{"id":31491,"date":"2023-12-07T10:41:00","date_gmt":"2023-12-07T10:41:00","guid":{"rendered":"https:\/\/masterskills.org\/blog\/trai-phieu-do-thi-municipal-bond-la-gi-dac-trung-va-phan-loai.html"},"modified":"2023-12-23T08:17:42","modified_gmt":"2023-12-23T01:17:42","slug":"trai-phieu-do-thi-municipal-bond-la-gi-dac-trung-va-phan-loai","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/trai-phieu-do-thi-municipal-bond-la-gi-dac-trung-va-phan-loai.html","title":{"rendered":"Tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb (Municipal Bond) l\u00e0 g\u00ec? \u0110\u1eb7c tr\u01b0ng v\u00e0 ph\u00e2n lo\u1ea1i"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda<\/p>\n<\/div>\n<\/div>\n

Tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb (Municipal Bond)<\/font><\/h2>\n

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

Tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb<\/b> trong ti\u1ebfng Anh l\u00e0 Municipal Bond<\/b>.\u00a0<\/p>\n

Tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb<\/i> l\u00e0 m\u1ed9t\u00a0ch\u1ee9ng kho\u00e1n n\u1ee3 \u0111\u01b0\u1ee3c\u00a0ph\u00e1t h\u00e0nh b\u1edfi m\u1ed9t Ch\u00ednh ph\u1ee7, ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng \u0111\u1ec3 t\u00e0i tr\u1ee3\u00a0cho chi ph\u00ed \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng nh\u01b0 x\u00e2y d\u1ef1ng \u0111\u01b0\u1eddng s\u00e1, c\u1ea7u c\u1ed1ng, tr\u01b0\u1eddng h\u1ecdc…<\/p>\n

B\u1ea3n ch\u1ea5t<\/font><\/h3>\n

– Tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 c\u00e1c kho\u1ea3n vay m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ef1c hi\u1ec7n cho Ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng.\u00a0<\/p>\n

– Tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf li\u00ean bang v\u00e0 h\u1ea7u h\u1ebft c\u00e1c lo\u1ea1i thu\u1ebf c\u1ee7a ti\u1ec3u bang v\u00e0 \u0111\u1ecba ph\u01b0\u01a1ng, khi\u1ebfn ch\u00fang tr\u1edf n\u00ean \u0111\u1eb7c bi\u1ec7t h\u1ea5p d\u1eabn \u0111\u1ed1i v\u1edbi nh\u1eefng ng\u01b0\u1eddi trong khung thu\u1ebf thu nh\u1eadp cao.<\/p>\n

– N\u0103m , th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb chi\u1ebfm kho\u1ea3ng 3,8 ngh\u00ecn t\u1ec9 \u0111\u00f4 la t\u00e0i s\u1ea3n.\u00a0Tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb, c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 “tr\u00e1i phi\u1ebfu muni” ho\u1eb7c “munis”, l\u00e0 m\u1ed9t lo\u1ea1i ch\u1ee9ng kho\u00e1n \u0111\u00f4 th\u1ecb ch\u1ee9ng nh\u1eadn quy\u1ec1n v\u00e0 c\u00e1c ngh\u0129a v\u1ee5 li\u00ean quan.<\/p>\n

\u0110\u1eb7c tr\u01b0ng v\u00e0 ph\u00e2n lo\u1ea1i<\/font><\/h3>\n

– Tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb <\/b>l\u00e0 ngh\u0129a v\u1ee5 n\u1ee3 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi m\u1ed9t\u00a0t\u1ed5 ch\u1ee9c phi l\u1ee3i nhu\u1eadn, m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n ho\u1eb7c m\u1ed9t t\u1ed5 ch\u1ee9c c\u00f4ng c\u1ed9ng s\u1eed d\u1ee5ng kho\u1ea3n vay cho c\u00e1c d\u1ef1 \u00e1n c\u00f4ng nh\u01b0 x\u00e2y d\u1ef1ng tr\u01b0\u1eddng h\u1ecdc, b\u1ec7nh vi\u1ec7n v\u00e0 \u0111\u01b0\u1eddng cao t\u1ed1c.<\/p>\n

– L\u00e0 m\u1ed9t\u00a0ch\u1ee9ng kho\u00e1n c\u00f3 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh,\u00a0gi\u00e1 th\u1ecb tr\u01b0\u1eddng\u00a0c\u1ee7a tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb bi\u1ebfn \u0111\u1ed9ng theo s\u1ef1 thay \u0111\u1ed5i c\u1ee7a l\u00e3i su\u1ea5t: Khi l\u00e3i su\u1ea5t t\u0103ng, gi\u00e1 tr\u00e1i phi\u1ebfu gi\u1ea3m;\u00a0khi l\u00e3i su\u1ea5t gi\u1ea3m, gi\u00e1 tr\u00e1i phi\u1ebfu t\u0103ng.<\/p>\n

– Ngo\u00e0i ra, tr\u00e1i phi\u1ebfu c\u00f3 th\u1eddi gian \u0111\u00e1o h\u1ea1n d\u00e0i d\u1ec5 b\u1ecb thay \u0111\u1ed5i l\u00e3i su\u1ea5t h\u01a1n tr\u00e1i phi\u1ebfu c\u00f3 th\u1eddi gian \u0111\u00e1o h\u1ea1n ng\u1eafn h\u01a1n, g\u00e2y ra nh\u1eefng thay \u0111\u1ed5i l\u1edbn trong thu nh\u1eadp c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb<\/i>.<\/p>\n

