{"id":30492,"date":"2023-12-07T09:20:07","date_gmt":"2023-12-07T09:20:07","guid":{"rendered":"https:\/\/masterskills.org\/blog\/loi-suat-thu-hoi-yield-to-call-ytc-la-gi.html"},"modified":"2023-12-23T06:13:20","modified_gmt":"2023-12-22T23:13:20","slug":"loi-suat-thu-hoi-yield-to-call-ytc-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/loi-suat-thu-hoi-yield-to-call-ytc-la-gi.html","title":{"rendered":"L\u1ee3i su\u1ea5t thu h\u1ed3i (Yield To Call – YTC) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda<\/p>\n<\/div>\n<\/div>\n

L\u1ee3i su\u1ea5t thu h\u1ed3i (Yield To Call)<\/font><\/h2>\n

\u0110\u1ecbnh ngh\u0129a<\/b><\/p>\n

L\u1ee3i su\u1ea5t thu h\u1ed3i <\/b>trong ti\u1ebfng Anh l\u00e0 Yield To Call<\/b>.<\/p>\n

L\u1ee3i su\u1ea5t thu h\u1ed3i<\/i> hay l\u00e3i su\u1ea5t thu h\u1ed3i<\/i> l\u00e0 m\u1ed9t thu\u1eadt ng\u1eef t\u00e0i ch\u00ednh d\u00f9ng \u0111\u1ec3 ch\u1ec9 l\u1ee3i su\u1ea5t m\u00e0 m\u1ed9t tr\u00e1i ch\u1ee7 nh\u1eadn \u0111\u01b0\u1ee3c n\u1ebfu n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu \u0111\u1ebfn ng\u00e0y tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c thu h\u1ed3i v\u00e0 tr\u01b0\u1edbc th\u1eddi \u0111i\u1ec3m \u0111\u00e1o h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu.<\/p>\n

L\u1ee3i su\u1ea5t thu h\u1ed3i \u00e1p d\u1ee5ng cho tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 thu h\u1ed3i, \u0111\u00f3 l\u00e0 nh\u1eefng c\u00f4ng c\u1ee5 cho ph\u00e9p nh\u00e0 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu mua l\u1ea1i tr\u00e1i phi\u1ebfu v\u00e0o ng\u00e0y thu h\u1ed3i (ng\u00e0y mua l\u1ea1i) t\u1ea1i m\u1ee9c gi\u00e1 thu h\u1ed3i (gi\u00e1 mua l\u1ea1i).<\/p>\n

Hi\u1ec3u v\u1ec1 l\u1ee3i su\u1ea5t thu h\u1ed3i<\/font><\/h3>\n

– \u0110\u00f4i khi c\u00f4ng ty ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu k\u00e8m theo \u0111i\u1ec1u kho\u1ea3n thu h\u1ed3i (mua l\u1ea1i) tr\u00e1i phi\u1ebfu tr\u01b0\u1edbc h\u1ea1n. \u0110i\u1ec1u n\u00e0y x\u1ea3y ra n\u1ebfu nh\u01b0 c\u00f4ng ty d\u1ef1 b\u00e1o l\u00e3i su\u1ea5t s\u1ebd\u00a0gi\u1ea3m sau khi ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu.<\/p>\n

– Tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 thu h\u1ed3i (tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 mua l\u1ea1i) cho ph\u00e9p nh\u00e0 ph\u00e1t h\u00e0nh c\u00f3 th\u1ec3 mua l\u1ea1i tr\u00e1i phi\u1ebfu \u1edf m\u1ee9c gi\u00e1 thu h\u1ed3i \u0111\u01b0\u1ee3c ch\u1ec9 \u0111\u1ecbnh tr\u01b0\u1edbc ng\u00e0y \u0111\u00e1o h\u1ea1n. Gi\u00e1 thu h\u1ed3i th\u01b0\u1eddng l\u00e0 m\u1ee9c gi\u00e1 b\u1eb1ng m\u1ec7nh gi\u00e1 c\u1ed9ng v\u1edbi m\u1ed9t kho\u1ea3n tr\u1ea3 l\u00e3i h\u00e0ng n\u0103m. \u0110\u1ec3 h\u1ea5p d\u1eabn nh\u00e0 \u0111\u1ea7u t\u01b0, tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 thu h\u1ed3i \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u1edbi l\u00e3i su\u1ea5t cao h\u01a1n v\u00e0 kho\u1ea3n l\u00e3i \u0111\u00e1o h\u1ea1n cao h\u01a1n so v\u1edbi tr\u00e1i phi\u1ebfu th\u00f4ng th\u01b0\u1eddng.<\/p>\n

– D\u00f9ng th\u01b0\u1edbc \u0111o YTC \u0111\u1ec3 \u0111o l\u01b0\u1eddng m\u1ee9c l\u1ee3i t\u1ee9c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadn \u0111\u01b0\u1ee3c n\u1ebfu c\u00f4ng ty chu\u1ed9c l\u1ea1i tr\u01b0\u1edbc h\u1ea1n v\u1edbi gi\u00e1 thu h\u1ed3i F’ > F.<\/p>\n

C\u00f4ng th\u1ee9c x\u00e1c \u0111\u1ecbnh l\u1ee3i su\u1ea5t thu h\u1ed3i<\/font><\/h3>\n

Thu nh\u1eadp h\u00e0ng n\u0103m = L\u00e3i coupon + [(Gi\u00e1 thu h\u1ed3i – Gi\u00e1 mua)\/Th\u1eddi h\u1ea1n c\u00f2n l\u1ea1i]<\/p>\n

