{"id":31207,"date":"2023-12-07T10:25:52","date_gmt":"2023-12-07T10:25:52","guid":{"rendered":"https:\/\/masterskills.org\/blog\/phat-hanh-trai-phieu-quoc-te-global-bond-issuance-la-gi-uu-the-va-han-che.html"},"modified":"2023-12-23T07:28:24","modified_gmt":"2023-12-23T00:28:24","slug":"phat-hanh-trai-phieu-quoc-te-global-bond-issuance-la-gi-uu-the-va-han-che","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/phat-hanh-trai-phieu-quoc-te-global-bond-issuance-la-gi-uu-the-va-han-che.html","title":{"rendered":"Ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf (Global bond issuance) l\u00e0 g\u00ec? \u01afu th\u1ebf v\u00e0 h\u1ea1n ch\u1ebf"},"content":{"rendered":"
\n
\n
<\/div>\n
\n

H\u00ecnh minh h\u1ecda (Ngu\u1ed3n: Citywire Americas)<\/p>\n<\/div>\n<\/div>\n

Ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf (Global bond issuance)<\/font><\/h2>\n

Ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf<\/b> – danh t\u1eeb, ti\u1ebfng Anh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Global bond issuance<\/b>.<\/p>\n

Tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf<\/i> l\u00e0 ch\u1ee9ng ch\u1ec9 vay n\u1ee3 do nh\u00e0 ph\u00e1t h\u00e0nh ph\u00e1t h\u00e0nh tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ed1n qu\u1ed1c t\u1ebf nh\u1eb1m huy \u0111\u1ed9ng v\u1ed1n c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ebf gi\u1edbi.<\/p>\n

Ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf<\/i> l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c vay v\u1ed1n \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i. \u0110\u1ec3 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ra th\u1ecb tr\u01b0\u1eddng v\u1ed1n qu\u1ed1c t\u1ebf, nh\u00e0 ph\u00e1t h\u00e0nh c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng nhi\u1ec1u lo\u1ea1i tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf <\/i>kh\u00e1c nhau.\u00a0(Theo Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n, NXB T\u00e0i ch\u00ednh<\/i>)<\/p>\n

\u01afu th\u1ebf v\u00e0 h\u1ea1n ch\u1ebf c\u1ee7a h\u00ecnh th\u1ee9c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf<\/font><\/h3>\n

C\u0169ng gi\u1ed1ng nh\u01b0 b\u1ea5t k\u00ec lo\u1ea1i tr\u00e1i phi\u1ebfu n\u00e0o kh\u00e1c, c\u00e1c tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf <\/i>c\u00f3 t\u00ednh thanh kho\u1ea3n cao, \u0111\u01b0\u1ee3c mua b\u00e1n d\u1ec5 d\u00e0ng tr\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf, do \u0111\u00f3, cho d\u00f9 l\u00e0 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn c\u00f3 th\u1ec3 r\u00fat v\u1ed1n b\u1ea5t k\u00ec l\u00fac n\u00e0o, h\u1ecd d\u1ec5 d\u00e0ng thay \u0111\u1ed5i danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00f3 l\u1ee3i nh\u1ea5t cho m\u00ecnh.<\/p>\n

Tr\u00ean c\u01a1 s\u1edf \u0111\u00f3, h\u00ecnh th\u1ee9c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf<\/i> c\u00f3 m\u1ed9t s\u1ed1 \u01b0u th\u1ebf v\u00e0 h\u1ea1n ch\u1ebf sau.<\/p>\n

Nh\u1eefng \u01b0u th\u1ebf c\u1ee7a h\u00ecnh th\u1ee9c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf<\/b><\/p>\n

1. Cho ph\u00e9p huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c m\u1ed9t kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn v\u1ed1n b\u1eb1ng ngo\u1ea1i t\u1ec7 theo mong \u0111\u1ee3i c\u1ee7a nh\u00e0 ph\u00e1t h\u00e0nh \u0111\u1ec3 th\u1ef1c hi\u1ec7n m\u1ee5c ti\u00eau \u0111\u00e3 \u0111\u1ec1 ra.<\/p>\n