– H\u01a1n n\u1eefa, ph\u1ea7n l\u1edbn tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb c\u00f3 t\u00ednh thanh kho\u1ea3n th\u1ea5p; m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n ti\u1ec1n m\u1eb7t ngay l\u1eadp t\u1ee9c ph\u1ea3i b\u00e1n ch\u1ee9ng kho\u00e1n kh\u00e1c thay th\u1ebf.<\/p>\n

Ph\u00e2n lo\u1ea1i<\/font><\/h3>\n

– Tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb <\/b>\u0111\u01b0\u1ee3c ph\u00e2n lo\u1ea1i d\u1ef1a tr\u00ean ngu\u1ed3n thanh to\u00e1n l\u00e3i v\u00e0 n\u1ee3\u00a0g\u1ed1c.\u00a0<\/p>\n

– M\u1ed9t tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c c\u1ea5u tr\u00fac theo nh\u1eefng c\u00e1ch kh\u00e1c nhau mang l\u1ea1i l\u1ee3i \u00edch, r\u1ee7i ro v\u00e0 c\u00e1ch x\u1eed l\u00ed thu\u1ebf kh\u00e1c nhau.\u00a0Thu nh\u1eadp \u0111\u01b0\u1ee3c t\u1ea1o ra b\u1edfi m\u1ed9t tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb c\u00f3 th\u1ec3 ph\u1ea3i ch\u1ecbu thu\u1ebf.\u00a0V\u00ed d\u1ee5, m\u1ed9t \u0111\u00f4 th\u1ecb c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh m\u1ed9t tr\u00e1i phi\u1ebfu kh\u00f4ng \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n \u0111\u1ec3\u00a0\u0111\u01b0\u1ee3c mi\u1ec5n\u00a0thu\u1ebf li\u00ean bang, d\u1eabn \u0111\u1ebfn thu nh\u1eadp \u0111\u01b0\u1ee3c t\u1ea1o ra ph\u1ea3i ch\u1ecbu thu\u1ebf li\u00ean bang.<\/p>\n

– C\u00f3 th\u1ec3 chia tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb <\/i>th\u00e0nh hai lo\u1ea1i ch\u00ednh: tr\u00e1i phi\u1ebfu ngh\u0129a v\u1ee5 chung v\u00e0 tr\u00e1i phi\u1ebfu doanh thu.<\/p>\n

+ Tr\u00e1i phi\u1ebfu ngh\u0129a v\u1ee5 chung (General obligation bond – GO)<\/i> l\u00e0 tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c b\u1ea3o l\u00e3nh b\u1edfi t\u00edn ch\u1ea5p v\u00e0 quy\u1ec1n \u0111\u00e1nh thu\u1ebf c\u1ee7a nh\u00e0 ph\u00e1t h\u00e0nh thay v\u00ec doanh thu t\u1eeb m\u1ed9t d\u1ef1 \u00e1n nh\u1ea5t \u0111\u1ecbnh.<\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 mua tr\u00e1i phi\u1ebfu ngh\u0129a v\u1ee5 chung v\u1edbi ni\u1ec1m tin r\u1eb1ng m\u1ed9t \u0111\u00f4 th\u1ecb s\u1ebd c\u00f3 th\u1ec3 tr\u1ea3 ngh\u0129a v\u1ee5 n\u1ee3 th\u00f4ng qua thu\u1ebf ho\u1eb7c doanh thu t\u1eeb c\u00e1c d\u1ef1 \u00e1n.\u00a0Kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u00e0m\u00a0t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p.<\/p>\n

+ Tr\u00e1i phi\u1ebfu doanh thu (Revenue Bond)<\/i> l\u00e0 tr\u00e1i phi\u1ebfu\u00a0\u0111\u00f4 th\u1ecb\u00a0\u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi doanh thu t\u1eeb m\u1ed9t d\u1ef1 \u00e1n c\u1ee5 th\u1ec3, ch\u1eb3ng h\u1ea1n nh\u01b0 c\u1ea7u thu ph\u00ed, \u0111\u01b0\u1eddng cao t\u1ed1c ho\u1eb7c s\u00e2n v\u1eadn \u0111\u1ed9ng \u0111\u1ecba ph\u01b0\u01a1ng.<\/p>\n

Tr\u00e1i phi\u1ebfu doanh thu l\u00e0 tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb t\u00e0i tr\u1ee3 cho c\u00e1c d\u1ef1 \u00e1n t\u1ea1o thu nh\u1eadp v\u00e0 \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m b\u1eb1ng m\u1ed9t ngu\u1ed3n thu c\u1ee5 th\u1ec3.\u00a0Th\u00f4ng th\u01b0\u1eddng, tr\u00e1i phi\u1ebfu doanh thu c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi b\u1ea5t k\u00ec c\u01a1 quan Ch\u00ednh ph\u1ee7 ho\u1eb7c qu\u0129 n\u00e0o \u0111\u01b0\u1ee3c qu\u1ea3n l\u00ed theo c\u00e1ch th\u1ee9c c\u1ee7a m\u1ed9t doanh nghi\u1ec7p.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o:\u00a0Municipal Bond, Investopedia)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Tr\u00e1i phi\u1ebfu \u0111\u00f4 th\u1ecb (ti\u1ebfng Anh: Municipal Bond) l\u00e0 m\u1ed9t ch\u1ee9ng kho\u00e1n n\u1ee3 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi m\u1ed9t Ch\u00ednh ph\u1ee7, ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng \u0111\u1ec3 t\u00e0i tr\u1ee3 cho chi ph\u00ed \u0111\u1ea7u t\u01b0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng nh\u01b0 x\u00e2y d\u1ef1ng \u0111\u01b0\u1eddng s\u00e1, c\u1ea7u c\u1ed1ng, tr\u01b0\u1eddng h\u1ecdc…\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\/31491"}],"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=31491"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31491\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}