Eurobonds - abin da yake da shi? Wanda Ya ƙãga, kuma abin da ake bukata eurobonds?

A cikin kasuwar dogon lokacin da Securities ne na musamman irin bashi kira eurobonds. Bashi a kan su ne gwamnatoci, manyan hukumomi, kungiyoyin kasa da kasa da kuma wasu sauran cibiyoyin da suke da sha'awar a jawo kudi albarkatun domin a isasshe tsawon lokaci da kuma a magangara mafi ƙasƙanci kudin. A karo na farko, wadannan kayan aikin yi ya bayyana a Turai, da kuma samu da sunan eurobond, saboda abin da a yau suke quite sau da yawa ake kira "Eurobonds". Abin da irin shaidu, da yadda yake su saki da kuma abin da amfanin da suka ba wa kowane ɗan takara na wannan kasuwar? A amsoshin wadannan tambayoyi za mu yi kokarin daki-daki, kuma a fili jawabi a cikin labarin.

A ra'ayi da kuma asali halaye na Eurobonds

A sauki kalmomi mu iya cewa shi shaidu bayar a wani kudin daban-daban daga kasa kudin na binsa bashi da borrower, da kuma sanya lokaci guda a kan kasuwanni na kasashe da dama (tare da togiya daga cikin bayarwa kasa). Su ne, kamar yadda mai mulkin, tara kudi domin wani tsawon lokaci - har zuwa shekaru 40. Akwai gajere Eurobonds bayar a shekara ko uku zuwa biyar, da kuma matsakaici-lokaci - a tsawon shekaru goma.

Members na Eurobond kasuwar

Akwai musamman cibiyoyin sanya Eurobonds. Menene wannan tsarin? Wannan shi ne na duniya syndicate na underwriters, wanda ya hada da cibiyoyin kudin daban-daban kasashen. A wannan yanayin, da kasa dokokin da su samar da yawa ana kayyade a cikin wata iyaka hanya. Akwai ma issuers (gwamnatocin kasa da kasa da kuma na kasa Tsarin) da kuma zuba jari. (Kudi cibiyoyin - kamfanonin inshora, fensho kudi, da dai sauransu). All mahalarta wani bangare ne na International Association of babban birnin kasar kasuwa mahalarta (ICMA) - a kai-gudãnar kungiyar, tushen a Zurich. Clearstream da Euroclear amfani da wani ajẽwa da kuma share tsarin.

Akwai musamman zartarwan hukumar na Turai Communities, wanda ya samar da cikakken doka definition wannan kayan aiki, na shugabancin da dokoki da matakan bada shawarwari watsi kasuwar. A cewar ta Eurobonds - An yi ciniki Securities ciwon yawan fasali:

• da bukatar wuce su underwriting da kuma hanyoyin da su jeri ta syndicate akalla biyu membobin wanda kasance a daban-daban Amurka.
• su jumla ne da za'ayi a cikin babban kundin a mahara kasuwanni (amma ba a kasar na issuer).
• asali sayansu da a bashi ma'aikata ko wasu amince kudi ma'aikata.

Properties Eurobonds

Eurobonds - abin da irin takarda da abin da halayyar siffofin da suka yi? Da fari dai, kowane eurobond yana da wani coupon cewa ya ba da jari da hakkin ya sami sha'awa a kan shaidu a wani lokaci. Abu na biyu, da kudi na riba iya zama duka ajali kuma m (dangane da daban-daban dalilai). Abu na uku, biyan bashin da ban sha'awa iya bayar a wani kudin daban-daban daga daya cewa janyo hankalin aro. Wannan shi ake kira a dual denomination. Bugu da kari, yana da muhimmanci a san yawan wasu siffofin irin Securities, wato:

• Wannan bãyar Securities.
• sanya lokaci guda a dama kasuwanni.
• samuwa na dogon lokaci - yawanci 10-30 shekara (40 m).
• kudin da ake so a ranta, kuma shi ne waje da issuer da kuma zuba jari.
• maras muhimmanci darajar eurobond yana da dollar m.
• biyan bashin da sha'awa a kan takardun shaida sanya ba tare da cire haraji.
• sanya Eurobonds watsi syndicate, wanda ya hada da bankuna, Brokerage da kuma zuba jari da kamfanonin a kasashe da dama.

