{"id":30182,"date":"2023-12-07T09:01:53","date_gmt":"2023-12-07T09:01:53","guid":{"rendered":"https:\/\/masterskills.org\/blog\/giao-uoc-khang-dinh-affirmative-covenant-positive-covenant-la-gi.html"},"modified":"2023-12-23T06:12:17","modified_gmt":"2023-12-22T23:12:17","slug":"giao-uoc-khang-dinh-affirmative-covenant-positive-covenant-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/giao-uoc-khang-dinh-affirmative-covenant-positive-covenant-la-gi.html","title":{"rendered":"Giao \u01b0\u1edbc kh\u1eb3ng \u0111\u1ecbnh (Affirmative Covenant\/Positive Covenant) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: www.pinterest.de<\/i><\/p>\n<\/figcaption><\/figure>\n

Giao \u01b0\u1edbc kh\u1eb3ng \u0111\u1ecbnh<\/font><\/h2>\n

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

Giao \u01b0\u1edbc kh\u1eb3ng \u0111\u1ecbnh <\/b>ho\u1eb7c giao \u01b0\u1edbc ph\u1ea3i th\u1ef1c hi\u1ec7n<\/b>\u00a0trong ti\u1ebfng Anh l\u00e0 Affirmative Covenant<\/b> ho\u1eb7c Positive Covenant<\/b>.<\/p>\n

Giao \u01b0\u1edbc kh\u1eb3ng \u0111\u1ecbnh<\/b> l\u00e0 m\u1ed9t s\u1ef1 \u0111\u1ea3m b\u1ea3o ho\u1eb7c h\u1ee3p \u0111\u1ed3ng y\u00eau c\u1ea7u m\u1ed9t b\u00ean tu\u00e2n th\u1ee7 c\u00e1c \u0111i\u1ec1u kho\u1ea3n nh\u1ea5t \u0111\u1ecbnh.<\/p>\n

N\u1ed9i dung giao \u01b0\u1edbc kh\u1eb3ng \u0111\u1ecbnh trong ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu<\/font><\/h3>\n

C\u00e1c giao \u01b0\u1edbc kh\u1eb3ng \u0111\u1ecbnh th\u01b0\u1eddng c\u00f3 t\u00ednh ch\u1ea5t h\u00e0nh ch\u00ednh v\u00e0 kh\u00f4ng d\u1eabn \u0111\u1ebfn chi ph\u00ed b\u1ed5 sung. V\u1ec1 c\u01a1 b\u1ea3n, n\u00f3 \u0111\u00f2i h\u1ecfi ng\u01b0\u1eddi ph\u00e1t h\u00e0nh ph\u1ea3i tu\u00e2n th\u1ee7 c\u00e1c \u0111i\u1ec1u kho\u1ea3n nh\u1ea5t \u0111\u1ecbnh. Tuy nhi\u00ean n\u00f3 kh\u00f4ng r\u00e0ng bu\u1ed9c c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1ee7a nh\u00e0 ph\u00e1t h\u00e0nh v\u1ec1 c\u00e1ch v\u1eadn h\u00e0nh kinh doanh c\u1ee7a m\u00ecnh.<\/p>\n

C\u00e1c \u0111i\u1ec1u kho\u1ea3n m\u00e0 nh\u00e0 ph\u00e1t h\u00e0nh c\u1ea7n tu\u00e2n th\u1ee7 th\u01b0\u1eddng l\u00e0:<\/p>\n

– Ph\u00e1c th\u1ea3o nh\u1eefng g\u00ec nh\u00e0 ph\u00e1t h\u00e0nh s\u1ebd l\u00e0m v\u1edbi s\u1ed1 ti\u1ec1n thu \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu;<\/p>\n

– B\u1eaft bu\u1ed9c nh\u00e0 ph\u00e1t h\u00e0nh ph\u1ea3i h\u1ee9a tr\u1ea3 l\u1ea1i ti\u1ec1n g\u1ed1c c\u1ee7a kho\u1ea3n vay khi \u0111\u00e1o h\u1ea1n;<\/p>\n

– B\u1eaft bu\u1ed9c nh\u00e0 ph\u00e1t h\u00e0nh tu\u00e2n th\u1ee7 lu\u1eadt ph\u00e1p v\u00e0 qui \u0111\u1ecbnh, duy tr\u00ec \u0111\u1ea7y \u0111\u1ee7 h\u1ee3p \u0111\u1ed3ng b\u1ea3o hi\u1ec3m t\u00e0i s\u1ea3n ho\u1eb7c cung c\u1ea5p b\u00e1o c\u00e1o ki\u1ec3m to\u00e1n k\u1ecbp th\u1eddi.<\/p>\n

