{"id":30385,"date":"2023-12-07T09:14:42","date_gmt":"2023-12-07T09:14:42","guid":{"rendered":"https:\/\/masterskills.org\/blog\/loi-suat-roll-down-roll-down-return-la-gi-vi-du-ve-loi-suat-roll-down.html"},"modified":"2023-12-23T06:12:57","modified_gmt":"2023-12-22T23:12:57","slug":"loi-suat-roll-down-roll-down-return-la-gi-vi-du-ve-loi-suat-roll-down","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/loi-suat-roll-down-roll-down-return-la-gi-vi-du-ve-loi-suat-roll-down.html","title":{"rendered":"L\u1ee3i su\u1ea5t Roll-down (Roll-down Return) l\u00e0 g\u00ec? V\u00ed d\u1ee5 v\u1ec1 l\u1ee3i su\u1ea5t Roll-down"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Tradersdna.com<\/p>\n<\/figcaption><\/figure>\n

L\u1ee3i su\u1ea5t Roll-down<\/span><\/font><\/h2>\n

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

L\u1ee3i su\u1ea5t Roll-down<\/span><\/b> trong ti\u00ea\u0301ng Anh la\u0300 Roll-Down Return, <\/b>t\u1ea1m d\u1ecbch l\u00e0 l\u1ee3i su\u1ea5t g\u1ea7n \u0111\u00e1o h\u1ea1n<\/b>.<\/p>\n

L\u1ee3i su\u1ea5t Roll-down<\/span> <\/b>l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c l\u1ee3i nhu\u1eadn ph\u00e1t sinh khi gi\u00e1 tr\u1ecb c\u1ee7a tr\u00e1i phi\u1ebfu h\u1ed9i t\u1ee5 ngang b\u1eb1ng v\u1edbi gi\u00e1 khi \u0111\u00e1o h\u1ea1n. Qui m\u00f4 l\u1ee3i su\u1ea5t Roll-down<\/span> c\u1ee7a tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n v\u00e0 ng\u1eafn h\u1ea1n c\u00f3 kh\u00e1c bi\u1ec7t r\u1ea5t l\u1edbn.<\/p>\n

Tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n \u0111ang giao d\u1ecbch xa gi\u00e1 khi \u0111\u00e1o h\u1ea1n c\u00f3 l\u1ee3i su\u1ea5t Roll-down<\/span> nh\u1ecf h\u01a1n so v\u1edbi tr\u00e1i phi\u1ebfu ng\u1eafn h\u1ea1n h\u01a1n.\u00a0 \u00a0 \u00a0\u00a0<\/i><\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m<\/font><\/h3>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 t\u00ednh l\u1ee3i t\u1ee9c tr\u00e1i phi\u1ebfu theo nhi\u1ec1u c\u00e1ch. C\u00e1ch ph\u1ed5 bi\u1ebfn nh\u1ea5t l\u00e0\u00a0l\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n\u00a0(YTM)<\/i> c\u1ee7a tr\u00e1i phi\u1ebfu hay t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn ki\u1ebfm \u0111\u01b0\u1ee3c t\u1eeb \u0111\u1ea7u t\u01b0 n\u1ebfu tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c gi\u1eef \u0111\u1ebfn ng\u00e0y \u0111\u00e1o h\u1ea1n.\u00a0<\/p>\n

Ngo\u00e0i ra c\u0169ng c\u00f3 th\u1ec3 t\u00ednh l\u1ee3i su\u1ea5t \u0111\u1ea7u t\u01b0 b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng\u00a0l\u1ee3i su\u1ea5t hi\u1ec7n h\u00e0nh, l\u00e0 th\u01b0\u1edbc \u0111o thanh to\u00e1n l\u00e3i d\u1ef1a tr\u00ean l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu t\u1ea1i th\u1eddi \u0111i\u1ec3m tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c mua.\u00a0<\/p>\n

M\u1ed9t ph\u01b0\u01a1ng ph\u00e1p kh\u00e1c \u0111\u1ec3 xem x\u00e9t thu nh\u1eadp c\u1ee7a tr\u00e1i phi\u1ebfu l\u00e0 l\u1ee3i su\u1ea5t Roll-down<\/span>. \u00a0<\/b> \u00a0\u00a0<\/p>\n