Eurobonds - daya daga cikin mafi m kudi kida, amma saboda su abokan ciniki yawanci kudi cibiyoyin kamar zuba jari da kamfanoni, fansho, kamfanonin inshora.

A tarihin fitowan da kuma ci gaban da Eurobond kasuwar

Batun na Eurobonds ta gargajiya makirci na masauki da aka farko da za'ayi a Italiya a shekara ta 1963. Issuer ne a jihar gina hanya kamfanin Autostrade. Yana da aka dauka ta hanyar 60,000 shaidu da par darajar $ 250 kowanne. A taqaice, saboda Eurobonds asali bayyana a Turai, da kuma wannan rana da girma da cinikayya yana da za'ayi a cikin wannan wuri, da takarda da sunan yana da prefix "Yuro". A yau shi ne mafi wani haraji ga al'ada fiye da wani real halayyar da kayan aiki.

Active ci gaban da kasuwar da ya faru a cikin 80s. Sa'an nan musamman m Eurobonds mai bãyar. Daga baya, a cikin 90s, suka fara "dama" Global Note - matsakaici-lokaci maras shaidu bayar da raya ƙasashe da ciwon (as adawa da Eurobond) software. Yana da alaka da ci gaban da kasuwar capitalization da tabbatarwa daga asali matsayi na borrower. Sa'an nan, da rabonsu a cikin total Eurobond kai 60%.

A karshen karni na 20th kuma ya bayyana a kasuwar manyan bond rance, da ake kira "mahaukatan". Liquidity Eurobonds ya karu, yayin da babbar bashi a fuskar hukumomin Gwamnatin Amirka kuma na kasa abokai ya karu sha'awa cikin wannan kudi da makami. Bugu da kari, saboda da duniya rikicin da default a kan bashin da gwamnati mai yawan kasashen da a kudancin Amurka, da rawar da shaidu a kwatanta da bashin bankuna karu. Akwai wani da ake kira tsari na "jirgin zuwa quality" kamar yadda zuba jari fi son mafi aminci zuba jari fiye da hakan-samar da gwaggwabar riba zuba jari tare da isasshe tsanani hadarin.

Eurobonds yau

Don kwanan wata, Eurobonds ba kasa a bukatar. Manufar issuers shiga kasuwa - da search for madadin kafofin kudi (a Bugu da kari gargajiya ciki, musamman, da bashin bankuna), kazalika da diversification na aro. Bugu da kari, akwai da dama daga abũbuwan amfãni da cewa suna da Eurobonds. Mene ne wadannan "riba"? Da farko, kudin ajiyar banki saboda jawo babban birnin kasar (har zuwa 20%). Na biyu, m daban-daban na shari'a yarjejeniya da wajibai Kanmu da issuer. Na uku, akwai kusan babu hani a kan kwatance da kuma siffofin da yin amfani da kudi, da kuma sauran kasuwar sassauci.

Batun da wurare dabam dabam na Eurobonds

Akwai daban-daban zabin for jeri na Eurobonds, ya fi na kowa - da wani bude biyan kuɗi. Yana yana da za'ayi ta syndicate na underwriters, da kuma al'amurran da suka shafi da aka jera a kan Stock Exchange. Bayan na farko sayarwa suna "jefa tafi" ta dillalai a kan sakandare kasuwar, inda suka za'a iya sayansu a kan wayar da via da Internet a zuba jari da kamfanoni. Kamar kowane zuba jari da kayan aiki, da Eurobonds quotes da su amfanin ƙasa, wanda ya dogara a kan wadata da kuma bukatar da a kasuwa. Duk da haka, akwai wani zabin batun - iyakance jeri tsakanin wani rukuni na masu zuba jari. A wannan yanayin, da shaidu ba su yi ciniki a kan wani canji (ba da aka jera).

