Eurobonds - chii? Ndiani unobereka uye chii chinodiwa eurobonds?

Pamusika refu kuchengetedzeka chinokosha mhando chikwereti inonzi eurobonds. Anokwereta pamusoro pavo nehurumende, masangano makuru, masangano dzakawanda uye vamwe masangano kuti vanofarira kukwezva mari kwenguva zvakakwana kwenguva yakareba uye panguva yakadereresa mutengo. Kokutanga, mabhurocha aya akaonekwa Europe, uye vakagamuchira zita eurobond, nokuda nhasi vari kazhinji kunzi "Eurobonds". Imhandoi zvisungo, sei kusunungurwa kwavo uye sei ravanopa mumwe yeboka kuti musika ichi? Mhinduro dzemibvunzo iyi tichaedza zvizere uye zvakajeka anotaurirwa munyaya.

Pfungwa uye anokosha maitiro Eurobonds

Mumashoko nyore tinogona kutaura kuti zvisungo wakabudiswa imwe mari akasiyana National mari yacho chikwereti uye anokwereta, uye akaisa panguva imwe chete pamusoro misika kunyika dzakawanda (pamwe Kusara achivaratidza nyika). Ivo, ave mutemo, kurera mari kwenguva refu - kusvika makore 40. Kune pfupi Eurobonds akapa gore kana matatu nemashanu, uye svikiro-izwi - makore gumi.

Nhengo Eurobond musika

Kune chaiyo masangano nenzvimbo Eurobonds. Chii mamiriro ichi? Uyu remarudzi Syndicate pamusoro underwriters, izvo zvinosanganisira masangano zvemari munyika dzakasiyana-siyana. Panyaya iyi, national mutemo okuwana dzavo uye turnover vari yaidzorwa zvishoma nenzira. Panewo issuers (hurumende, dzakawanda uye omunyika ezvirevo) uye vanoita (mari zvikoro - makambani inishuwarenzi, mudyandigere mari, etc.). Vatori vose chikamu International Association of musika guru vechikamu (ICMA) - sangano kuzvipira yokudzora, vachishandisa Zurich. Clearstream uye Euroclear senzira panodonedzerwa uye kupishinura enyika.

Pane rinokosha Directive Commission of European Communities, iyo inopa uzere pamutemo tsanangudzo chiridzwa ichi, anodzora mitemo kuti vaitaura choutsi pamusika. Maererano naye Eurobonds - iri mhindu kuchengetedzeka kuva nhamba zvinhu:

• kudikanwa kupfuura zvavo kuratidza nzira dzavo placement kuburikidza Syndicate nhengo dzinenge mbiri iyo ndezvaJehovha yakasiyana States;
• mutongo wavo kuitwa Mavhoriyamu guru pamusoro kumisika akawanda (asi kwete munyika yacho issuer);
• Pakutanga waakatenga kadhi sangano kana rimwe sangano zvemari vanotenderwa.

zvivako Eurobonds

Eurobonds - worudzii pabepa chii maitiro zvinhu zvavanazvo? Chekutanga, mumwe eurobond ane fomu kuti vanopa investor kodzero yokugamuchira yechimbadzo zvisungo pane imwe nguva. Chechipiri, mwero mubereko angava zvose yatarwa uye shanduka (zvichienderana siyana zvinhu pamusoro). Chechitatu, kuripwa mubereko anogona kupiwa nenzira mari yakasiyana kubva munhu chinokwezva chikwereti. Izvi zvinonzi Dual sangano. Uyezve, zvinokosha kuziva uwandu zvimwe zvinhu kuchengetedzeka zvakadaro, anoti:

• Izvi mutakuri kuchengetedzeka;
• mukavaisa pamisika akawanda panguva imwe chete;
• iripo kwenguva refu - Kazhinji makore 10-30 pazera (40 zvichibatanidzwa);
• mari iri kukwereta, uye ndiye vatorwa kuna issuer uye investor;
• chezita ukoshi eurobond ane dhora yakaenzana;
• kubhadhara yechimbadzo Coupons akaita pasina yaanobhadhara mutero;
• akaisa Eurobonds anobuda Syndicate, izvo zvinosanganisira mabhanga, brokerage uye mari yemakambani munyika dzinoverengeka.

