{"id":31102,"date":"2023-12-07T10:20:16","date_gmt":"2023-12-07T10:20:16","guid":{"rendered":"https:\/\/masterskills.org\/blog\/hop-dong-hoan-doi-giam-dan-amortizing-swap-la-gi-cong-thuc-tinh-gia-tri-hien-tai.html"},"modified":"2023-12-23T07:24:57","modified_gmt":"2023-12-23T00:24:57","slug":"hop-dong-hoan-doi-giam-dan-amortizing-swap-la-gi-cong-thuc-tinh-gia-tri-hien-tai","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/hop-dong-hoan-doi-giam-dan-amortizing-swap-la-gi-cong-thuc-tinh-gia-tri-hien-tai.html","title":{"rendered":"H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n (Amortizing Swap) l\u00e0 g\u00ec? C\u00f4ng th\u1ee9c t\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i"},"content":{"rendered":"
\n
\n
<\/div>\n
\n

Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Slideserve.com<\/i><\/p>\n<\/div>\n<\/div>\n

Ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n<\/font><\/h2>\n

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

H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n<\/b> c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t gi\u1ea3m d\u1ea7n<\/b> trong ti\u00ea\u0301ng Anh la\u0300 Amortizing Swap<\/b>.<\/p>\n

H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n<\/b> l\u00e0 m\u1ed9t d\u1ea1ng h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t trong \u0111\u00f3 s\u1ed1 ti\u1ec1n g\u1ed1c danh ngh\u0129a \u0111\u01b0\u1ee3c gi\u1ea3m theo t\u1ec9 l\u1ec7 c\u1ed1 \u0111\u1ecbnh v\u00e0 t\u1ec9 l\u1ec7 th\u1ea3 n\u1ed5i c\u01a1 s\u1edf.\u00a0<\/p>\n

H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 ph\u00e1i sinh c\u00f3 m\u1ed9t b\u00ean tr\u1ea3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh trong khi b\u00ean c\u00f2n l\u1ea1i tr\u1ea3 l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i tr\u00ean s\u1ed1 ti\u1ec1n g\u1ed1c danh ngh\u0129a gi\u1ea3m d\u1ea7n theo th\u1eddi gian.\u00a0<\/p>\n

Ti\u1ec1n g\u1ed1c danh ngh\u0129a \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1edfi m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u01a1 s\u1edf v\u1edbi s\u1ed1 d\u01b0 g\u1ed1c gi\u1ea3m d\u1ea7n ch\u1eb3ng h\u1ea1n nh\u01b0 c\u00e1c kho\u00e1n th\u1ebf ch\u1ea5p.\u00a0<\/p>\n

M\u1ed9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n l\u00e0 m\u1ed9t giao d\u1ecbch ch\u1ec9 trao \u0111\u1ed5i c\u00e1c d\u00f2ng ti\u1ec1n ch\u1ee9 kh\u00f4ng ph\u1ea3i s\u1ed1 ti\u1ec1n g\u1ed1c. \u00a0 \u00a0\u00a0<\/i><\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n<\/font><\/h3>\n

Nh\u01b0 c\u00e1c h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i Plain Vanilla<\/i> (hay h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i \u2013 c\u1ed1 \u0111\u1ecbnh) kh\u00e1c, h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n<\/b> l\u00e0 m\u1ed9t th\u1ecfa thu\u1eadn gi\u1eefa hai b\u00ean. C\u00e1c b\u00ean \u0111\u1ed3ng \u00fd trao \u0111\u1ed5i m\u1ed9t d\u00f2ng ti\u1ec1n thanh to\u00e1n l\u00e3i trong t\u01b0\u01a1ng lai cho m\u1ed9t d\u00f2ng ti\u1ec1n kh\u00e1c d\u1ef1a tr\u00ean s\u1ed1 ti\u1ec1n g\u1ed1c th\u1ecfa thu\u1eadn.\u00a0<\/p>\n

H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 gi\u1ea3m ho\u1eb7c t\u0103ng m\u1ee9c ti\u1ebfp x\u00fac v\u1edbi c\u00e1c bi\u1ebfn \u0111\u1ed9ng c\u1ee7a l\u00e3i su\u1ea5t.\u00a0<\/p>\n

S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh v\u1edbi c\u00e1c h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i kh\u00e1c l\u00e0 s\u1ed1 ti\u1ec1n g\u1ed1c c\u1ee7a h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n \u0111\u01b0\u1ee3c kh\u1ea5u tr\u1eeb theo th\u1eddi gian, th\u01b0\u1eddng theo m\u1ed9t l\u1ecbch c\u1ed1 \u0111\u1ecbnh. V\u00ed d\u1ee5, m\u1ed9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c g\u1eafn v\u1edbi m\u1ed9t kho\u1ea3n th\u1ebf ch\u1ea5p b\u1ea5t \u0111\u1ed9ng s\u1ea3n.\u00a0 \u00a0 \u00a0\u00a0<\/p>\n

Gi\u1ed1ng nh\u01b0 h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t, c\u00e1c h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng OTC v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00f9y ch\u1ec9nh d\u1ef1a tr\u00ean mong mu\u1ed1n c\u1ee7a c\u00e1c b\u00ean.\u00a0 \u00a0 \u00a0\u00a0<\/i><\/p>\n

