{"id":5925,"date":"2022-11-12T10:41:03","date_gmt":"2022-11-12T08:41:03","guid":{"rendered":"https:\/\/dobretrejdy.com\/?p=5925"},"modified":"2024-12-24T08:26:49","modified_gmt":"2024-12-24T06:26:49","slug":"dluhopisy-i","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=5925","title":{"rendered":"Dluhopisy \u2013 I."},"content":{"rendered":"

\u00a0 \u201eAhoj, p\u016fj\u010d mi pros\u00edm t\u011b milion, j\u00e1 ti to za rok vr\u00e1t\u00edm a k tomu p\u0159id\u00e1m desetiprocentn\u00ed \u00farok, d\u00edk\u201c. Takto by mohla zn\u00edt jednoduch\u00e1 domluva na ban\u00e1ln\u00ed p\u016fj\u010dce s kamar\u00e1dem, se kter\u00fdm jsem sd\u00edlel \u0161koln\u00ed lavici na dev\u00edtiletce a kter\u00e1 by mohla odp\u00edchnout t\u00e9ma dluhopis\u016f na tomto webu. Je s podivem, jak rozt\u0159\u00ed\u0161t\u011bn\u00e9 jsou informace o dluhopisech, jejich podstat\u011b a mo\u017enosti obchodov\u00e1n\u00ed na \u010desk\u00fdch internetov\u00fdch str\u00e1nk\u00e1ch o investov\u00e1n\u00ed, m\u00e1m tedy na mysli p\u0159edev\u0161\u00edm obchodov\u00e1n\u00ed s dluhopisy prost\u0159ednictv\u00edm obchodn\u00edch platforem zaveden\u00fdch brokersk\u00fdch spole\u010dnost\u00ed a nikoliv nab\u00eddku tuzemsk\u00fdch v\u00edce \u010di m\u00e9n\u011b d\u016fv\u011bryhodn\u00fdch podnik\u016f, kter\u00e9 se rozhodly vydat a um\u00edstit mezi ve\u0159ejnost\u00ed dluhopisy pro financov\u00e1n\u00ed sv\u00fdch podnikatelsk\u00fdch aktivit (toto „dom\u00e1c\u00ed t\u00e9ma“ tak ponech\u00e1m zcela bez koment\u00e1\u0159e).\u00a0<\/span><\/p>\n

