{"id":6428,"date":"2023-05-27T12:31:15","date_gmt":"2023-05-27T10:31:15","guid":{"rendered":"https:\/\/dobretrejdy.com\/?page_id=6428"},"modified":"2025-11-27T13:25:41","modified_gmt":"2025-11-27T11:25:41","slug":"dluhopisy","status":"publish","type":"page","link":"https:\/\/dobretrejdy.com\/?page_id=6428","title":{"rendered":"Dluhopisy"},"content":{"rendered":"

Dluhopisy<\/strong><\/span><\/h1>\n

\u00a0 \u00a0Tuto podstr\u00e1nku \u201eDluhopisy<\/strong>\u201c jsem vytvo\u0159il proto, abych zde se\u0159adil \u010dl\u00e1nky t\u00fdkaj\u00edc\u00ed se problematiky cenn\u00fdch pap\u00edr\u016f s pevn\u00fdm v\u00fdnosem, zejm\u00e9na dluhopis\u016f a na n\u011b nav\u00e1zan\u00fdch investi\u010dn\u00edch n\u00e1stroj\u016f. Tato str\u00e1nka by tak m\u011bla b\u00fdt m\u00edstem, jak\u00fdmsi miniaturn\u00edm rozcestn\u00edkem t\u00e9to webov\u00e9 str\u00e1nky, kter\u00fd by pomohl v z\u00e1kladn\u00ed orientaci\u00a0 v t\u00e9to velmi rozs\u00e1hl\u00e9 problematice.<\/span><\/p>\n

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\u00a0 \u00a0Prvn\u00ed \u010dl\u00e1nek s\u00e9rie o dluhopisech poskytuje z\u00e1kladn\u00ed n\u00e1hled na budouc\u00ed hodnotu investovan\u00fdch pen\u011bz, toto v \u010dl\u00e1nku Dluhopisy – I.<\/strong><\/span><\/a>. Ve druh\u00e9m \u010dl\u00e1nku s dluhopisovou t\u00e9matikou je pops\u00e1no, jak vypo\u010d\u00edtat sou\u010dasnou hodnotu investice slibuj\u00edc\u00ed pevn\u00fdm v\u00fdnos, tento \u010dl\u00e1nek je zde Dluhopisy – II.<\/a><\/strong><\/span>. Popis struktury americk\u00e9ho dluhopisov\u00e9ho trhu se z\u00e1kladn\u00ed charakteristikou dluhopisov\u00fdch n\u00e1stroj\u016f je mo\u017en\u00e9 naj\u00edt v \u010dl\u00e1nku Dluhopisy – III.<\/a><\/strong><\/span>. Jak interpretovat z\u00e1kladn\u00ed \u00fadaje o dluhopisu je mo\u017en\u00e9 se do\u010d\u00edst v \u010dl\u00e1nku Dluhopisy – IV.<\/strong><\/a><\/span>. Kolik mi m\u016f\u017ee nakoupen\u00fd dluhopis vyd\u011blat, jak si toto m\u016f\u017eu spo\u010d\u00edtat a za jak\u00fdch podm\u00ednek bude v\u00fdpo\u010det platit je pops\u00e1no v \u010dl\u00e1nku Dluhopisy – V.<\/a><\/strong><\/span>. Vyu\u017eit\u00ed dluhopis\u016f jako kolater\u00e1l k jin\u00fdm obchodn\u00edm pozic\u00edm p\u0159in\u00e1\u0161\u00ed v\u00fdhodu \u00faro\u010den\u00ed zablokovan\u00fdch prost\u0159edk\u016f m\u00fdm brokerem, jak je to my\u0161leno je pops\u00e1no v \u010dl\u00e1nku Dluhopisy – VI.<\/a><\/strong><\/span>. Po\u0159\u00edzen\u00ed dluhopis\u016f m\u016f\u017ee p\u0159edstavovat rizika, kter\u00e1 je zapot\u0159eb\u00ed poznat a pochopit jejich z\u00e1kladn\u00ed vliv na p\u0159\u00edpadnou dluhopisovou investici, tyto rizika jsou pops\u00e1ny v \u010dl\u00e1nku Dluhopisy – VII.<\/a><\/strong><\/span>. Popis vlivu \u00farokov\u00fdch sazeb na ceny dluhopis\u016f je z\u00e1sadn\u00ed, jak to matematicky zachytit je pops\u00e1no v \u010dl\u00e1nku Dluhopisy – VIII.