L\u1ee3i su\u1ea5t Roll-down<\/span> ph\u1ee5 thu\u1ed9c v\u00e0o h\u00ecnh d\u1ea1ng c\u1ee7a \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t bi\u1ec3u di\u1ec5n m\u1ee9c l\u1ee3i su\u1ea5t cho c\u00e1c k\u00ec h\u1ea1n kh\u00e1c nhau c\u1ee7a tr\u00e1i phi\u1ebfu, t\u1eeb m\u1ed9t th\u00e1ng \u0111\u1ebfn 30 n\u0103m.\u00a0<\/p>\n

Gi\u1ea3 s\u1eed \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t l\u00e0 b\u00ecnh th\u01b0\u1eddng c\u00f3 \u0111\u1ed9 d\u1ed1c h\u01b0\u1edbng l\u00ean ph\u00eda b\u00ean ph\u1ea3i, th\u00ec t\u1ec9 l\u1ec7 ki\u1ebfm \u0111\u01b0\u1ee3c c\u1ee7a tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n s\u1ebd cao h\u01a1n t\u1eeb tr\u00e1i phi\u1ebfu ng\u1eafn h\u1ea1n. \u00a0\u00a0<\/i><\/p>\n

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

L\u1ee3i su\u1ea5t Roll-down<\/span> <\/b>v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u1edf \u0111\u00f3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n m\u1ed9t tr\u00e1i phi\u1ebfu khi n\u00f3 s\u1eafp \u0111\u00e1o h\u1ea1n. Khi th\u1eddi gian tr\u00f4i qua, l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu gi\u1ea3m v\u00e0 gi\u00e1 c\u1ee7a n\u00f3 t\u0103ng l\u00ean.\u00a0 <\/p>\n

C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu nh\u1eadn th\u1ea5y r\u1ee7i ro s\u1ebd cao h\u01a1n khi cho vay trong m\u1ed9t kho\u1ea3ng th\u1eddi gian d\u00e0i h\u01a1n, do \u0111\u00f3, h\u1ecd \u0111\u00f2i h\u1ecfi l\u00e3i su\u1ea5t cao h\u01a1n nh\u01b0 m\u1ed9t kho\u1ea3n b\u00f9 \u0111\u1eafp cho vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o ch\u1ee9ng kho\u00e1n n\u1ee3 d\u00e0i h\u1ea1n.\u00a0<\/p>\n

L\u00e3i su\u1ea5t cao h\u01a1n ban \u0111\u1ea7u c\u1ee7a tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n s\u1ebd gi\u1ea3m d\u1ea7n khi c\u00e0ng ti\u1ebfn g\u1ea7n th\u1eddi gian \u0111\u00e1o h\u1ea1n. N\u00f3i chung, tr\u00e1i phi\u1ebfu c\u00e0ng g\u1ea7n \u0111\u1ebfn ng\u00e0y \u0111\u00e1o h\u1ea1n th\u00ec l\u00e3i su\u1ea5t c\u00e0ng th\u1ea5p v\u00e0 ti\u1ebfn d\u1ea7n v\u1ec1 0.\u00a0<\/p>\n

Do m\u1ed1i quan h\u1ec7 ngh\u1ecbch bi\u1ebfn gi\u1eefa l\u1ee3i su\u1ea5t v\u00e0 gi\u00e1 tr\u00e1i phi\u1ebfu, khi l\u00e3i su\u1ea5t gi\u1ea3m theo th\u1eddi gian gi\u00e1 tr\u00e1i phi\u1ebfu s\u1ebd t\u0103ng. \u00a0\u00a0<\/p>\n

V\u00ed d\u1ee5 v\u1ec1 l\u1ee3i su\u1ea5t Roll-down<\/span><\/font><\/h3>\n

Gi\u1ea3 s\u1eed l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m l\u00e0 2,46% v\u00e0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c 7 n\u0103m l\u00e0 2,28%. Sau ba n\u0103m, tr\u00e1i phi\u1ebfu 10 n\u0103m tr\u1edf th\u00e0nh tr\u00e1i phi\u1ebfu 7 n\u0103m. Ch\u00eanh l\u1ec7ch l\u1ee3i su\u1ea5t gi\u1eefa tr\u00e1i phi\u1ebfu 10 n\u0103m v\u00e0 tr\u00e1i phi\u1ebfu 7 n\u0103m l\u00e0 2,46% – 2,28% = 0,18%.\u00a0<\/p>\n