\u00a0\u00a0 Po\u0159\u00edzen\u00ed dluhopisu je poskytnut\u00ed pen\u011b\u017en\u00ed p\u016fj\u010dky osob\u011b, kter\u00e1 jej vydala. Od t\u00e9to osoby pak o\u010dek\u00e1v\u00e1m vr\u00e1cen\u00ed zap\u016fj\u010den\u00e9ho obnosu v dohodnut\u00e9m okam\u017eiku v budoucnosti a za tuto poskytnutou slu\u017ebu pak o\u010dek\u00e1v\u00e1m n\u011bjakou odm\u011bnu. Z tohoto pohledu je pak patrn\u00e9, \u017ee se jedn\u00e1 o transakci, kter\u00e1 pravd\u011bpodobn\u011b historicky odpov\u00edd\u00e1 obdob\u00ed vyn\u00e1lezu pen\u011bz, v\u011b\u0159itel dlu\u017en\u00edkovi p\u0159ed\u00e1v\u00e1 pen\u00edze, opa\u010dn\u00fdm sm\u011brem pak putuje dluhopis \u2013 cenn\u00fd pap\u00edr, kter\u00fd je na sv\u00e9m povrchu pops\u00e1n parametry t\u00e9to transakce, tento „prav\u011bk“ je nyn\u00ed p\u0159ekon\u00e1n existenc\u00ed dluhopis\u016f v elektronick\u00e9 form\u011b, tyto jsou tak\u00e9 elektronicky obchodov\u00e1ny. Stejn\u011b tak jako pen\u00edze na n\u00e1kup dluhopisu jsou v elektronick\u00e9 form\u011b p\u0159edisponov\u00e1ny od v\u011b\u0159itele k dlu\u017en\u00edkovi, stejn\u011b tak je elektronicky zm\u011bn\u011bn v pat\u0159i\u010dn\u00fdch rejst\u0159\u00edc\u00edch z\u00e1znam o vlastnictv\u00ed dluhopisu, s dluhopisy se tak pravd\u011bpodobn\u011b v drtiv\u00e9 v\u011bt\u0161in\u011b p\u0159\u00edpad\u016f \u201efyzicky nepomazl\u00edte\u201c. Mysl\u00edm, \u017ee t\u00edm jsem se „dluhopisov\u00fdm d\u011bjepisem“ a povinn\u00fdmi re\u00e1liemi vypo\u0159\u00e1dal, proto\u017ee to pro dal\u0161\u00ed bude zcela nepodstatn\u00e9. V \u010dl\u00e1nc\u00edch m\u011b budou zaj\u00edmat p\u0159edev\u0161\u00edm zcela konkr\u00e9tn\u00ed a praktick\u00e9 str\u00e1nky t\u00fdkaj\u00edc\u00ed se dluhopis\u016f, jak je spr\u00e1vn\u011b pochopit, vyhodnotit a tak\u00e9 obchodovat. Po\u0159\u00edzen\u00ed akcie, futures nebo op\u010dn\u00edho kontraktu je doprov\u00e1zeno nejistotou cenov\u00e9ho pohybu, cena t\u011bchto investi\u010dn\u00edch n\u00e1stroj\u016f m\u016f\u017ee v\u00fdrazn\u011b poklesnout nebo nab\u00fdt na hodnot\u011b s ohledem na tr\u017en\u00ed podm\u00ednky, kter\u00e9 formuj\u00ed jeho cenu, dluhopisy jsou v\u0161ak tro\u0161ku „jin\u00e1 kategorie“. Jejich po\u0159\u00edzen\u00edm v \u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b nevstupuji do zcela bezrizikov\u00e9ho prost\u0159ed\u00ed, ale mohu se alespo\u0148 m\u00edrn\u011b spolehnout na jak\u00fdsi pevn\u00fd v\u00fdnos (fixed income), kter\u00fd z jeho dr\u017een\u00ed vypl\u00fdv\u00e1. Nen\u00ed to ale v\u016fbec jednoduch\u00e9 pochopit v\u0161echna rizika, kter\u00e1 s takto „pevn\u00fdm v\u00fdnosem“ souvisej\u00ed a jestli se opravdu takto nazvan\u00fd v\u00fdnos p\u0159etav\u00ed do reality se budu sna\u017eit v tomto a dal\u0161\u00edch \u010dl\u00e1nc\u00edch popsat.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/span><\/p>\n

