{"id":30413,"date":"2023-12-07T09:16:35","date_gmt":"2023-12-07T09:16:35","guid":{"rendered":"https:\/\/masterskills.org\/blog\/khai-niem-duoi-menh-gia-below-par-trong-chung-khoan-la-gi-dac-diem.html"},"modified":"2023-12-23T06:12:59","modified_gmt":"2023-12-22T23:12:59","slug":"khai-niem-duoi-menh-gia-below-par-trong-chung-khoan-la-gi-dac-diem","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/khai-niem-duoi-menh-gia-below-par-trong-chung-khoan-la-gi-dac-diem.html","title":{"rendered":"Kh\u00e1i ni\u1ec7m D\u01b0\u1edbi m\u1ec7nh gi\u00e1 (Below Par) trong ch\u1ee9ng kho\u00e1n l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m"},"content":{"rendered":"
\n
\n
<\/div>
\n

(\u1ea2nh minh h\u1ecda: The Motley Fool)<\/p>\n<\/figcaption><\/figure>\n

D\u01b0\u1edbi m\u1ec7nh gi\u00e1\u00a0<\/font><\/h2>\n

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

D\u01b0\u1edbi m\u1ec7nh gi\u00e1<\/b> trong ti\u1ebfng Anh l\u00e0 Below Par.\u00a0<\/b>\u00a0<\/p>\n

Kh\u00e1i ni\u1ec7m d\u01b0\u1edbi m\u1ec7nh gi\u00e1<\/b> l\u00e0 m\u1ed9t thu\u1eadt ng\u1eef m\u00f4 t\u1ea3 tr\u00e1i phi\u1ebfu c\u00f3 gi\u00e1 th\u1ecb tr\u01b0\u1eddng \u0111ang giao d\u1ecbch d\u01b0\u1edbi m\u1ec7nh gi\u00e1 gi\u00e1 ho\u1eb7c gi\u00e1 tr\u1ecb g\u1ed1c c\u1ee7a n\u00f3, th\u01b0\u1eddng l\u00e0 $1.000.<\/p>\n

V\u00ec gi\u00e1 tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c y\u1ebft gi\u00e1 theo t\u1ec9 l\u1ec7 ph\u1ea7n tr\u0103m c\u1ee7a m\u1ec7nh gi\u00e1, gi\u00e1 d\u01b0\u1edbi m\u1ec7nh gi\u00e1 gi\u00e1 th\u01b0\u1eddng s\u1ebd th\u1ea5p h\u01a1n 100.<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a kh\u00e1i ni\u1ec7m D\u01b0\u1edbi m\u1ec7nh gi\u00e1<\/font><\/b><\/h3>\n

M\u1ed9t tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c giao d\u1ecbch d\u01b0\u1edbi m\u1ec7nh gi\u00e1,<\/b>\u00a0tr\u00ean m\u1ec7nh gi\u00e1\u00a0ho\u1eb7c ngang b\u1eb1ng m\u1ec7nh gi\u00e1.<\/p>\n

Giao d\u1ecbch tr\u00e1i phi\u1ebfu theo m\u1ec7nh gi\u00e1 \u0111\u01a1n gi\u1ea3n l\u00e0 giao d\u1ecbch tr\u00e1i phi\u1ebfu theo m\u1ec7nh gi\u00e1 c\u1ee7a ch\u1ee9ng ch\u1ec9 tr\u00e1i phi\u1ebfu. M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 mua tr\u00e1i phi\u1ebfu n\u00e0y s\u1ebd \u0111\u01b0\u1ee3c tr\u1ea3 ti\u1ec1n theo m\u1ec7nh gi\u00e1 khi \u0111\u00e1o h\u1ea1n, kh\u00f4ng h\u01a1n c\u0169ng kh\u00f4ng k\u00e9m.<\/p>\n

M\u1ed9t tr\u00e1i phi\u1ebfu c\u00f3 gi\u00e1 cao h\u01a1n m\u1ec7nh gi\u00e1 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 tr\u00e1i phi\u1ebfu cao c\u1ea5p (A premium bond). Gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu s\u1ebd gi\u1ea3m d\u1ea7n trong v\u00f2ng \u0111\u1eddi cho \u0111\u1ebfn khi n\u00f3 ngang b\u1eb1ng m\u1ec7nh gi\u00e1 t\u1ea1i ng\u00e0y \u0111\u00e1o h\u1ea1n. Tr\u00e1i ch\u1ee7 s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c m\u1ec7nh gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu khi \u0111\u00e1o h\u1ea1n; m\u1ec7nh gi\u00e1 l\u00fac n\u00e0y nh\u1ecf h\u01a1n gi\u00e1 l\u00fac tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c mua.<\/p>\n

