{"id":31155,"date":"2023-12-07T10:23:23","date_gmt":"2023-12-07T10:23:23","guid":{"rendered":"https:\/\/masterskills.org\/blog\/thi-truong-trai-phieu-my-u-s-bond-market-la-gi.html"},"modified":"2023-12-23T07:28:22","modified_gmt":"2023-12-23T00:28:22","slug":"thi-truong-trai-phieu-my-u-s-bond-market-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/thi-truong-trai-phieu-my-u-s-bond-market-la-gi.html","title":{"rendered":"Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu M\u1ef9 (U.S bond market) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda (Ngu\u1ed3n: Finance – Zacks)<\/p>\n<\/div>\n<\/div>\n

Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu M\u1ef9 (U.S bond market)<\/span>
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Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu M\u1ef9<\/b> – danh t\u1eeb, ti\u1ebfng Anh \u0111\u01b0\u1ee3c d\u00f9ng b\u1edfi c\u1ee5m t\u1eeb U.S bond market<\/b>.<\/p>\n

Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu M\u1ef9<\/i> l\u00e0 m\u1ed9t trong nh\u1eefng thi tr\u01b0\u1eddng r\u1ed9ng l\u1edbn, \u0111a d\u1ea1ng v\u00e0 phong ph\u00fa, c\u00e1c tr\u00e1i phi\u1ebfu ph\u00e1t h\u00e0nh v\u00e0o th\u1ecb tr\u01b0\u1eddng M\u1ef9 ph\u1ea3i s\u1eed d\u1ee5ng \u0110\u00f4 la M\u1ef9 l\u00e0m \u0111\u1ed3ng ti\u1ec1n ph\u00e1t h\u00e0nh. \u1ede M\u1ef9 c\u0169ng c\u00f3 hai lo\u1ea1i th\u1ecb tr\u01b0\u1eddng ph\u00e1t h\u00e0nh l\u00e0 th\u1ecb tr\u01b0\u1eddng ch\u00e0o b\u00e1n c\u00f4ng khai v\u00e0 th\u1ecb tr\u01b0\u1eddng ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb. (Theo Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n, NXB T\u00e0i ch\u00ednh<\/i>)<\/p>\n

Ph\u00e2n lo\u1ea1i th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu M\u1ef9\u00a0<\/font><\/h2>\n

Th\u1ecb tr\u01b0\u1eddng ch\u00e0o b\u00e1n c\u00f4ng khai\u00a0<\/b><\/p>\n

Th\u1ecb tr\u01b0\u1eddng ch\u00e0o b\u00e1n c\u00f4ng khai hay c\u00f2n g\u1ecdi l\u00e0 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Yankee<\/i>: L\u00e0 m\u1ed9t trong nh\u1eefng th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu c\u1ee7a M\u1ef9 c\u00f3 qui m\u00f4 ph\u00e1t h\u00e0nh l\u1edbn nh\u1ea5t; cung c\u1ea5p ngu\u1ed3n v\u1ed1n d\u00e0i h\u1ea1n \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh ngo\u00e0i n\u01b0\u1edbc M\u1ef9. Th\u1eddi h\u1ea1n tr\u00e1i phi\u1ebfu Yankee trong kho\u1ea3ng t\u1eeb 1 \u0111\u1ebfn 30 n\u0103m.<\/p>\n

Vi\u1ec7c x\u00e1c \u0111\u1ecbnh h\u1ec7 s\u1ed1 t\u00edn nhi\u1ec7m th\u01b0\u1eddng do hai c\u00f4ng ty Moody’s v\u00e0 S&P \u0111\u1ea3m nh\u1eadn. Khi ph\u00e1t h\u00e0nh, nh\u00e0 ph\u00e1t h\u00e0nh ph\u1ea3i \u0111\u0103ng k\u00ed v\u1edbi \u1ee6y ban ch\u1ee9ng kho\u00e1n v\u00e0 giao d\u1ecbch ch\u1ee9ng kho\u00e1n c\u1ee7a M\u1ef9 (SEC) v\u00e0 vi\u1ec7c thanh to\u00e1n \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n th\u00f4ng qua c\u00f4ng ty t\u00edn th\u00e1c k\u00ed g\u1eedi ch\u1ee9ng kho\u00e1n.\u00a0<\/p>\n

Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Yankee \u0111\u00f2i h\u1ecfi nh\u00e0 ph\u00e1t h\u00e0nh ph\u1ea3i \u0111\u0103ng k\u00ed v\u1edbi SEC; th\u1eddi gian \u0111\u0103ng k\u00ed th\u01b0\u1eddng k\u00e9o d\u00e0i v\u00e0 r\u1ea5t ph\u1ee9c t\u1ea1p. Ngo\u00e0i ra c\u00f2n ph\u1ea3i m\u1ea5t th\u1eddi gian v\u00e0 chi ph\u00ed cho vi\u1ec7c \u0111\u00e1p \u1ee9ng c\u00e1c y\u00eau c\u1ea7u v\u1ec1 k\u1ebf to\u00e1n v\u00e0 l\u1eadp c\u00e1c v\u0103n b\u1ea3n.\u00a0<\/p>\n

