{"id":30140,"date":"2023-12-07T08:59:39","date_gmt":"2023-12-07T08:59:39","guid":{"rendered":"https:\/\/masterskills.org\/blog\/hop-dong-hoan-doi-co-the-ban-lai-puttable-swap-la-gi-gia-cua-hop-dong-hoan-doi-co-the-ban-lai.html"},"modified":"2023-12-23T06:12:00","modified_gmt":"2023-12-22T23:12:00","slug":"hop-dong-hoan-doi-co-the-ban-lai-puttable-swap-la-gi-gia-cua-hop-dong-hoan-doi-co-the-ban-lai","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/hop-dong-hoan-doi-co-the-ban-lai-puttable-swap-la-gi-gia-cua-hop-dong-hoan-doi-co-the-ban-lai.html","title":{"rendered":"H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i (Puttable Swap) l\u00e0 g\u00ec? Gi\u00e1 c\u1ee7a H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i"},"content":{"rendered":"
\n
\n
<\/div>
\n

Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Investopedia<\/p>\n<\/figcaption><\/figure>\n

H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i<\/font><\/h2>\n

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

H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i <\/b>trong ti\u00ea\u0301ng Anh la\u0300 Puttable Swap.<\/b><\/p>\n

H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i<\/b> l\u00e0 m\u1ed9t lo\u1ea1i\u00a0h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t\u00a0c\u00f3 m\u1ed9t\u00a0quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m, cho ph\u00e9p m\u1ed9t b\u00ean h\u1ee3p \u0111\u1ed3ng c\u00f3 th\u1ec3 h\u1ee7y h\u1ee3p \u0111\u1ed3ng.\u00a0<\/p>\n

Trong \u0111\u00f3 m\u1ed9t \u0111\u1ed1i t\u00e1c th\u1ef1c hi\u1ec7n thanh to\u00e1n d\u1ef1a tr\u00ean\u00a0t\u1ec9 l\u1ec7 th\u1ea3 n\u1ed5i, trong khi b\u00ean kia th\u1ef1c hi\u1ec7n thanh to\u00e1n d\u1ef1a tr\u00ean t\u1ec9 l\u1ec7 c\u1ed1 \u0111\u1ecbnh.\u00a0<\/p>\n

Ng\u01b0\u1eddi nh\u1eadn l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh (ng\u01b0\u1eddi tr\u1ea3 l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i) c\u00f3 quy\u1ec1n, nh\u01b0ng kh\u00f4ng c\u00f3 ngh\u0129a v\u1ee5, ch\u1ea5m d\u1ee9t giao d\u1ecbch v\u00e0o m\u1ed9t s\u1ed1 ng\u00e0y \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc tr\u01b0\u1edbc khi h\u1ee3p \u0111\u1ed3ng h\u1ebft h\u1ea1n.\u00a0<\/p>\n

\u0110\u1ed1i l\u1eadp v\u1edbi h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i l\u00e0 m\u1ed9t ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 thu h\u1ed3i, trong \u0111\u00f3 ng\u01b0\u1eddi tr\u1ea3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh c\u00f3 quy\u1ec1n k\u1ebft th\u00fac s\u1edbm giao d\u1ecbch ho\u00e1n \u0111\u1ed5i.\u00a0<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i\u00a0<\/font><\/h3>\n

H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i <\/b>cho ph\u00e9p b\u00ean mua\u00a0h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i, hay b\u00ean \u0111ang nh\u1eadn l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh, c\u01a1 h\u1ed9i thay \u0111\u1ed5i suy ngh\u0129 v\u1ec1 giao d\u1ecbch n\u00e0y.\u00a0<\/p>\n

B\u00ean nh\u1eadn l\u00e3i su\u1ea5t c\u00f3 \u0111\u1ecbnh c\u00f3 quy\u1ec1n\u00a0h\u1ee7y b\u1ecf h\u1ee3p \u0111\u1ed3ng\u00a0n\u1ebfu \u0111\u1ea1t \u0111\u1ebfn gi\u1edbi h\u1ea1n thua l\u1ed7, c\u0169ng nh\u01b0 b\u1ea3o v\u1ec7 b\u1ea3n th\u00e2n h\u1ecd ch\u1ed1ng l\u1ea1i c\u00e1c bi\u1ebfn \u0111\u1ed9ng b\u1ea5t l\u1ee3i \u1edf t\u1ec9 l\u1ec7 th\u1ea3 n\u1ed5i trong t\u01b0\u01a1ng lai.\u00a0<\/p>\n