M\u1ed9t giao d\u1ecbch tr\u00e1i phi\u1ebfu d\u01b0\u1edbi m\u1ec7nh gi\u00e1 gi\u00e1 c\u0169ng gi\u1ed1ng nh\u01b0 m\u1ed9t giao d\u1ecbch tr\u00e1i phi\u1ebfu gi\u1ea3m gi\u00e1. Khi tr\u00e1i phi\u1ebfu chi\u1ebft kh\u1ea5u ti\u1ebfn \u0111\u1ebfn th\u1eddi gian \u0111\u00e1o h\u1ea1n, gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 t\u0103ng l\u00ean v\u00e0 d\u1ea7n d\u1ea7n b\u1eb1ng v\u1edbi m\u1ec7nh. Khi \u0111\u00e1o h\u1ea1n, tr\u00e1i ch\u1ee7 nh\u1eadn \u0111\u01b0\u1ee3c m\u1ec7nh gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu; gi\u00e1 tr\u1ecb n\u00e0y cao h\u01a1n gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu \u0111\u00e3 \u0111\u01b0\u1ee3c mua.<\/p>\n

V\u00ed d\u1ee5: m\u1ed9t tr\u00e1i phi\u1ebfu c\u00f3 m\u1ec7nh gi\u00e1 $1.000 \u0111\u01b0\u1ee3c in tr\u00ean ch\u1ee9ng ch\u1ec9 nh\u01b0ng \u0111ang \u0111\u01b0\u1ee3c b\u00e1n tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1edbi gi\u00e1 $920. Tr\u00e1i phi\u1ebfu n\u00e0y \u0111\u01b0\u1ee3c cho l\u00e0 giao d\u1ecbch d\u01b0\u1edbi m\u1ec7nh gi\u00e1 gi\u00e1. M\u1eb7c d\u00f9 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 tr\u1ea3 $920 \u0111\u1ec3 mua tr\u00e1i phi\u1ebfu, nh\u01b0ng h\u1ecd s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c $1.000 khi \u0111\u00e1o h\u1ea1n.<\/p>\n

T\u1ea1i sao tr\u00e1i phi\u1ebfu giao d\u1ecbch D\u01b0\u1edbi m\u1ec7nh gi\u00e1?<\/font><\/b><\/h3>\n

M\u1ed9t tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 giao d\u1ecbch d\u01b0\u1edbi m\u1ec7nh gi\u00e1<\/b>\u00a0khi l\u00e3i su\u1ea5t thay \u0111\u1ed5i tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

V\u1edbi m\u1ed1i quan h\u1ec7 ngh\u1ecbch \u0111\u1ea3o gi\u1eefa gi\u00e1 tr\u00e1i phi\u1ebfu v\u00e0 l\u00e3i su\u1ea5t, n\u1ebfu l\u00e3i su\u1ea5t hi\u1ec7n h\u00e0nh t\u0103ng trong n\u1ec1n kinh t\u1ebf, gi\u00e1 tr\u1ecb c\u1ee7a tr\u00e1i phi\u1ebfu s\u1ebd gi\u1ea3m. \u0110i\u1ec1u n\u00e0y l\u00e0 do l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu hi\u1ec7n th\u1ea5p h\u01a1n l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng.<\/p>\n

N\u00f3i c\u00e1ch kh\u00e1c, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang nh\u1eadn \u0111\u01b0\u1ee3c thu nh\u1eadp l\u00e3i \u00edt h\u01a1n so v\u1edbi nh\u1eefng g\u00ec h\u1ecd s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c n\u1ebfu h\u1ecd mua c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

V\u00ed d\u1ee5, gi\u1ea3 s\u1eed m\u1ed9t tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh t\u1ea1i m\u1ec7nh gi\u00e1. L\u00e3i su\u1ea5t coupon tr\u00e1i phi\u1ebfu l\u00e0 3,5% v\u00e0 l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng c\u0169ng l\u00e0 3,5%. M\u1ed9t v\u00e0i th\u00e1ng sau, n\u1ec1n kinh t\u1ebf t\u0103ng gi\u00e1 l\u00e3i su\u1ea5t l\u00ean 4,1%.<\/p>\n

V\u00ec l\u00e3i su\u1ea5t c\u1ee7a tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c c\u1ed1 \u0111\u1ecbnh \u1edf m\u1ee9c 3,5%, n\u00ean hi\u1ec7n t\u1ea1i n\u00f3 th\u1ea5p h\u01a1n l\u00e3i su\u1ea5t trong n\u1ec1n kinh t\u1ebf. Khi m\u1ed9t tr\u00e1i phi\u1ebfu giao d\u1ecbch d\u01b0\u1edbi m\u1ec7nh gi\u00e1, l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i c\u1ee7a n\u00f3 (thanh to\u00e1n phi\u1ebfu l\u00e3i chia cho gi\u00e1 th\u1ecb tr\u01b0\u1eddng) cao h\u01a1n l\u00e3i su\u1ea5t coupon c\u1ed1 \u0111\u1ecbnh.<\/p>\n