Budouc\u00ed hodnota investovan\u00fdch pen\u011bz<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Vyhodnocen\u00ed investice do dluhopisu tkv\u00ed v prozkoum\u00e1n\u00ed a posouzen\u00ed mnoha krit\u00e9ri\u00ed v\u00e1\u017e\u00edc\u00edch se k dluhopisu, ze kter\u00fdch mohu usuzovat na rizika, kter\u00e1 z takov\u00e9 investice plynou. Budu se jimi podrobn\u011b zab\u00fdvat pozd\u011bji, nicm\u00e9n\u011b z\u00e1kladn\u00edm a nejjednodu\u0161\u0161\u00edm po\u017eadavkem u poskytnut\u00e9 p\u016fj\u010dky by mohla b\u00fdt informace, kolik vlastn\u011b na t\u00e9to finan\u010dn\u00ed transakci mohu vyd\u011blat. Jednomilonov\u00e1 ro\u010dn\u00ed p\u016fj\u010dka kamar\u00e1dovi s jednor\u00e1zov\u00fdm splacen\u00edm za rok a s \u00farokem 10% by se tak mohla transformovat do ot\u00e1zky, jak\u00e1 je budouc\u00ed hodnota dnes p\u016fj\u010den\u00e9 \u010d\u00e1stky pen\u011bz?<\/strong> Touto, na prvn\u00ed pohled zcela ban\u00e1ln\u00ed ot\u00e1zkou, se budu zab\u00fdvat v tomto \u010dl\u00e1nku. V tomto jednoduch\u00e9m p\u0159\u00edkladu to nen\u00ed nic slo\u017eit\u00e9ho, proto\u017ee 10% z p\u016fj\u010den\u00e9ho 1,000.000,- K\u010d p\u0159edstavuje odm\u011bnu za p\u016fj\u010den\u00ed pen\u011bz ve v\u00fd\u0161i 100.000,- K\u010d, a pokud mi kamar\u00e1d p\u016fj\u010den\u00fd milion za rok opravdu vr\u00e1t\u00ed, je budouc\u00ed hodnota nyn\u00ed p\u016fj\u010den\u00e9ho milionu korun rovna \u010d\u00e1stce 1,100.000,- K\u010d. Toto je nejjednodu\u0161\u0161\u00ed p\u0159\u00edpad v\u00fdpo\u010dtu budouc\u00ed hodnoty pen\u011bz, na kter\u00fd nepot\u0159ebuji \u017e\u00e1dnou matematickou pr\u016fpravu nebo slo\u017eit\u00e9 vzorce, je ale jist\u00e9, \u017ee ve skute\u010dnosti bude nakl\u00e1d\u00e1n\u00ed s pen\u011bzi slo\u017eit\u011bj\u0161\u00ed a v\u00fdpo\u010dty budou zna\u010dn\u011b komplikovan\u011bj\u0161\u00ed. Sta\u010d\u00ed k velmi jednoduch\u00e9mu obchodn\u00edmu p\u0159\u00edpadu se zap\u016fj\u010den\u00fdm milionem na jeden rok p\u0159imyslet del\u0161\u00ed dobu splatnosti ne\u017e je pr\u00e1v\u011b tento jeden rok (nap\u0159\u00edklad t\u0159i roky) s podm\u00ednkou, \u017ee budu cht\u00edt za zap\u016fj\u010den\u00e9 pen\u00edze op\u011bt desetiprocentn\u00ed \u00farok splatn\u00fd ke konci ka\u017ed\u00e9ho roku p\u016fj\u010dky a k parametr\u016fm t\u00e9to transakce si mohu p\u0159imyslet reinvestov\u00e1n\u00ed p\u0159ijat\u00e9ho \u00faroku za n\u011bjakou b\u011b\u017enou \u00farokovou sazbu (nenech\u00e1m jednodu\u0161e vyd\u011blan\u00e9 pen\u00edze jenom tak le\u017eet). Probl\u00e9m stanoven\u00ed budouc\u00ed hodnoty mnou p\u016fj\u010den\u00fdch pen\u011bz se tak okam\u017eit\u011b roz\u0161i\u0159uje na dal\u0161\u00ed d\u00edl\u010d\u00ed probl\u00e9my a souvisej\u00edc\u00ed v\u00fdpo\u010dty.\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Nech\u00e1m nyn\u00ed situaci s\u00a0p\u016fj\u010dkou stranou a p\u0159edstav\u00edm si, \u017ee se sv\u00fdm milionem korun \u010del\u00edm telefon\u00e1tu z\u00a0m\u00e9 banky, kter\u00e1 mi nab\u00edz\u00ed zhodnocen\u00ed m\u00fdch pen\u011bz na t\u0159\u00edlet\u00e9m term\u00ednovan\u00e9m vkladu<\/strong> s\u00a0\u00farokem 10% p.a.<\/strong> Proto\u017ee \u201erajfajzence\u201c v\u011b\u0159\u00edm v\u00edce ne\u017e sv\u00e9mu spolu\u017e\u00e1kovi ze z\u00e1kladky, rozhodl jsem se, \u017ee prozkoum\u00e1m, jak\u00e1 bude hodnota m\u00e9ho jednoho milionu korun za t\u0159i roky od okam\u017eiku otev\u0159en\u00ed takto term\u00ednovan\u00e9ho vkladu. Mohu nyn\u00ed rekapitulovat tuto nab\u00eddku tak, \u017ee nyn\u00ed vlo\u017e\u00edm na term\u00ednovan\u00fd \u00fa\u010det jeden milion korun, za jeden rok (p.a.) mi banka p\u0159ip\u00ed\u0161e prvn\u00ed spl\u00e1tku \u00faroku 10% p.a., tedy ve v\u00fd\u0161i +100.000,- K\u010d, tento \u00farok na tomto spo\u0159\u00edc\u00edm \u00fa\u010dtu ponech\u00e1m a budu vy\u010dk\u00e1vat, jakou \u010d\u00e1stku \u00faroku mi p\u0159ip\u00ed\u0161e banka na konci druh\u00e9ho roku t\u0159\u00edlet\u00e9ho term\u00ednovan\u00e9ho vkladu, pot\u00e9 op\u011bt nebudu \u017e\u00e1dn\u00e9 pen\u00edze vyb\u00edrat a budu vy\u010dk\u00e1vat, jak\u00e1 v\u00fdplata m\u011b po t\u0159ech letech t\u00e9to \u201ep\u016fj\u010dovac\u00ed\u201c operace bude \u010dekat.<\/span><\/p>\n