Eurobonds - mumwe zviridzwa mari chakavimbika kupfuura, asi nekuti kazhinji vatengi vavo vari mari masangano akadai mari makambani, mudyandigere mari, makambani inishuwarenzi.

Nhoroondo chidzoke uye kuvandudzika Eurobond musika

Nyaya Eurobonds maererano dzekare Zano pekugara yakatanga kuitwa Italy muna 1963. The Issuer mamiriro mugwagwa kuvaka kambani Autostrade. Rakanga akatorwa 60,000 zvisungo pamwe ndima ukoshi $ 250 imwe neimwe. Chaizvo nokuti Eurobonds raiwanika kuEurope, uye kusvikira nhasi unorema kutengeserana kwavo rinoitwa panzvimbo pepa zita, ane chivakashure "Euro". Nhasi zvakanyanya kuti mugove wakatarwa utsaurirwe tsika pane anozivikanwa chaiye chiridzwa.

Active Kugadzirwa kumusika kwakaitika 80s. Zvadaro kunyanya dzakakurumbira Eurobonds mutakuri. Gare gare, muna 90s, vakatanga "kunotambudza" Global Note - svikiro-izwi chezita zvisungo wakabudiswa dzakabudirira uye kuva (sezvo anodzivisa Eurobond) software. Rakanga chokuita kukura pamisika capitalization uye nokusimbaradza chikuru mamiriro mukwereti. Zvadaro mugove yavo zvachose Eurobond yakasvika 60%.

Pakupera kwezana remakore rechi20 kwayo akaonekwa pamusika guru zvikwereti chisungo, inonzi "Jumbo". Liquidity Eurobonds ikawanda, apo guru anokwereta mukutarisana US hurumende masangano uye omunyika masangano kufarirwa mudziyo zvemari ichi. Uyezve, nokuda yose crisis default pamusoro zvikwereti kuti hurumende dzakawanda kuSouth America, basa zvisungo tichienzanisa kumabhanga zvakawedzera. Paiva vanonzi pakupfuura "kutizira Unhu" sezvo makambani vanosarudza njodzi mari pane yakakwirira-ichibereka upfumi vane zvakakwana chakakomba ngozi.

Eurobonds nhasi

To musi, Eurobonds havasi zvishoma muna kudiwa. Chinangwa chikuru chemusha issuers kupinda musika - kutsvaka nzira manyuko mari (kuwedzera chetsika mukati, zvikurukuru, kumabhanga), uyewo diversification ari chikwereti. Uyezve, pane zvinoverengeka zvakanakira kuti vane Eurobonds. Ndezvipi "purofiti" izvi? Chokutanga, mutengo mari nokuda kukwezva guta (20%). Chechipiri, vashoma dzakasiyana siyana pamutemo chokungoitawo uye mitoro kuchaitwa issuer. Chechitatu, pane kushanda hapana kurambidzwa mirayiridzo uye siyana kushandisa mari, uye dzimwe musika kunzwisisa.

Nyaya uye kuparadzirwa Eurobonds

Pane nzira dzakasiyana-siyana kuti placement pamusoro Eurobonds, vanhuwo zvikuru - imwe chipeto rakashama. Voitakura kunze kuburikidza Syndicate pamusoro underwriters, uye nyaya akarongwa pasi Stock Exchange. Pachapera pakutengeswa vari "kuraswa" by navatengesi ari pamusika dzisiri, apo vanogona kutenga parunhare uye Indaneti iri mubhizimisi makambani. Kufanana chero mari mudziyo, vane Eurobonds akatorwa dzavo goho, izvo kuvimba zvitengeswa uye kudiwa mumusika. Zvisinei, pane imwe nyaya Ipfungwa - zvishoma placement pakati dzakananga boka makambani. Panyaya iyi, zvisungo zvisina nhumbi pamusoro kuchitsinhanisa (haana kunyorwa).

