dac-diem.html","title":{"rendered":"Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i d\u1ef1 ph\u00f2ng (Contingent Convertible – CoCo) l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m"},"content":{"rendered":"
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\u1ea2nh minh h\u1ecda. Ngu\u1ed3n: Dreamstime.<\/p>\n<\/div>\n<\/div>\n

Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i d\u1ef1 ph\u00f2ng<\/font><\/b><\/h2>\n

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

Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i d\u1ef1 ph\u00f2ng<\/b> trong ti\u1ebfng Anh l\u00e0\u00a0Contingent Convertible,<\/b> vi\u1ebft t\u1eaft l\u00e0 CoCo.<\/b><\/p>\n

Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i d\u1ef1 ph\u00f2ng (CoCo)<\/b> l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 n\u1ee3 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi c\u00e1c\u00a0\u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh\u00a0ch\u00e2u \u00c2u. Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i d\u1ef1 ph\u00f2ng ho\u1ea1t \u0111\u1ed9ng theo c\u00e1ch t\u01b0\u01a1ng t\u1ef1 nh\u01b0\u00a0tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i\u00a0truy\u1ec1n th\u1ed1ng. Ch\u00fang c\u00f3 m\u1ed9t m\u1ee9c gi\u00e1 th\u1ef1c hi\u1ec7n c\u1ee5 th\u1ec3 m\u00e0 m\u1ed9t khi gi\u00e1 tr\u00e1i phi\u1ebfu \u0111\u1ea1t \u0111\u01b0\u1ee3c, th\u00ec c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i tr\u00e1i phi\u1ebfu th\u00e0nh v\u1ed1n c\u1ed5 ph\u1ea7n ho\u1eb7c c\u1ed5 phi\u1ebfu. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u00ednh c\u1ee7a CoCo l\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n \u1edf ch\u00e2u \u00c2u, ch\u00e2u \u00c1 v\u00e0 c\u00e1c ng\u00e2n h\u00e0ng t\u01b0 nh\u00e2n.<\/p>\n

CoCo l\u00e0 s\u1ea3n ph\u1ea9m hi\u1ec7u su\u1ea5t cao, r\u1ee7i ro cao, ph\u1ed5 bi\u1ebfn trong \u0111\u1ea7u t\u01b0 ch\u00e2u \u00c2u. Kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u00e0y c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi b\u1eb1ng m\u1ed9t c\u00e1i t\u00ean kh\u00e1c l\u00e0 t\u00edn phi\u1ebfu v\u1ed1n t\u0103ng c\u01b0\u1eddng (Enhanced Capital Note). C\u00f4ng c\u1ee5 n\u1ee3 k\u1ebft h\u1ee3p n\u00e0y l\u1ea1i c\u00f3 nh\u1eefng quy\u1ec1n ch\u1ecdn \u0111\u1eb7c bi\u1ec7t, gi\u00fap t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh ph\u00e1t h\u00e0nh thu h\u1ed3i \u0111\u01b0\u1ee3c kho\u1ea3n l\u1ed7 v\u1ed1n l\u1edbn.<\/p>\n

Trong ng\u00e0nh ng\u00e2n h\u00e0ng, vi\u1ec7c s\u1eed d\u1ee5ng ch\u00fang gi\u00fap c\u1ee7ng c\u1ed1 b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a ng\u00e2n h\u00e0ng b\u1eb1ng c\u00e1ch cho ph\u00e9p ch\u00fang chuy\u1ec3n \u0111\u1ed5i n\u1ee3 th\u00e0nh ch\u1ee9ng kho\u00e1n n\u1ebfu c\u00f3 \u0111i\u1ec1u ki\u1ec7n v\u1ed1n c\u1ee5 th\u1ec3 ph\u00e1t sinh. Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i d\u1ef1 ph\u00f2ng \u0111\u01b0\u1ee3c t\u1ea1o ra \u0111\u1ec3 h\u1ed7 tr\u1ee3 c\u00e1c ng\u00e2n h\u00e0ng thi\u1ebfu v\u1ed1n v\u00e0 ng\u0103n ch\u1eb7n t\u00e1i di\u1ec5n m\u1ed9t cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh nh\u01b0 cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u 2007-2008.<\/p>\n