1.rok: vklad: 1.000.000,- K\u010d, \u00farok 10% = +100.000,- K\u010d, kone\u010dn\u00e1 \u010d\u00e1stka 1,100.000,- K\u010d<\/span><\/p>\n

2.rok: vklad: 1.100.000,- K\u010d, \u00farok 10% = +110.000,- K\u010d, kone\u010dn\u00e1 \u010d\u00e1stka 1,210.000,- K\u010d<\/span><\/p>\n

3.rok: vklad: 1.210.000,- K\u010d, \u00farok 10% = +121.000,- K\u010d, kone\u010dn\u00e1 \u010d\u00e1stka 1,331.000,- K\u010d<\/span><\/p>\n

\u00a0\u00a0 Pokud by v\u0161e prob\u011bhlo jak m\u011blo, nebyly mi sra\u017eeny \u017e\u00e1dn\u00e9 bankovn\u00ed poplatky nebo dan\u011b za p\u0159ijat\u00e9 \u00faroky, m\u011bl bych po t\u0159ech letech disponovat sumou 1,331.000,- K\u010d<\/strong>, toto by pak byla budouc\u00ed hodnota m\u00e9ho jednoho milionu korun podle nastaven\u00fdch podm\u00ednek m\u00e9ho dlu\u017en\u00edka, kter\u00fd slibuje 10% ro\u010dn\u00ed zhodnocen\u00ed vlo\u017een\u00e9 \u010d\u00e1stky. Nemus\u00edm b\u00fdt n\u011bjak\u00fd v\u011bdec, abych ji\u017e na tomto jednoduch\u00e9m p\u0159\u00edkladu vytu\u0161il, \u017ee vyd\u011blan\u00e1 suma pen\u011bz z t\u00e9to transakce se bude odv\u00edjet zejm\u00e9na od t\u0159ech z\u00e1kladn\u00edch parametr\u016f \u2013 1\/ d\u00e9lky obdob\u00ed<\/strong>, na kter\u00e9 pen\u00edze p\u016fj\u010duji, 2\/ \u00faroku<\/strong>, kter\u00fd je mi sl\u00edben a 3\/ period\u011b<\/strong>, za kterou je mi vypl\u00e1cen tento sl\u00edben\u00fd \u00farok. Ob\u011b transakce, tedy p\u016fj\u010dku kamar\u00e1dovi a n\u00e1kup finan\u010dn\u00edho produktu \u2013 term\u00ednovan\u00e9ho vkladu, se nyn\u00ed\u00a0 pokus\u00edm podrobit hlub\u0161\u00edmu prozkoum\u00e1n\u00ed s n\u011bjak\u00fdm m\u00edrn\u011b zmatematizovan\u00fdm p\u0159\u00edstupem. \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0 Nejjednodu\u0161\u0161\u00ed formule, pomoc\u00ed kter\u00e9 mohu analyzovat budouc\u00ed hodnotu m\u00e9 investice a naj\u00edt odpov\u011bdi na ot\u00e1zky, jak se zm\u011bn\u00ed budouc\u00ed hodnota m\u00e9ho milionu korun, kdy\u017e zm\u011bn\u00edm n\u011bjak\u00fd parametr transakce, je uvedena n\u00ed\u017ee:<\/span><\/p>\n