Ti\u1ec1n g\u1ed1c danh ngh\u0129a trong m\u1ed9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n <\/b>c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c kh\u1ea5u tr\u1eeb c\u00f9ng t\u1ed1c \u0111\u1ed9 v\u1edbi c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u01a1 s\u1edf. L\u00e3i su\u1ea5t c\u0169ng c\u00f3 th\u1ec3 d\u1ef1a tr\u00ean c\u00e1c l\u00e3i su\u1ea5t \u0111i\u1ec3m chu\u1ea9n nh\u01b0 l\u00e3i su\u1ea5t kho\u1ea3n th\u1ebf ch\u1ea5p ho\u1eb7c\u00a0l\u00e3i su\u1ea5t LIBOR.<\/p>\n

M\u1ed9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n th\u01b0\u1eddng bao g\u1ed3m nh\u00e1nh (d\u00f2ng ti\u1ec1n) c\u1ed1 \u0111\u1ecbnh v\u00e0 nh\u00e1nh th\u1ea3 n\u1ed5i. Gi\u00e1 tr\u1ecb c\u1ee7a h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1edfi c\u00e1c gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c nh\u00e1nh.\u00a0\u00a0<\/i><\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n<\/font><\/h3>\n

C\u00f4ng th\u1ee9c t\u00ednh\u00a0gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i\u00a0(PV) c\u1ee7a m\u1ed9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n n\u1ebfu nh\u1eadn l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i v\u00e0 tr\u1ea3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh.\u00a0<\/p>\n

\u00a0PVho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n<\/sub>\u00a0= PVth\u1ea3 n\u1ed5i<\/sub> \u2212 PVc\u1ed1 \u0111\u1ecbnh<\/sub><\/i><\/b><\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (PV) c\u1ee7a m\u1ed9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n n\u1ebfu tr\u1ea3 l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i v\u00e0 nh\u1eadn l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh.\u00a0<\/p>\n

\u00a0PVho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n<\/sub>\u00a0\u00a0= PVc\u1ed1 \u0111\u1ecbnh\u00a0<\/sub>\u2212\u00a0 PVth\u1ea3 n\u1ed5i<\/sub><\/i><\/b><\/p>\n

M\u1ed9t s\u1ed1 l\u01b0u \u00fd<\/font><\/sub><\/b><\/h3>\n

\u0110\u1ed1i v\u1edbi ng\u01b0\u1eddi nh\u1eadn t\u1ec9 l\u1ec7 c\u1ed1 \u0111\u1ecbnh, vi\u1ec7c \u0111\u1ea3m b\u1ea3o l\u1ecbch kh\u1ea5u tr\u1eeb c\u1ee7a h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n<\/b> v\u00e0 t\u00e0i s\u1ea3n c\u01a1 s\u1edf \u0111\u01b0\u1ee3c \u0111\u1eb7t \u1edf m\u1ee9c gi\u1ed1ng nhau l\u00e0 r\u1ea5t quan tr\u1ecdng.<\/p>\n

C\u00e1c giao d\u1ecbch OTC bao g\u1ed3m c\u1ea3 giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i ti\u1ec1m t\u00e0ng r\u1ee7i ro \u0111\u1ed1i t\u00e1c<\/i>. C\u00e1c giao d\u1ecbch kh\u00f4ng \u0111\u01b0\u1ee3c b\u1ea3o tr\u1ee3 b\u1edfi s\u00e0n giao d\u1ecbch v\u00e0 do \u0111\u00f3 r\u1ee7i ro kh\u00f4ng th\u1ec3 chuy\u1ec3n giao t\u00e0i s\u1ea3n nh\u01b0 th\u1ecfa thu\u1eadn trong h\u1ee3p \u0111\u1ed3ng cao h\u01a1n. \u00a0\u00a0<\/p>\n

\u0110\u1ed1i l\u1eadp v\u1edbi h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n l\u00e0 h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i t\u00edch l\u0169y g\u1ed1c<\/i>. M\u1ed9t h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i t\u00edch l\u0169y g\u1ed1c c\u00f3 s\u1ed1 ti\u1ec1n g\u1ed1c danh ngh\u0129a t\u0103ng l\u00ean trong su\u1ed1t v\u00f2ng \u0111\u1eddi c\u1ee7a h\u1ee3p \u0111\u1ed3ng.\u00a0<\/p>\n

Ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n v\u00e0 ho\u00e1n \u0111\u1ed5i t\u00edch l\u0169y c\u00f3 s\u1ed1 ti\u1ec1n g\u1ed1c danh ngh\u0129a b\u1ecb \u1ea3nh h\u01b0\u1edfng trong su\u1ed1t th\u1eddi h\u1ea1n h\u1ee3p \u0111\u1ed3ng, tr\u00e1i ng\u01b0\u1ee3c v\u1edbi c\u00e1c lo\u1ea1i h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i kh\u00e1c c\u00f3 s\u1ed1 ti\u1ec1n g\u1ed1c danh ngh\u0129a kh\u00f4ng \u0111\u1ed5i trong su\u1ed1t th\u1eddi h\u1ea1n h\u1ee3p \u0111\u1ed3ng.\u00a0 \u00a0<\/p>\n

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

\n H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i gi\u1ea3m d\u1ea7n (ti\u1ebfng Anh: Amortizing Swap) l\u00e0 m\u1ed9t d\u1ea1ng h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t trong \u0111\u00f3 s\u1ed1 ti\u1ec1n g\u1ed1c danh ngh\u0129a \u0111\u01b0\u1ee3c gi\u1ea3m theo t\u1ec9 l\u1ec7 c\u1ed1 \u0111\u1ecbnh v\u00e0 t\u1ec9 l\u1ec7 th\u1ea3 n\u1ed5i c\u01a1 s\u1edf.\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\/31102"}],"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=31102"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31102\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}