Th\u1ecb tr\u01b0\u1eddng ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb<\/b><\/p>\n

\u1ede M\u1ef9 c\u00f3 hai lo\u1ea1i th\u1ecb tr\u01b0\u1eddng ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb bao g\u1ed3m th\u1ecb tr\u01b0\u1eddng qui ch\u1ebf 144A v\u00e0 th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n.<\/p>\n

1. Th\u1ecb tr\u01b0\u1eddng qui ch\u1ebf 144A<\/p>\n

V\u00e0o th\u00e1ng 4\/1990, \u1ee6y ban ch\u1ee9ng kho\u00e1n M\u1ef9 (SEC)<\/i> \u0111\u00e3 ph\u00ea chu\u1ea9n qui ch\u1ebf 144A.\u00a0<\/p>\n

Qui ch\u1ebf n\u00e0y cho ph\u00e9p gi\u1edbi h\u1ea1n m\u1ed9t s\u1ed1 t\u1ed5 ch\u1ee9c \u0111\u01b0\u1ee3c ph\u00e9p giao d\u1ecbch lo\u1ea1i ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb m\u00e0 kh\u00f4ng c\u1ea7n gi\u1edbi h\u1ea1n th\u1eddi gian n\u1eafm gi\u1eef v\u00e0 c\u0169ng kh\u00f4ng c\u1ea7n ph\u1ea3i \u0111\u0103ng k\u00ed v\u1edbi SEC. \u0110\u1ed3ng th\u1eddi, SEC \u0111\u00e3 thay \u0111\u1ed5i qui \u0111\u1ecbnh cho ph\u00e9p nh\u1eefng nh\u00e0 ph\u00e1t h\u00e0nh n\u01b0\u1edbc ngo\u00e0i \u0111\u1eb7t quan h\u1ec7 bu\u00f4n b\u00e1n v\u1edbi th\u1ecb tr\u01b0\u1eddng ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb M\u1ef9 th\u00f4ng qua qui ch\u1ebf 144A c\u1ee7a SEC v\u00e0 c\u0169ng kh\u00f4ng c\u1ea7n ph\u1ea3i \u0111\u0103ng k\u00ed t\u1ea1i SEC.<\/p>\n

Khi ph\u00e1t h\u00e0nh tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u00e0y, nh\u00e0 ph\u00e1t h\u00e0nh kh\u00f4ng ph\u1ea3i \u0111\u0103ng k\u00ed v\u1edbi SEC, n\u00f3 th\u01b0\u1eddng \u0111\u01b0\u1ee3c b\u00e1n tr\u1ef1c ti\u1ebfp cho m\u1ed9t s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 thu\u1ed9c t\u1ed5 ch\u1ee9c Qualified Institutional Buyer (QIBs)<\/i>, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong t\u1ed5 ch\u1ee9c n\u00e0y l\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1edbn v\u1ec1 ch\u1ee9ng kho\u00e1n, h\u1ecd qu\u1ea3n l\u00ed c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 tr\u00ean 100 tri\u1ec7u USD.<\/p>\n

2. Th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n<\/p>\n

C\u0169ng l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng ch\u00e0o b\u00e1n c\u00f4ng khai c\u1ee7a M\u1ef9, c\u00e1c tr\u00e1i phi\u1ebfu ph\u00e1t h\u00e0nh tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u00e0y c\u0169ng kh\u00f4ng ph\u1ea3i \u0111\u0103ng k\u00ed v\u1edbi SEC v\u00e0 n\u00f3 \u0111\u01b0\u1ee3c b\u00e1n tr\u1ef1c ti\u1ebfp cho m\u1ed9t s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ea5t \u0111\u1ecbnh th\u00f4ng qua c\u00e1c \u0111\u1ea1i l\u00ed. C\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh \u1edf b\u1ea5t k\u00ec m\u1ee9c \u0111\u1ed9 n\u00e0o tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u00e0y, v\u1edbi b\u1ea5t k\u00ec th\u1eddi h\u1ea1n n\u00e0o.<\/p>\n

\u0110\u1ed3ng th\u1eddi, nh\u00e0 ph\u00e1t h\u00e0nh c\u00f3 th\u1ec3 kh\u00f4ng c\u1ea7n ph\u1ea3i x\u00e1c \u0111\u1ecbnh h\u1ec7 s\u1ed1 t\u00edn nhi\u1ec7m, v\u00e0 c\u00f3 th\u1ec3 tr\u1ea3 n\u1ee3 d\u1ea7n. Tuy nhi\u00ean, chi ph\u00ed vay n\u1ee3 tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u00e0y th\u01b0\u1eddng cao h\u01a1n th\u1ecb tr\u01b0\u1eddng Yankee. (Theo Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n, NXB T\u00e0i ch\u00ednh<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu M\u1ef9 (ti\u1ebfng Anh: U.S bond market) l\u00e0 th\u1ecb tr\u01b0\u1eddng t\u1ed3n t\u1ea1i hai h\u00ecnh th\u1ee9c ch\u00e0o b\u00e1n c\u00f4ng khai v\u00e0 h\u00ecnh th\u1ee9c ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb \u0111\u1ed1i v\u1edbi 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\/31155"}],"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=31155"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31155\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}