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\u00a0 \u00a0BH<\/em> <\/strong>je budouc\u00ed hodnota<\/strong> investice, SH<\/em><\/strong> je sou\u010dasn\u00e1 hodnota<\/strong> p\u016fj\u010dovan\u00fdch pen\u011bz, \u00farok<\/em><\/strong> je dohodnut\u00e1 \u00farokov\u00e1 sazba za dohodnut\u00e9 obdob\u00ed<\/strong> p\u016fj\u010dky a n<\/em> <\/strong>je po\u010det obdob\u00ed<\/strong>, za kter\u00e9 bude vypl\u00e1cen dohodnut\u00fd \u00farok. Mohu tak prozkoumat nejd\u0159\u00edve nejjednodu\u0161\u0161\u00ed p\u0159\u00edpad p\u016fj\u010den\u00e9ho milionu korun na jeden rok m\u00e9mu kamar\u00e1dovi s\u00a0odm\u011bnou za p\u016fj\u010den\u00ed ve v\u00fd\u0161i 10%.<\/span><\/p>\n

\u00a0\u00a0 P\u0159i zap\u016fj\u010den\u00ed 1,000.000,- K\u010d (SH <\/strong>= 1.000.000), dohodnut\u00e9mu \u00faroku 10% (\u00farok<\/strong> = 0.10 jako desetinn\u00e9 \u010d\u00edslo) a skute\u010dnosti, \u017ee tento \u00farok dostanu za rok p\u0159i spl\u00e1tce p\u016fj\u010dky, tedy po\u010det obdob\u00ed, za kter\u00e9 dlu\u017en\u00edk zaplat\u00ed \u00faroky je 1 (n <\/strong>=1), mohu v\u00fdsledek \u2013 budouc\u00ed hodnotu dnes p\u016fj\u010den\u00e9 \u010d\u00e1stky pen\u011bz vypo\u010d\u00edtat za pou\u017eit\u00ed uveden\u00e9ho vzorce konkr\u00e9tn\u011b takto:<\/span><\/p>\n

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\u00a0\u00a0 P\u0159esto\u017ee nemus\u00edm pro tak jednoduchou v\u00fdpo\u010detn\u00ed operaci v\u00fdpo\u010det v\u016fbec zapojit, je jeho vyu\u017eit\u00ed d\u016fkazem, \u017ee m\u00e1 po\u010detn\u00ed operace je spr\u00e1vn\u00e1, budouc\u00ed hodnota p\u016fj\u010den\u00e9ho jednoho milionu korun je opravdu 1,100.000,- K\u010d. Mohu nyn\u00ed takto jednodu\u0161e formulovanou investici do jednoro\u010dn\u00ed p\u016fj\u010dky m\u00e9mu kamar\u00e1dovi zkomplikovat a vyhodnotit t\u0159i mo\u017en\u00e9 varianty<\/strong>, kter\u00e9 by mohly re\u00e1ln\u011b nastat. Nejd\u0159\u00edve vyhodnot\u00edm, jak\u00e1 by byla hodnota m\u00e9 investice, kdyby se p\u0159ed spl\u00e1tkou p\u016fj\u010dky m\u016fj kamar\u00e1d ozval s\u00a0t\u00edm, \u017ee p\u016fj\u010dku splat\u00ed o m\u011bs\u00edc pozd\u011bji<\/strong> a bude respektovat, \u017ee zaplat\u00ed \u201en\u011bjak\u00e9 \u00faroky nav\u00edc\u201c. P\u0159i zachov\u00e1n\u00ed f\u00e9rovosti a dohodnut\u00e9m \u00faroku 10% p.a. bych mohl uva\u017eovat tak, \u017ee nebudu cht\u00edt 10% \u00farok za 365 dn\u016f, ale za 365 + 30 dn\u016f, tedy za 395 dn\u016f (\u010derven\u00e1 \u0161ipka ve vzorci n\u00ed\u017ee), co\u017e odr\u00e1\u017e\u00ed t\u0159icetidenn\u00ed zpo\u017ed\u011bn\u00ed se spl\u00e1tkou dohodnut\u00e9 p\u016fj\u010dky za zachov\u00e1n\u00ed dohodnut\u00fdch \u00farokov\u00fdch pravidel, v\u00fdpo\u010det by pak vypadal n\u00e1sledovn\u011b: \u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0 M\u011bs\u00ed\u010dn\u00ed zpo\u017ed\u011bn\u00ed se splacen\u00edm poskytnut\u00e9 p\u016fj\u010dky by mi pak p\u0159ineslo, krom\u011b spl\u00e1tky jistiny p\u016fj\u010dky a ro\u010dn\u00edho \u00faroku +100.000,- K\u010d, dal\u0161\u00ed \u00faroky ve v\u00fd\u0161i +8.650,74 K\u010d<\/strong>. Stejnou logiku by pak m\u011blo p\u0159ed\u010dasn\u00e9 splacen\u00ed p\u016fj\u010dky ve lh\u016ft\u011b krat\u0161\u00ed ne\u017e zam\u00fd\u0161len\u00fd jeden rok<\/strong>, nap\u0159\u00edklad po 210 kalend\u00e1\u0159n\u00edch dnech (sedm m\u011bs\u00edc\u016f).<\/span><\/p>\n