Trong c\u00e1c h\u1ee3p \u0111\u1ed3ng tr\u00e1i phi\u1ebfu, giao \u01b0\u1edbc kh\u1eb3ng \u0111\u1ecbnh c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c so s\u00e1nh v\u1edbi c\u00e1c\u00a0giao \u01b0\u1edbc ph\u1ee7 \u0111\u1ecbnh\u00a0<\/font>\u00a0– \u0111\u00f2i h\u1ecfi m\u1ed9t b\u00ean ph\u1ea3i ng\u1eebng ho\u1eb7c tr\u00e1nh l\u00e0m \u0111i\u1ec1u g\u00ec \u0111\u00f3, ch\u1eb3ng h\u1ea1n nh\u01b0 b\u00e1n m\u1ed9t s\u1ed1 t\u00e0i s\u1ea3n. C\u1ea3 hai giao \u01b0\u1edbc n\u00e0y \u0111\u1ec1u \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 b\u1ea3o v\u1ec7 l\u1ee3i \u00edch c\u1ee7a c\u1ea3 nh\u00e0 ph\u00e1t h\u00e0nh v\u00e0 tr\u00e1i ch\u1ee7.<\/p>\n

Giao \u01b0\u1edbc kh\u1eb3ng \u0111\u1ecbnh v\u00e0 vay n\u1ee3 cao (leveraged loan)<\/font><\/h3>\n

V\u00e0o th\u00e1ng 9 , Bloomberg \u0111\u00e3 vi\u1ebft m\u1ed9t b\u00e0i b\u00e1o v\u1ec1 vi\u1ec7c thi\u1ebfu c\u00e1c giao \u01b0\u1edbc kh\u1eb3ng \u0111\u1ecbnh (ho\u1eb7c\u00a0giao \u01b0\u1edbc ph\u1ee7 \u0111\u1ecbnh<\/font>) trong c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh m\u1edbi.<\/p>\n

Thu\u1eadt ng\u1eef “R\u00e0ng bu\u1ed9c l\u1ecfng” (“Covenant-lite”) \u0111\u00e3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 m\u00f4 t\u1ea3 m\u1ed9t s\u1ed1 kho\u1ea3n vay m\u1edbi c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u00e3 c\u00f3 d\u01b0 n\u1ee3 cao (leveraged loan). N\u1ebfu kh\u00f4ng c\u00f3 c\u00e1c \u0111i\u1ec1u kho\u1ea3n b\u1ea3o v\u1ec7, m\u1ed9t c\u00f4ng ty c\u00f3 kh\u1ea3 n\u0103ng tr\u1ea3 ph\u1ea7n l\u1edbn m\u1ed9t kho\u1ea3n n\u1ee3 m\u00e0 kh\u00f4ng quan t\u00e2m \u0111\u1ebfn hi\u1ec7u qu\u1ea3 kinh doanh.<\/p>\n

Vi\u1ec7c n\u1edbi l\u1ecfng cho c\u00e1c \u0111i\u1ec1u kho\u1ea3n nh\u01b0 v\u1eady \u0111\u00e3 t\u1ea1o ra nh\u1eadn th\u1ee9c r\u1eb1ng m\u1ed9t kho\u1ea3n vay ph\u1ea3i c\u00f3 ch\u1ea5t l\u01b0\u1ee3ng k\u00e9m n\u1ebfu ng\u01b0\u1eddi vay c\u1ea7n d\u00f9ng \u0111\u1ebfn c\u00e1c giao \u01b0\u1edbc. Hi\u1ec7n t\u1ea1i, m\u1ed9t s\u1ed1 ng\u01b0\u1eddi cho vay th\u1eadm ch\u00ed kh\u00f4ng y\u00eau c\u1ea7u nh\u00e0 ph\u00e1t h\u00e0nh ph\u1ea3i \u0111\u00e1p \u1ee9ng c\u00e1c m\u1ee5c ti\u00eau v\u1ec1 hi\u1ec7u qu\u1ea3 kinh doanh theo k\u00ec.<\/p>\n

(Ngu\u1ed3n tham kh\u1ea3o: Investopedia <\/i>v\u00e0 CFA level I, <\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Giao \u01b0\u1edbc kh\u1eb3ng \u0111\u1ecbnh (ti\u1ebfng Anh: Affirmative Covenant\/Positive Covenant) l\u00e0 m\u1ed9t s\u1ef1 \u0111\u1ea3m b\u1ea3o ho\u1eb7c h\u1ee3p \u0111\u1ed3ng y\u00eau c\u1ea7u m\u1ed9t b\u00ean tu\u00e2n th\u1ee7 c\u00e1c \u0111i\u1ec1u kho\u1ea3n nh\u1ea5t \u0111\u1ecbnh, \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 b\u1ea3o v\u1ec7 l\u1ee3i \u00edch c\u1ee7a c\u1ea3 nh\u00e0 ph\u00e1t h\u00e0nh v\u00e0 tr\u00e1i ch\u1ee7.\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\/30182"}],"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=30182"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30182\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}