<\/a><\/strong><\/span>. Naj\u00edt dluhopis pomoc\u00ed vyhled\u00e1vac\u00edch n\u00e1stroj\u016f m\u00e9ho brokera Interactive Brokers a nakonec si nechat p\u0159en\u00e1\u0161et dluhopisov\u00e1 data do excelovsk\u00e9ho se\u0161itu je p\u0159edm\u011btem \u010dl\u00e1nku Dluhopisy – IX.<\/a><\/strong><\/span>. Pozn\u00e1n\u00ed z\u00e1kladn\u00ed struktury dluhopisov\u00e9ho trhu pomoc\u00ed \u010dasov\u00e9 struktury v\u00fdnos\u016f americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f m\u016f\u017ee b\u00fdt z\u00e1kladn\u00edm kamenem pozn\u00e1n\u00ed jeho aktu\u00e1ln\u00edho stavu a m\u016f\u017ee pomoci formovat m\u00e1 obchodn\u00ed dluhopisov\u00e1 rozhodnut\u00ed, v\u0161e v \u010dl\u00e1nku Dluhopisy – X.<\/a><\/strong><\/span>. Aukce americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f a popis z\u00e1kladn\u00ed konstrukce jednotliv\u00fdch typ\u016f t\u011bchto vl\u00e1dn\u00edch dluhopis\u016f je k p\u0159e\u010dten\u00ed v \u010dl\u00e1nku Dluhopisy – XI.<\/a><\/strong><\/span>. Zamy\u0161len\u00ed nad v\u00fdb\u011brem investice do dluhopis\u016f by mohlo b\u00fdt bli\u017e\u0161\u00ed prozkoum\u00e1n\u00ed n\u011bkter\u00fdch jeho vlastnost\u00ed – durace, role po\u0159izovac\u00edch n\u00e1klad\u016f nebo mo\u017enosti p\u0159ed\u010dasn\u00e9ho svol\u00e1n\u00ed emise emitentem je p\u0159edm\u011btem \u010dl\u00e1nku Dluhopisy – XII.<\/a><\/strong><\/span>. Investice do dluhopis\u016f nemus\u00ed nutn\u011b znamenat nakupov\u00e1n\u00ed konkr\u00e9tn\u00edch dluhopisov\u00fdch emis\u00ed, mohu diverzifikovat a nakonec tak\u00e9 po\u0159\u00eddit levn\u011bji, toto v\u0161e pomoc\u00ed dluhopisov\u00fdch burzovn\u011b obchodovan\u00fdch fond\u016f – ETF. Jak toto funguje a co je na tom zaj\u00edmav\u00e9 je pops\u00e1no v \u010dl\u00e1nku Dluhopisy – XIII.<\/a><\/strong><\/span>. O dluhopisov\u00e9m futures jako v\u00fdznamn\u00e9m dluhopisov\u00e9m deriv\u00e1tu, jeho z\u00e1kladn\u00edch vlastnostech a co vlastn\u011b p\u0159edstavuje, je mo\u017en\u00e9 se do\u010d\u00edst v \u010dl\u00e1nku Dluhopisy – XIV.<\/a><\/strong><\/span>. Zapojen\u00ed dluhopisov\u00e9ho futures do obchodov\u00e1n\u00ed v jednoduch\u00e9 kombinaci s po\u0159\u00edzen\u00edm dluhopis\u016f je pops\u00e1no v \u010dl\u00e1nku Dluhopisy – XV.<\/a><\/strong><\/span>. Zapojen\u00ed parametru Konvexnosti a zji\u0161t\u011bn\u00ed, o kolik mohu p\u0159ij\u00edt nebo z\u00edskat p\u0159i dluhopisov\u00e9 investici p\u0159i pohybu tr\u017en\u00edch \u00farokov\u00fdch sazeb o jeden bazick\u00fd bod a jak toto zapojit do mo\u017en\u00e9ho obchodu je pops\u00e1no v \u010dl\u00e1nku Dluhopisy – XVI.