Tuy nhi\u00ean, h\u1ecd bu\u1ed9c ph\u1ea3i \u0111\u00e1nh \u0111\u1ed5i m\u1ed9t t\u1ec9 l\u1ec7 trao \u0111\u1ed5i th\u1ea5p h\u01a1n so v\u1edbi m\u1ed9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t th\u00f4ng th\u01b0\u1eddng. \u00a0 \u00a0\u00a0<\/i><\/p>\n

M\u1ed9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i c\u00f3 th\u1ec3 h\u1ea5p d\u1eabn \u0111\u1ed1i v\u1edbi m\u1ed9t\u00a0nh\u00e0 \u0111\u1ea7u t\u01b0\u00a0cho r\u1eb1ng l\u00e3i su\u1ea5t s\u1ebd t\u0103ng v\u00e0 do \u0111\u00f3 s\u1eb5n d\u00e0ng nh\u1eadn l\u1ea1i d\u00f2ng ti\u1ec1n l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh th\u1ea5p h\u01a1n \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y m\u1ed9t quy\u1ec1n ch\u1ecdn h\u1ee7y h\u1ee3p \u0111\u1ed3ng \u0111\u00ednh k\u00e8m. \u00a0\u00a0<\/p>\n

M\u1ed9t giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i c\u0169ng c\u00f3 th\u1ec3 h\u1ea5p d\u1eabn ng\u01b0\u1eddi mua n\u1ebfu h\u1ecd kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 gi\u00e1 tr\u1ecb l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i\u00a0trong t\u01b0\u01a1ng lai, m\u00e0 h\u1ecd s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c t\u1eeb m\u1ed9t t\u00e0i s\u1ea3n nh\u1ea5t \u0111\u1ecbnh. \u00a0 \u00a0\u00a0<\/p>\n

Gi\u00e1 c\u1ee7a H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i\u00a0<\/font><\/h3>\n

C\u00e1c t\u00ednh n\u0103ng b\u1ed5 sung c\u1ee7a h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i <\/b>khi\u1ebfn cho ch\u00fang tr\u1edf n\u00ean \u0111\u1eaft \u0111\u1ecf h\u01a1n so v\u1edbi c\u00e1c giao d\u1ecbch ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t \u0111\u01a1n gi\u1ea3n th\u00f4ng th\u01b0\u1eddng.\u00a0<\/p>\n

Ng\u01b0\u1eddi nh\u1eadn l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh s\u1ebd ph\u1ea3i tr\u1ea3 m\u1ed9t kho\u1ea3n\u00a0ph\u1ea7n b\u00f9 r\u1ee7i ro, d\u01b0\u1edbi h\u00ecnh th\u1ee9c\u00a0thanh to\u00e1n tr\u1ea3 tr\u01b0\u1edbc\u00a0hay t\u1ec9 l\u1ec7 ho\u00e1n \u0111\u1ed5i th\u1ea5p h\u01a1n, ho\u1eb7c m\u1ed9t kho\u1ea3n\u00a0ph\u00ed ch\u1ea5m d\u1ee9t h\u1ee3p \u0111\u1ed3ng. \u00a0\u00a0<\/p>\n

Nh\u00ecn chung, “chi ph\u00ed” c\u1ee7a m\u1ed9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i ch\u00ednh l\u00e0 m\u1ee9c\u00a0ch\u00eanh l\u1ec7ch\u00a0gi\u1eefa t\u1ec9 l\u1ec7 tr\u00ean h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i v\u00e0 t\u1ec9 l\u1ec7 ho\u00e1n \u0111\u1ed5i c\u1ee7a th\u1ecb tr\u01b0\u1eddng.\u00a0<\/p>\n