2. Khi ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf, nh\u00e0 ph\u00e1t h\u00e0nh \u0111\u01b0\u1ee3c ti\u1ebfp x\u00fac tr\u1ef1c ti\u1ebfp v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 khi\u1ebfn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec3u bi\u1ebft v\u1ec1 m\u00ecnh h\u01a1n. Tr\u00ean c\u01a1 s\u1edf n\u00e0y, nh\u00e0 ph\u00e1t h\u00e0nh c\u00f3 th\u1ec3 n\u00e2ng cao uy t\u00edn c\u1ee7a m\u00ecnh tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ed1n qu\u1ed1c t\u1ebf, t\u1eeb \u0111\u00f3 c\u00f3 th\u1ec3 m\u1edf r\u1ed9ng c\u00e1c h\u00ecnh th\u1ee9c thu h\u00fat v\u1ed1n \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i kh\u00e1c nh\u01b0 \u0111\u1ea7u t\u01b0 tr\u1ef1c ti\u1ebfp n\u01b0\u1edbc ngo\u00e0i, vay th\u01b0\u01a1ng m\u1ea1i, vi\u1ec7n tr\u1ee3…<\/p>\n

3. \u0110\u1ed9c l\u1eadp, ch\u1ee7 \u0111\u1ed9ng trong vi\u1ec7c s\u1eed d\u1ee5ng v\u1ed1n vay<\/p>\n

To\u00e0n b\u1ed9 s\u1ed1 ti\u1ec1n thu \u0111\u01b0\u1ee3c qua b\u00e1n tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c chuy\u1ec3n l\u1ea1i cho nh\u00e0 ph\u00e1t h\u00e0nh s\u1eed d\u1ee5ng theo c\u00e1c m\u1ee5c c\u1ee7a nh\u00e0 ph\u00e1t h\u00e0nh. Nh\u00e0 ph\u00e1t h\u00e0nh c\u00f3 to\u00e0n quy\u1ec1n trong vi\u1ec7c s\u1eed d\u1ee5ng v\u1ed1n c\u00f3 hi\u1ec7u qu\u1ea3 cao nh\u1ea5t, thanh to\u00e1n c\u1ea3 g\u1ed1c, l\u00e3i \u0111\u1ee7 v\u00e0 \u0111\u00fang h\u1ea1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

4. Chi ph\u00ed vay n\u1ee3 th\u1ea5p<\/p>\n

Chi ph\u00ed ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf<\/i> l\u1ea7n \u0111\u1ea7u ti\u00ean c\u00f3 th\u1ec3 cao h\u01a1n so v\u1edbi vay th\u01b0\u01a1ng m\u1ea1i do ph\u1ea3i chu\u1ea9n b\u1ecb nhi\u1ec1u t\u00e0i li\u1ec7u, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u01b0a hi\u1ec3u bi\u1ebft \u0111\u1ea7y \u0111\u1ee7 v\u1ec1 ng\u01b0\u1eddi \u0111i vay,… Song v\u1ec1 l\u00e2u d\u00e0i, chi ph\u00ed ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf<\/i> s\u1ebd th\u1ea5p h\u01a1n vay th\u01b0\u01a1ng m\u1ea1i do gi\u1ea3m \u0111\u01b0\u1ee3c c\u00e1c kho\u1ea3n chi ph\u00ed v\u1ec1 qu\u1ea3ng c\u00e1o, ti\u1ebfp th\u1ecb, c\u00e1c v\u0103n b\u1ea3n.<\/p>\n

Nh\u1eefng h\u1ea1n ch\u1ebf c\u1ee7a h\u00ecnh th\u1ee9c ph\u00e1t h\u00e0nh v\u1ed1n qu\u1ed1c t\u1ebf<\/b><\/p>\n