<\/a><\/strong><\/span>. Obchodov\u00e1n\u00ed s Treasury dluhopisov\u00fdmi futures, kter\u00e9 sleduje cenu americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f s Face Value ve v\u00fd\u0161i 100.000,- USD m\u016f\u017ee b\u00fdt pro drobn\u00e9ho obchodn\u00edka nere\u00e1ln\u00e9, proto je mo\u017en\u00e9 do obchodov\u00e1n\u00ed zapojit Yield futures, kter\u00e9 sleduje v\u00fdnos t\u011bchto vl\u00e1dn\u00edch dluhopis\u016f. Popis fungov\u00e1n\u00ed, princip jeho chov\u00e1n\u00ed a dva modelov\u00e9 obchody, jak toto Yield futures zapojit do obchodov\u00e1n\u00ed je pops\u00e1no v \u010dl\u00e1nku Dluhopisy – XVII.<\/a><\/strong><\/span>. Sezn\u00e1men\u00ed se dal\u0161\u00edm dluhopisov\u00fdm deriv\u00e1tem – dluhopisov\u00fdmi Micro futures, jako desetinov\u00fdmi klony „velk\u00fdch“ dluhopisov\u00fdch Treasury futures je n\u00e1pln\u00ed \u010dl\u00e1nku Dluhopisy – XVIII.<\/a><\/strong><\/span>. T-Bill futures kontrakt je deriv\u00e1te nav\u00e1zan\u00fd na americk\u00e9 vl\u00e1dn\u00ed dluhopisy s kr\u00e1tkou dobou do splatnosti, konkr\u00e9tn\u011b na v\u00fdnos 13-ti t\u00fddenn\u00edch T-Bills, o parametrech tohoto deriv\u00e1tu je mo\u017en\u00e9 se do\u010d\u00edst v \u010dl\u00e1nku Dluhopisy – XIX.<\/a><\/strong><\/span>. Deriv\u00e1ty nav\u00e1zan\u00e9 na \u00farokov\u00e9 sazby SOFR (Security Overnight Financing Rate) nejsou nav\u00e1z\u00e1ny na konkr\u00e9tn\u00ed dluhopisy, ale na sazby, za kter\u00e9 se p\u016fj\u010duje na americk\u00e9m mezibankovn\u00edm trhu, p\u0159e\u010d\u00edst si o nich lze v v \u010dl\u00e1nku Dluhopisy – XX.<\/a><\/strong><\/span>. \u00darokov\u00e9 sazby generovan\u00e9 politikou americk\u00e9 centr\u00e1ln\u00ed banky (FED) a p\u0159edstavuj\u00edc\u00ed tzv. Effective Federal Funds Rate (EFFR) slou\u017e\u00ed jako podklad pro 30-Day Fed Futures kontrakty, podstata jejich fungov\u00e1n\u00ed je pak pops\u00e1na v \u010dl\u00e1nku Dluhopisy – XXI.<\/a><\/strong><\/span>. Op\u010dn\u00ed kontrakty nav\u00e1zan\u00e9 na „velk\u00e9“ Treasury futures jsou v\u00fdznamn\u00e9 deriv\u00e1ty, se kter\u00fdmi mohu obchodovat. Popis z\u00e1kladn\u00edch vlastnost\u00ed t\u011bchto „dluhopisov\u00fdch opc\u00ed“ je mo\u017en\u00e9 zjistit p\u0159i \u010dten\u00ed \u010dl\u00e1nku Dluhopisy – XXII.<\/a><\/strong><\/span>. Op\u010dn\u00ed kontrakty nav\u00e1zan\u00e9 na tr\u017en\u00ed \u00farokov\u00e9 sazby, tedy na SOFR futures a 30-Day Federal Funds futures jsou podstatou textu \u010dl\u00e1nku Dluhopisy – XXIII.<\/a><\/strong><\/span>. Jak vyu\u017e\u00edt op\u010dn\u00ed kontrakty na Treasury futures p\u0159i obchodech zam\u011b\u0159en\u00fdch na pohyb tr\u017en\u00edch \u00farokov\u00fdch sazeb nebo je vyu\u017e\u00edt k zaji\u0161t\u011bn\u00ed dluhopisov\u00e9ho portfolia je mo\u017en\u00e9 se do\u010d\u00edst v \u010dl\u00e1nku Dluhopisy – XXIV.<\/a><\/strong><\/span>.<\/p>\n