eurobonds Russian: mamiriro ano

Kokutanga, nyika yedu wakapinda remarudzi Eurobond pamusika muna 1996. Penyaya chikwereti ichi mhando rokutanga rwaiitwa pamusoro makore 96-97. Zvino kodzero placement zvavo pasi zvimwe zvinhu vacho zvidzidzo zviviri mubatanidzwa - Moscow uye St. Petersburg. Nhasi vechikamu kuti musika uyu ndiwo makambani pakukura munyika, "Gazprom", "Lukoil", "Norilsk nickel", "Transneft", "Mail weRussia", "MTS", "megaphone". It ane basa rinokosha se eurobonds "nemari Bank", "VTB" uye "Gazprombank", "Alfa Bank", "Rosbank" uye vamwe. Zvakakosha kuziva kuti makambani Russian kuwana kuti Eurobond pamusika rine parinoperera mitemo yenyika. Saka, vagari-wemari makambani anogona kukwezva mari kuburikidza mudziyo uyu mari isingadariki uwandu rayo mugove guru. Panewo rairambidzwa issuance pamusoro unsecured Eurobonds (kazhinji zvaida rubatso), uye vamwe mirayiro. Tsvagurudza rakavimbika issuers Russian angave maererano kushandiswa kureva masangano akadai Moody aiva, Standard & Poor uye vamwe.

Russia gore negore vaivapo international chikwereti pamusika. Pasinei nokuti nyika ine dzaro dzakarikwanira manyuko mari, maererano Gurukota rezvemari, ichi ndicho chiitiko chinokosha yechinangwa reRussia bhajeti itsika. Muna 2014, chawakaronga imwe kana mbiri nekupinda Eurobonds mune madhora uye euros kuti misika dzokumwe, zvaikosha 7 bhiriyoni. Dollars (zvichipomerwa).

Ukrainian Eurobonds: kutenga uye "pisa"

Russia rinobatanidzwa ino, kwete chete sezvo issuer, asi somunhu investor. Muna December gore rapera, Russia vakatenga Ukrainian Eurobonds zvaikosha $ 3 bhiriyoni., Kuva chete mutengi mumagazini ino. Zvisinei, akadaro mubhizimisi vangauya kubva kunyika kwete nenzira yakanakisisa. Sezvo February, S & P uye Fitch gore rino rave kutura kureva kuti Ukrainian eurobonds. Zvinorevei izvi? Bond Rating yasvika pachiyero CCC (pre-default), kukosha mumusika wapera, uye mukana pakati default pavari yawedzera. Russia panguva imwe chete kungada mangwanani mutsividzo muzvikwereti, asi nzvimbo yaro iri nyaya iri simba. Nokuda akaipa nezvemaitiro emari Ukraine, ari Russian Federation havazokwanisi nyore kuratidza kuti haana pfungwa pamusoro yaibvira default, ngozi izvo vakanyorwa zviri 200-peji prospectus. Kuramba Ukraine kuti asangane nokubatira vane hachifadzi chaizvo nemigumisiro nokuda nyika pachayo, chokuita Kuipa chikwereti nhoroondo pamisika dzakawanda, kusungwa chepfuma yokuisira pakati kuchengetedzeka zvayo kunze uye nekusagona kupinda chikwereti pamusika kwenguva refu Eurobonds. Saka, zviri zvido mativi ose akanaka nokugadziriswa pamusoro nyaya yacho chisungo chikwereti.

mhedziso

Saka, Eurobonds - ndiye aiva chaizvo, sezvo mutemo, refu mari maturusi kukwezva mari pamusoro musika guru renyika. Vari akaiswa kuburikidza zvikuru akasika syndicates uye dzinotungamirirwa supranational masangano. Zvikuru iri kuridzwa Eurobond pamusika, ari kureva masangano kuti kuona kuvimbika mari nhumbi imwe nyika. Nhasi, Russia ndiyo kushingaira ubatanidzwe dzakawanda pawaitengesa Eurobonds, vachitaura naye sezvo issuer uye investor.