Rasha eurobonds: na yanzu halin da ake ciki

A karo na farko, kasar mu ta shiga cikin kasa da kasa Eurobond kasuwa a shekarar 1996. A farko al'amurran da suka shafi na bashin da irin wannan da aka za'ayi a kan 96-97 shekaru. Sa'an nan da dama da suka jeri a karkashin wani yanayi samu biyu batutuwa na Tarayya - Moscow da kuma St. Petersburg. Yau cikin mahalarta wannan kasuwar ne da kasar ta most hukumomi, "Gazprom", "Lukoil", "Norilsk nickel", "Transneft", "Mail na Rasha", "MTS", "Megaphone". Yana yana da muhimmiyar rawa a matsayin eurobonds "Savings Bank", "VTB" da "Gazprombank", "Alfa Bank", "Rosbank" da sauransu. Yana da muhimmanci a lura da cewa Rasha kamfanoni damar zuwa Eurobond kasuwar da aka iyakance ta kasa dokokin. Saboda haka, hadin gwiwa-stock kamfanonin iya jawo hankalin masu bayar ta hanyar wannan kayan aiki a cikin adadin ba wucewa da adadin da rabo babban birnin kasar. Akwai kuma hani a kan bayar da unsecured Eurobonds (yawanci ake bukata na biyu), da kuma sauran dokoki. Gano da AMINCI Rasha issuers iya bisa ga na musamman rating hukumomin kamar Moody ta, Standard & Poor ta da sauransu.

Rasha a shekara ba a kan kasa da kasa bashi kasuwar. Duk da cewa kasar na da isasshen na da kansa kafofin na kudade, bisa ga Ministan kudi, wannan shi ne wani muhimmin taron a cikin tsarin na Rasha na kasafin kudin da manufofin. A 2014, ya shirya daya ko biyu damar zuwa kasuwanni waje da Eurobonds a daloli da kuma Tarayyar Turai, totaling 7 biliyan. Dollars (wai).

Ukrainian Eurobonds: saya da kuma "ƙona"

Rasha ne da hannu a wannan tsarin, ba kawai a matsayin issuer, amma kuma a matsayin jari. A watan Disamba bara, Rasha sayi Ukrainian Eurobonds totaling $ 3 billion., Zama ne kawai saye da wannan batun. Duk da haka, irin wannan wani zuba jari iya hallara a} asashen da ba a hanya mafi kyau. Tun watan Fabrairu, S & P da Fitch wannan shekara, ya sha nanata saukar da rating na Ukrainian eurobonds. Menene wannan yake nufi? Bond rating ya kai matakin na CCC (pre-default), da darajar da kasuwar ya ki, kuma yiwuwar tsoho a kan su ya karu. Rasha a lokaci guda na iya bukatar farkon biya bashi, amma da matsayi a kan wannan batu ne mai rauni. Saboda korau trends a cikin tattalin arzikin na Ukraine, da Rasha Federation ba zai zama da sauki don tabbatar da cewa shi yana da wani ra'ayin game da yiwuwa na tsoho, hadarin wanda aka rajista a cikin 200-page prospectus. Ukraine ta ƙi saduwa cikin wajibai da sosai m sakamakon ga kasar da kanta, hade da tabarbarewar bashi tarihi a kasuwar kasa da kasa, kama daga dũkiyõyin kambun ta Securities kasashen waje da kuma rashin iyawa ga shigar da bashi kasuwar na dogon lokaci Eurobonds. Saboda haka, a cikin bukatun da bangarorin biyu na da wani m ƙuduri na batun na bond bashi.

ƙarshe

Saboda haka, Eurobonds - ne sosai robust, kamar yadda mai mulkin, tsawon lokaci zuba jari kayayyakin aiki, don jawo hankalin masu bayar a kan kasa da kasa, babban birnin kasar kasuwar. Suna sanya ta wata musamman halitta toshe bakin da suna gudana daga supranational abokai. Na bayar da muhimmanci da aka buga a kan Eurobond kasuwar, da rating hukumomin da cewa sanin da AMINCI na kudi kida na wani musamman kasar. Yau, Rasha ne wani aiki takara a kasuwar kasa da kasa na Eurobonds, magana da shi a matsayin issuer da kuma zuba jari.