M\u1ee9c ch\u00eanh l\u1ec7ch n\u00e0y s\u1ebd ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c bi\u1ebfn \u0111\u1ed9ng\u00a0l\u00e3i su\u1ea5t\u00a0(bi\u1ebfn \u0111\u1ed9ng c\u00e0ng nhi\u1ec1u, chi ph\u00ed c\u00e0ng cao), s\u1ed1 l\u01b0\u1ee3ng quy\u1ec1n h\u1ee7y b\u1ecf (c\u00e0ng nhi\u1ec1u quy\u1ec1n, chi ph\u00ed c\u00e0ng cao), th\u1eddi gian \u0111\u1ec3 quy\u1ec1n \u0111\u1ea7u ti\u00ean b\u1ecb h\u1ee7y (c\u00e0ng nhi\u1ec1u th\u1eddi gian, chi ph\u00ed c\u00e0ng cao) v\u00e0 h\u00ecnh d\u1ea1ng c\u1ee7a\u00a0\u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t. \u00a0\u00a0<\/p>\n

V\u00ed d\u1ee5 v\u1ec1 H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i\u00a0<\/font><\/h3>\n

Gi\u1ea3 s\u1eed r\u1eb1ng b\u00ean A mu\u1ed1n tham gia m\u1ed9t giao d\u1ecbch ho\u00e1n \u0111\u1ed5i tr\u1ea3 v\u1edbi A l\u00e0 b\u00ean l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh.<\/p>\n

A \u0111\u1ecbnh gi\u00e1 h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t th\u00f4ng th\u01b0\u1eddng v\u00e0 nh\u1eadn th\u1ea5y m\u00ecnh c\u00f3 th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c m\u1ee9c l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh 3%, \u0111\u1ed3ng th\u1eddi tr\u1ea3 l\u00e3i su\u00e1t th\u1ea3 n\u1ed5i theo l\u00e3i su\u1ea5t LIBOR c\u1ed9ng th\u00eam 1%.\u00a0L\u00e3i su\u1ea5t LIBOR\u00a0hi\u1ec7n \u0111ang l\u00e0 2%. \u00a0\u00a0<\/p>\n

A kh\u00f4ng ch\u1eafc ch\u1eafn li\u1ec7u\u00a0t\u1ec9 l\u1ec7 tham chi\u1ebfu\u00a0l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i c\u1ee7a m\u00ecnh s\u1ebd ti\u1ebfp t\u1ee5c duy tr\u00ec \u1edf m\u00fac 2% hay kh\u00f4ng, do \u0111\u00f3, \u0111\u1ec3 gi\u00fap lo\u1ea1i b\u1ecf r\u1ee7i ro, A ch\u1ecdn mua m\u1ed9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i <\/b>thay v\u00ec m\u1ed9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t th\u00f4ng th\u01b0\u1eddng. \u00a0\u00a0<\/p>\n

Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, A s\u1ebd ch\u1ec9 nh\u1eadn \u0111\u01b0\u1ee3c l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh 2,8% v\u00e0 v\u1eabn s\u1ebd ph\u1ea3i tr\u1ea3 l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i b\u1eb1ng v\u1edbi LIBOR c\u1ed9ng th\u00eam 1%, hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 3%. \u00a0\u00a0<\/p>\n

M\u1ee9c 0,2% gi\u1ea3m xu\u1ed1ng ch\u00ednh l\u00e0\u00a0chi ph\u00ed\u00a0c\u1ee7a h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i c\u1ee7a A, hay l\u00e0 chi ph\u00ed \u0111\u1ec3 A c\u00f3 th\u1ec3 h\u1ee7y giao d\u1ecbch. \u00a0 \u00a0 <\/p>\n

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

\n H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i (ti\u1ebfng Anh: Puttable Swap) l\u00e0 m\u1ed9t lo\u1ea1i h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t c\u00f3 m\u1ed9t quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m, cho ph\u00e9p m\u1ed9t b\u00ean h\u1ee3p \u0111\u1ed3ng c\u00f3 th\u1ec3 h\u1ee7y h\u1ee3p \u0111\u1ed3ng.\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\/30140"}],"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=30140"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30140\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}