Tr\u00e1i phi\u1ebfu 7 n\u0103m c\u00f3 th\u1ec3 t\u0103ng l\u00ean 0,18% trong v\u00f2ng ba n\u0103m \u0111\u1ebfn khi v\u01b0\u1ee3t qua l\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1eb1ng 2,46%.\u00a0<\/i><\/p>\n

Gi\u1ea3 s\u1eed l\u00e3i su\u1ea5t kh\u00f4ng \u0111\u1ed5i, l\u1ee3i su\u1ea5t Roll-down<\/span> d\u01b0\u01a1ng c\u00f3 ngh\u0129a l\u00e0 gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu s\u1ebd t\u0103ng l\u00ean theo th\u1eddi gian.\u00a0<\/p>\n

L\u1ee3i su\u1ea5t Roll-down<\/span> l\u00e0 m\u1ee9c l\u00e3i su\u1ea5t c\u00f3 th\u1ec3 t\u0103ng l\u00ean trong m\u1ed9t kho\u1ea3ng th\u1eddi gian x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc khi l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i v\u01b0\u1ee3t qu\u00e1 l\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n (YTM).\u00a0<\/p>\n

N\u1ebfu nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n tr\u00e1i phi\u1ebfu, ng\u01b0\u1eddi n\u00e0y s\u1ebd nh\u1eadn l\u1ea1i nhi\u1ec1u h\u01a1n s\u1ed1 ti\u1ec1n \u0111\u00e3 tr\u1ea3 \u0111\u1ec3 mua tr\u00e1i phi\u1ebfu ngo\u00e0i c\u00e1c kho\u1ea3n thanh to\u00e1n l\u00e3i \u0111\u00e3 nh\u1eadn \u0111\u01b0\u1ee3c. N\u00f3i c\u00e1ch kh\u00e1c, nh\u00e0 \u0111\u1ea7u t\u01b0 ki\u1ebfm ti\u1ec1n b\u1eb1ng c\u00e1ch ch\u1ea1y d\u1ecdc theo \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t (rolling down). \u00a0\u00a0<\/p>\n

L\u1ee3i su\u1ea5t Roll-down<\/span><\/b> d\u1ecbch chuy\u1ec3n theo hai chi\u1ec1u c\u1ee7a gi\u00e1 tr\u00e1i phi\u1ebfu.\u00a0<\/p>\n

H\u01b0\u1edbng n\u00e0o s\u1ebd ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c gi\u00e1 tr\u00e1i phi\u1ebfu \u0111ang \u0111\u01b0\u1ee3c giao d\u1ecbch \u1edf m\u1ee9c ph\u1ea7n b\u00f9 hay chi\u1ebft kh\u1ea5u.<\/i><\/p>\n

– N\u1ebfu tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch \u1edf m\u1ee9c chi\u1ebft kh\u1ea5u, l\u1ee3i su\u1ea5t Roll-down<\/span> s\u1ebd d\u01b0\u01a1ng hay c\u00f3 ngh\u0129a l\u00e0 l\u1ee3i su\u1ea5t Roll-down<\/span> s\u1ebd k\u00e9o gi\u00e1 tr\u00e1i phi\u1ebfu l\u00ean ngang b\u1eb1ng gi\u00e1 \u0111\u00e1o h\u1ea1n.\u00a0<\/p>\n

– Ng\u01b0\u1ee3c l\u1ea1i n\u1ebfu tr\u00e1i phi\u1ebfu \u0111ang giao d\u1ecbch v\u1edbi gi\u00e1 ph\u1ea7n b\u00f9 th\u00ec l\u1ee3i su\u1ea5t Roll-down<\/span> s\u1ebd \u00e2m v\u00e0 k\u00e9o gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu xu\u1ed1ng ngang b\u1eb1ng gi\u00e1 \u0111\u00e1o h\u1ea1n.\u00a0 \u00a0<\/p>\n

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

\n L\u1ee3i su\u1ea5t Roll-down (ti\u1ebfng Anh: Roll-Down Return) l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c l\u1ee3i nhu\u1eadn ph\u00e1t sinh khi gi\u00e1 tr\u1ecb c\u1ee7a tr\u00e1i phi\u1ebfu h\u1ed9i t\u1ee5 ngang b\u1eb1ng v\u1edbi gi\u00e1 khi \u0111\u00e1o h\u1ea1n.\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\/30385"}],"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=30385"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30385\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}