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\u00a0<\/span>zp\u011bt na hlavn\u00ed str\u00e1nku<\/strong><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Dluhopisy \u00a0 \u00a0Tuto podstr\u00e1nku \u201eDluhopisy\u201c jsem vytvo\u0159il proto, abych zde se\u0159adil \u010dl\u00e1nky t\u00fdkaj\u00edc\u00ed se problematiky cenn\u00fdch pap\u00edr\u016f s pevn\u00fdm v\u00fdnosem, zejm\u00e9na dluhopis\u016f a na n\u011b nav\u00e1zan\u00fdch investi\u010dn\u00edch n\u00e1stroj\u016f. Tato str\u00e1nka by tak m\u011bla b\u00fdt m\u00edstem, jak\u00fdmsi miniaturn\u00edm rozcestn\u00edkem t\u00e9to webov\u00e9 str\u00e1nky, kter\u00fd by pomohl v z\u00e1kladn\u00ed orientaci\u00a0 v t\u00e9to velmi Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":1574,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-6428","page","type-page","status-publish","hentry"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/P8zd8A-1FG","jetpack-related-posts":[{"id":1576,"url":"https:\/\/dobretrejdy.com\/?page_id=1576","url_meta":{"origin":6428,"position":0},"title":"Za\u010d\u00edn\u00e1m","author":"dobretrejdy :c)","date":"13.3.2018","format":false,"excerpt":"Za\u010d\u00edn\u00e1m \u00a0 \u00a0K obchodov\u00e1n\u00ed jsou zapot\u0159eb\u00ed \u010dty\u0159i v\u011bci - Nastaven\u00ed mysli, Obchodn\u00ed dovednosti, Technologie a Pen\u00edze. 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Zachycen\u00ed Volatility obchodovan\u00e9ho titulu pomoc\u00ed ukazatele Beta je p\u0159edm\u011btem tohoto \u010dl\u00e1nku Beta \u2013 I., dozv\u00edte se, jak\u00e1 je jeho konstrukce, jak\u2026","rel":"","context":"Podobn\u00fd p\u0159\u00edsp\u011bvek","block_context":{"text":"Podobn\u00fd p\u0159\u00edsp\u011bvek","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2292,"url":"https:\/\/dobretrejdy.com\/?page_id=2292","url_meta":{"origin":6428,"position":4},"title":"Logika kombinac\u00ed","author":"dobretrejdy :c)","date":"14.8.2018","format":false,"excerpt":"Logika kombinac\u00ed \u00a0 \u00a0Tento \u010d\u00e1st p\u0159edstavuje sdru\u017een\u00ed \u010dl\u00e1nk\u016f s hlub\u0161\u00edm zamy\u0161len\u00edm nad problematikou op\u010dn\u00edho obchodov\u00e1n\u00ed a m\u011bl by navazovat na str\u00e1nku Za\u010d\u00edn\u00e1m. V \u00favodn\u00edm \u010dl\u00e1nku Syntetick\u00e9 pozice - I. bych cht\u011bl pouk\u00e1zat na z\u00e1kladn\u00ed souvislost mezi cenami op\u010dn\u00edch kontrakt\u016f na stejn\u00e9m strike s malou praktickou uk\u00e1zkou. Jednoduch\u00fd koncept vztahu Call\u2026","rel":"","context":"Podobn\u00fd p\u0159\u00edsp\u011bvek","block_context":{"text":"Podobn\u00fd p\u0159\u00edsp\u011bvek","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8,"url":"https:\/\/dobretrejdy.com\/?page_id=8","url_meta":{"origin":6428,"position":5},"title":"Recenze","author":"dobretrejdy :c)","date":"29.3.2017","format":false,"excerpt":"\u00a0 \u00a0V dne\u0161n\u00edm sv\u011bt\u011b nejroztodivn\u011bj\u0161\u00edch digit\u00e1ln\u00edch m\u00e9di\u00ed z\u016fst\u00e1v\u00e1m st\u00e1le v\u011brn\u00fd fyzick\u00fdm knih\u00e1m s v\u016fn\u00ed pap\u00edru a tiska\u0159sk\u00e9 \u010dern\u011b. 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