1. Ph\u1ea3i tu\u00e2n th\u1ee7 theo c\u00e1c th\u00f4ng l\u1ec7 qu\u1ed1c t\u1ebf v\u1ec1 tr\u00ecnh t\u1ef1, th\u1ee7 t\u1ee5c ph\u00e1t h\u00e0nh, thanh to\u00e1n tr\u00e1i phi\u1ebfu. Nh\u1eefng th\u1ee7 t\u1ee5c n\u00e0y kh\u00e1 ph\u1ee9c t\u1ea1p \u0111\u00f2i h\u1ecfi ph\u1ea3i c\u00f3 s\u1ef1 chu\u1ea9n b\u1ecb chu \u0111\u00e1o v\u1ec1 c\u01a1 s\u1edf ph\u00e1p l\u00ed, c\u01a1 s\u1edf kinh t\u1ebf, c\u00e1c nghi\u1ec7p v\u1ee5 k\u0129 thu\u1eadt, t\u1eeb t\u00ednh to\u00e1n x\u00e1c \u0111\u1ecbnh h\u1ec7 s\u1ed1 t\u00edn nhi\u1ec7m, l\u1ef1a ch\u1ecdn th\u1ecb tr\u01b0\u1eddng, lo\u1ea1i ti\u1ec1n t\u1ec7, h\u00ecnh th\u1ee9c ph\u00f9 h\u1ee3p l\u1ef1a ch\u1ecdn ng\u01b0\u1eddi b\u1ea3o l\u00e3nh…<\/p>\n

2. C\u00f3 th\u1ec3 g\u1eb7p r\u1ee7i ro v\u1ec1 t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i khi \u0111\u1ebfn k\u00ec h\u1ea1n thanh to\u00e1n l\u1ee3i t\u1ee9c v\u00e0 v\u1ed1n g\u1ed1c khi c\u00f3 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i theo chi\u1ec1u h\u01b0\u1edbng b\u1ea5t l\u1ee3i cho ng\u01b0\u1eddi ph\u00e1t h\u00e0nh.<\/p>\n

3. Vi\u1ec7c thanh to\u00e1n g\u1ed1c v\u00e0 l\u00e3i tr\u00e1i phi\u1ebfu khi \u0111\u1ebfn h\u1ea1n l\u00e0 b\u1ea5t kh\u1ea3 kh\u00e1ng, kh\u00f4ng th\u1ec3 \u0111\u00e0m ph\u00e1n ho\u1eb7c ho\u00e3n n\u1ee3 ho\u1eb7c gi\u00e3n n\u1ee3 nh\u01b0 c\u00e1c kho\u1ea3n vay th\u01b0\u01a1ng m\u1ea1i. N\u1ebfu kh\u00f4ng tr\u1ea3 \u0111\u01b0\u1ee3c n\u1ee3 s\u1ebd \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn uy t\u00edn c\u1ee7a ng\u01b0\u1eddi ph\u00e1t h\u00e0nh v\u00e0 s\u1ebd kh\u00f3 kh\u0103n cho nh\u1eefng \u0111\u1ee3t ph\u00e1t h\u00e0nh ti\u1ebfp theo c\u0169ng nh\u01b0 t\u00ecm ki\u1ebfm c\u00e1c ngu\u1ed3n vay n\u1ee3 kh\u00e1c t\u1eeb n\u01b0\u1edbc ngo\u00e0i.<\/p>\n

4. Khi s\u1eed d\u1ee5ng ti\u1ec1n v\u1ed1n huy \u0111\u1ed9ng k\u00e9m hi\u1ec7u qu\u1ea3 l\u00e0m t\u0103ng th\u00eam g\u00e1nh n\u1eb7ng n\u1ee3 n\u1ea7n v\u00e0 r\u1ee7i ro cho nh\u00e0 ph\u00e1t h\u00e0nh.<\/p>\n

5. Vi\u1ec7c ph\u00e1t h\u00e0nh l\u1ea7n \u0111\u1ea7u th\u01b0\u1eddng ph\u1ea3i ch\u1ecbu chi ph\u00ed t\u01b0\u01a1ng \u0111\u1ed1i cao. (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 Ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu qu\u1ed1c t\u1ebf (ti\u1ebfng Anh: Global bond issuance) l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c vay v\u1ed1n \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i. Do v\u1eady khi xem x\u00e9t nh\u1eefng \u01b0u th\u1ebf v\u00e0 h\u1ea1n ch\u1ebf c\u1ee7a h\u00ecnh th\u1ee9c n\u00e0y c\u1ea7n so s\u00e1nh n\u00f3 v\u1edbi h\u00ecnh th\u1ee9c vay v\u1ed1n n\u01b0\u1edbc ngo\u00e0i kh\u00e1c.\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\/31207"}],"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=31207"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31207\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}