Gi\u00e1 trung b\u00ecnh = (Gi\u00e1 thu h\u1ed3i + Gi\u00e1 mua)\/2<\/p>\n

L\u1ee3i su\u1ea5t thu h\u1ed3i (YTC) = Thu nh\u1eadp h\u00e0ng n\u0103m\/ Gi\u00e1 trung b\u00ecnh<\/p>\n

L\u01b0u \u00fd<\/b>:<\/p>\n

– \u0110\u00e2y l\u00e0 c\u00f4ng th\u1ee9c t\u00ednh g\u1ea7n \u0111\u00fang l\u1ee3i su\u1ea5t thu h\u1ed3i. T\u00ednh ch\u00ednh x\u00e1c YTC l\u00e0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ec1u l\u00e0m cho gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n thu \u0111\u01b0\u1ee3c t\u1eeb tr\u00e1i phi\u1ebfu b\u1eb1ng v\u1edbi gi\u00e1 mua tr\u00e1i phi\u1ebfu \u0111\u00f3. D\u00f2ng ti\u1ec1n thu \u0111\u01b0\u1ee3c g\u1ed3m c\u00f3: c\u00e1c kho\u1ea3n ti\u1ec1n l\u00e3i coupon nh\u1eadn \u0111\u01b0\u1ee3c cho \u0111\u1ebfn khi tr\u00e1i phi\u1ebfu b\u1ecb thu h\u1ed3i (t\u00ednh \u0111\u1ebfn ng\u00e0y thu h\u1ed3i \u0111\u1ea7u ti\u00ean – first call date) v\u00e0\u00a0gi\u00e1 mua l\u1ea1i\u00a0(call price).<\/p>\n

– L\u1ee3i su\u1ea5t thu h\u1ed3i <\/i>\u0111\u01b0\u1ee3c t\u00ednh to\u00e1n v\u1edbi hai gi\u1ea3 \u0111\u1ecbnh l\u00e0:<\/p>\n

(1) nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu cho \u0111\u1ebfn ng\u00e0y thu h\u1ed3i \u0111\u00e3 \u0111\u1ecbnh<\/p>\n

(2) nh\u00e0 ph\u00e1t h\u00e0nh s\u1ebd mua tr\u00e1i phi\u1ebfu v\u00e0o ng\u00e0y \u0111\u00f3<\/p>\n

V\u00ed d\u1ee5<\/font><\/h3>\n

M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 mua tr\u00e1i phi\u1ebfu thu h\u1ed3i c\u00f3 l\u00e3i su\u1ea5t coupon 6% gi\u00e1 1.200 USD, m\u1ec7nh gi\u00e1 1.000 USD, \u0111\u1ebfn khi th\u1eddi h\u1ea1n c\u00f2n l\u1ea1i 10 n\u0103m, tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c mua l\u1ea1i theo ng\u00e0y mua \u0111\u00e3 \u1ea5n \u0111\u1ecbnh v\u1edbi gi\u00e1 thu h\u1ed3i l\u00e0 1.100 USD.<\/p>\n

Gi\u1ea3 s\u1eed ng\u00e0y mua l\u1ea1i \u0111\u1ea7u ti\u00ean c\u00e1ch th\u1eddi h\u1ea1n c\u00f2n l\u1ea1i c\u1ee7a tr\u00e1i phi\u1ebfu l\u00e0 5 n\u0103m. X\u00e1c \u0111\u1ecbnh l\u1ee3i su\u1ea5t thu h\u1ed3i YTC.<\/p>\n

L\u1eddi gi\u1ea3i:<\/i><\/p>\n

– L\u00e3i h\u00e0ng n\u0103m (annual interest) = 6% x 1.000 = 60 USD<\/p>\n

– Ch\u00eanh l\u1ec7ch t\u1eeb gi\u00e1 mua l\u1ea1i (discount from call) = 1.100 – 1.200 = -100 USD<\/p>\n

– Th\u1eddi gian c\u00f2n l\u1ea1i cho \u0111\u1ebfn khi b\u1ecb thu h\u1ed3i (years to call) = 5<\/p>\n

– Gi\u00e1 trung b\u00ecnh (average price) = (1.100 +1.200)\/2 = 1.150 (USD)<\/p>\n

– L\u1ee3i su\u1ea5t thu h\u1ed3i YTC = (60 – 100\/5)\/1.150 = 3,48%<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Investopedia; Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u00e0 c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh, NXB Kinh t\u1ebf Th\u00e0nh ph\u1ed1 H\u1ed3 Ch\u00ed Minh)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n L\u1ee3i su\u1ea5t thu h\u1ed3i (ti\u1ebfng Anh: Yield To Call, vi\u1ebft t\u1eaft: YTC) l\u00e0 m\u1ed9t thu\u1eadt ng\u1eef t\u00e0i ch\u00ednh d\u00f9ng \u0111\u1ec3 ch\u1ec9 l\u1ee3i su\u1ea5t m\u00e0 m\u1ed9t tr\u00e1i ch\u1ee7 nh\u1eadn \u0111\u01b0\u1ee3c n\u1ebfu n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu \u0111\u1ebfn ng\u00e0y tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c thu h\u1ed3i v\u00e0 tr\u01b0\u1edbc th\u1eddi \u0111i\u1ec3m \u0111\u00e1o h\u1ea1n c\u1ee7a tr\u00e1i 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\/30492"}],"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=30492"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30492\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}