Ng\u00e0nh ng\u00e2n h\u00e0ng M\u1ef9 kh\u00f4ng cho ph\u00e9p s\u1eed d\u1ee5ng CoCo. Thay v\u00e0o \u0111\u00f3, c\u00e1c ng\u00e2n h\u00e0ng M\u1ef9 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu.<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i d\u1ef1 ph\u00f2ng<\/font><\/b><\/h3>\n

C\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 gi\u1eefa tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i d\u1ef1 ph\u00f2ng do ng\u00e2n h\u00e0ng ph\u00e1t h\u00e0nh v\u00e0 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i. Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m gi\u1ed1ng nh\u01b0 tr\u00e1i phi\u1ebfu, tr\u1ea3 l\u00e3i su\u1ea5t th\u01b0\u1eddng xuy\u00ean v\u00e0 \u0111\u01b0\u1ee3c \u01b0u ti\u00ean trong tr\u01b0\u1eddng h\u1ee3p c\u00f4ng ty v\u1ee1 n\u1ee3. C\u00e1c ch\u1ee9ng kho\u00e1n n\u1ee3 n\u00e0y c\u0169ng cho ph\u00e9p c\u00e1c tr\u00e1i ch\u1ee7 chuy\u1ec3n \u0111\u1ed5i kho\u1ea3n n\u1ee3 \u0111ang n\u1eafm gi\u1eef th\u00e0nh c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng v\u1edbi m\u1ee9c gi\u00e1 th\u1ef1c hi\u1ec7n c\u1ee5 th\u1ec3 khi\u1ebfn h\u1ecd t\u0103ng gi\u00e1 c\u1ed5 phi\u1ebfu.<\/p>\n

Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i d\u1ef1 ph\u00f2ng (CoCo) m\u1edf r\u1ed9ng d\u1ef1a tr\u00ean kh\u00e1i ni\u1ec7m tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i b\u1eb1ng c\u00e1ch s\u1eeda c\u00e1c \u0111i\u1ec1u kho\u1ea3n chuy\u1ec3n \u0111\u1ed5i. C\u0169ng nh\u01b0 c\u00e1c ch\u1ee9ng kho\u00e1n n\u1ee3 kh\u00e1c, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadn \u0111\u01b0\u1ee3c c\u00e1c kho\u1ea3n thanh to\u00e1n l\u00e3i c\u1ed1 \u0111\u1ecbnh, \u0111\u1ecbnh k\u00ec trong su\u1ed1t th\u1eddi gian c\u1ee7a tr\u00e1i phi\u1ebfu.<\/p>\n

Gi\u1ed1ng nh\u01b0 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i, ch\u1ee9ng kho\u00e1n n\u1ee3 n\u00e0y ch\u1ee9a c\u00e1c t\u00e1c nh\u00e2n c\u1ee5 th\u1ec3 qui \u0111\u1ecbnh chi ti\u1ebft vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i n\u1eafm gi\u1eef n\u1ee3 th\u00e0nh c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng. Vi\u1ec7c k\u00edch ho\u1ea1t chuy\u1ec3n \u0111\u1ed5i c\u00f3 th\u1ec3 c\u00f3 m\u1ed9t s\u1ed1 h\u00ecnh th\u1ee9c, bao g\u1ed3m c\u00e1c c\u1ed5 phi\u1ebfu c\u1ee7a t\u1ed5 ch\u1ee9c \u0111\u1ea1t \u0111\u1ebfn m\u1ed9t m\u1ee9c nh\u1ea5t \u0111\u1ecbnh, y\u00eau c\u1ea7u c\u1ee7a ng\u00e2n h\u00e0ng \u0111\u1ec3 \u0111\u00e1p \u1ee9ng c\u00e1c y\u00eau c\u1ea7u v\u1ec1 v\u1ed1n ph\u00e1p \u0111\u1ecbnh ho\u1eb7c nhu c\u1ea7u c\u1ee7a c\u01a1 quan qu\u1ea3n l\u00ed ho\u1eb7c gi\u00e1m s\u00e1t. <\/p>\n