M\u1ed9t tr\u00e1i phi\u1ebfu c\u0169ng c\u00f3 th\u1ec3 giao d\u1ecbch d\u01b0\u1edbi m\u1ec7nh gi\u00e1 n\u1ebfu x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng c\u1ee7a n\u00f3 b\u1ecb h\u1ea1 c\u1ea5p b\u1eadc. \u0110i\u1ec1u n\u00e0y l\u00e0m gi\u1ea3m m\u1ee9c \u0111\u1ed9 tin c\u1eady \u0111\u1ed1i v\u1edbi s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh, khi\u1ebfn gi\u00e1 tr\u1ecb c\u1ee7a tr\u00e1i phi\u1ebfu gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi m\u1ec7nh gi\u00e1 gi\u00e1.<\/i><\/p>\n

M\u1ed9t c\u01a1 quan x\u1ebfp h\u1ea1ng h\u1ea1 c\u1ea5p t\u00edn d\u1ee5ng c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh sau khi xem x\u00e9t c\u00e1c y\u1ebfu t\u1ed1 nh\u1ea5t \u0111\u1ecbnh nh\u01b0 lo ng\u1ea1i v\u1ec1 r\u1ee7i ro v\u1ee1 n\u1ee3 c\u1ee7a nh\u00e0 ph\u00e1t h\u00e0nh, \u0111i\u1ec1u ki\u1ec7n kinh doanh x\u1ea5u \u0111i, t\u0103ng tr\u01b0\u1edfng n\u1ec1n kinh t\u1ebf y\u1ebfu h\u01a1n v\u00e0 s\u1ed1 d\u01b0 ti\u1ec1n m\u1eb7t tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n,\u2026<\/p>\n

Khi c\u00f3 ngu\u1ed3n cung d\u01b0 tr\u00e1i phi\u1ebfu d\u01b0 th\u1eeba, tr\u00e1i phi\u1ebfu s\u1ebd giao d\u1ecbch d\u01b0\u1edbi m\u1ec7nh gi\u00e1.<\/i><\/p>\n

N\u1ebfu l\u00e3i su\u1ea5t d\u1ef1 ki\u1ebfn s\u1ebd t\u0103ng trong t\u01b0\u01a1ng lai, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 tr\u1ea3i qua s\u1ef1 gia t\u0103ng s\u1ed1 l\u01b0\u1ee3ng tr\u00e1i phi\u1ebfu ph\u00e1t h\u00e0nh trong th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i.<\/p>\n

V\u00ec c\u00e1c c\u00f4ng ty ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu c\u1ed1 g\u1eafng vay v\u1ed1n t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1edbi chi ph\u00ed t\u00e0i ch\u00ednh th\u1ea5p nh\u1ea5t c\u00f3 th\u1ec3, h\u1ecd s\u1ebd t\u0103ng ngu\u1ed3n cung c\u1ee7a c\u00e1c tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t th\u1ea5p n\u00e0y v\u00e0 bi\u1ebft r\u1eb1ng tr\u00e1i phi\u1ebfu ph\u00e1t h\u00e0nh trong t\u01b0\u01a1ng lai c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u00e3i su\u1ea5t cao h\u01a1n.<\/p>\n

Vi\u1ec7c cung v\u01b0\u1ee3t qu\u00e1 s\u1ebd l\u1ea7n l\u01b0\u1ee3t \u0111\u1ea9y gi\u00e1 tr\u00e1i phi\u1ebfu xu\u1ed1ng d\u01b0\u1edbi m\u1ec7nh gi\u00e1.<\/p>\n

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

\n Kh\u00e1i ni\u1ec7m D\u01b0\u1edbi m\u1ec7nh gi\u00e1 (ti\u1ebfng Anh: Below Par) l\u00e0 m\u1ed9t thu\u1eadt ng\u1eef m\u00f4 t\u1ea3 tr\u00e1i phi\u1ebfu c\u00f3 gi\u00e1 th\u1ecb tr\u01b0\u1eddng \u0111ang giao d\u1ecbch d\u01b0\u1edbi m\u1ec7nh gi\u00e1 ho\u1eb7c gi\u00e1 tr\u1ecb g\u1ed1c c\u1ee7a n\u00f3.\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\/30413"}],"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=30413"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30413\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}