\u01afu, nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i d\u1ef1 ph\u00f2ng<\/font><\/b><\/h3>\n

\u01afu \u0111i\u1ec3m<\/b><\/p>\n

– C\u00e1c ng\u00e2n h\u00e0ng ch\u00e2u \u00c2u c\u00f3 th\u1ec3 t\u0103ng v\u1ed1n c\u1ea5p 1 b\u1eb1ng c\u00e1ch ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu CoCo.<\/p>\n

– N\u1ebfu c\u1ea7n thi\u1ebft, ng\u00e2n h\u00e0ng c\u00f3 th\u1ec3 ho\u00e3n tr\u1ea3 l\u00e3i ho\u1eb7c c\u00f3 th\u1ec3 x\u00f3a n\u1ee3.<\/p>\n

– C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadn \u0111\u01b0\u1ee3c c\u00e1c kho\u1ea3n thanh to\u00e1n l\u00e3i su\u1ea5t \u0111\u1ecbnh k\u00ec cao h\u01a1n h\u1ea7u h\u1ebft c\u00e1c tr\u00e1i phi\u1ebfu kh\u00e1c.<\/p>\n

– N\u1ebfu m\u1ed9t CoCo \u0111\u01b0\u1ee3c k\u00edch ho\u1ea1t b\u1edfi gi\u00e1 c\u1ed5 phi\u1ebfu cao h\u01a1n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 \u0111\u00e1nh gi\u00e1 cao v\u1ec1 c\u1ed5 phi\u1ebfu.<\/p>\n

Nh\u01b0\u1ee3c \u0111i\u1ec3m<\/b><\/p>\n

– C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ecbu r\u1ee7i ro v\u00e0 c\u00f3 \u00edt quy\u1ec1n ki\u1ec3m so\u00e1t n\u1ebfu tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu.<\/p>\n

– CoCo do ng\u00e2n h\u00e0ng ph\u00e1t h\u00e0nh chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 s\u1ebd d\u1eabn \u0111\u1ebfn vi\u1ec7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadn \u0111\u01b0\u1ee3c c\u1ed5 phi\u1ebfu khi gi\u00e1 c\u1ed5 phi\u1ebfu \u0111ang gi\u1ea3m.<\/p>\n

– C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 g\u1eb7p kh\u00f3 kh\u0103n khi b\u00e1n CoCo n\u1ebfu c\u00e1c nh\u00e0 qu\u1ea3n l\u00ed kh\u00f4ng cho ph\u00e9p b\u00e1n.<\/p>\n

– C\u00e1c ng\u00e2n h\u00e0ng v\u00e0 t\u1eadp \u0111o\u00e0n ph\u00e1t h\u00e0nh CoCo ph\u1ea3i tr\u1ea3 l\u00e3i su\u1ea5t cao h\u01a1n so v\u1edbi tr\u00e1i phi\u1ebfu truy\u1ec1n th\u1ed1ng.<\/p>\n

(Theo\u00a0Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i d\u1ef1 ph\u00f2ng (Contingent Convertible – CoCo) l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 n\u1ee3 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh ch\u00e2u \u00c2u, c\u00f3 m\u1ed9t m\u1ee9c gi\u00e1 th\u1ef1c hi\u1ec7n c\u1ee5 th\u1ec3 m\u00e0 m\u1ed9t khi gi\u00e1 tr\u00e1i phi\u1ebfu \u0111\u1ea1t \u0111\u01b0\u1ee3c, th\u00ec c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i tr\u00e1i phi\u1ebfu th\u00e0nh v\u1ed1n c\u1ed5 ph\u1ea7n ho\u1eb7c c\u1ed5 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\/30109"}],"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=30109"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30109\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}