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\u00a0\u00a0 <\/strong>P\u0159ed\u010dasn\u00e9 splacen\u00ed milionov\u00e9 p\u016fj\u010dky po sedmi m\u011bs\u00edc\u00edch od jej\u00edho poskytnut\u00ed by m\u011b oprav\u0148ovalo po\u017eadovat po dlu\u017en\u00edkovi \u00farok pouze ve v\u00fd\u0161i +56.363,07 K\u010d<\/strong> p\u0159i domluven\u00e9 sazb\u011b 10% p.a.<\/span><\/p>\n

\u00a0\u00a0 Ve t\u0159et\u00ed variant\u011b bych pak mohl prozkoumat, kdyby po 210 kalend\u00e1\u0159n\u00edch dnech<\/strong> (sedmi m\u011bs\u00edc\u00edch) mi byla vr\u00e1cena polovina p\u016fj\u010den\u00fdch pen\u011bz<\/strong> ve v\u00fd\u0161i 500.000,- K\u010d a zbyl\u00fd doplatek p\u016fj\u010dky ve v\u00fd\u0161i 500.000,- K\u010d byl vr\u00e1cen v\u00a0dohodnut\u00e9m term\u00ednu za jeden rok i s\u00a0dohodnut\u00fdmi \u00faroky ve v\u00fd\u0161i 10% p.a., jakou \u010d\u00e1stku bych mohl u splatnosti p\u016fj\u010dky o\u010dek\u00e1vat?<\/span><\/p>\n

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\u00a0\u00a0 Po splacen\u00ed poloviny pen\u011bz jistiny p\u016fj\u010dky po sedmi m\u011bs\u00edc\u00edch trv\u00e1n\u00ed p\u016fj\u010dky bych mohl o\u010dek\u00e1vat u splatnosti druh\u00e9 poloviny p\u016fj\u010dky \u010d\u00e1stku 579.345,70 K\u010d<\/strong>. Tato je vypo\u010dtena jako hodnota p\u016fvodn\u00ed p\u016fj\u010dky<\/strong> s\u00a0dohodnut\u00fdm ro\u010dn\u00edm \u00farokem 10% p.a., od kter\u00e9 ode\u010d\u00edt\u00e1m tu \u010d\u00e1st roku<\/strong>, kdy mi neb\u011b\u017e\u00ed \u00farok z\u00a0cel\u00e9 \u010d\u00e1stky p\u016fj\u010dky<\/strong>, ale pouze z\u00a0jej\u00ed zbyl\u00e9 poloviny (365 dn\u016f \u2013 210 dn\u016f = 155 dn\u016f). Mohu tak vypozorovat, \u017ee p\u0159ed\u010dasn\u00fdm splacen\u00edm \u010d\u00e1sti p\u016fj\u010dky dlu\u017en\u00edk nemusel zaplatit \u00faroky ve v\u00fd\u0161i +100.000,- K\u010d, ale pouze +79.345,70 K\u010d<\/strong>.<\/span><\/p>\n

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\u00a0\u00a0 Pro takto jednoduchou transakci s\u00a0jednoro\u010dn\u00ed p\u016fj\u010dkou jsem se v\u0161ak nerozhodl a mou volbou bylo nakoupen\u00ed finan\u010dn\u00edho produktu \u2013 uzav\u0159en\u00ed t\u0159\u00edlet\u00e9ho term\u00ednovan\u00e9ho vkladu<\/strong> v\u00a0m\u00e9 bance s\u00a0p\u0159ipisov\u00e1n\u00edm 10% \u00faroku<\/strong> pro ka\u017ed\u00fd rok<\/strong> jeho trv\u00e1n\u00ed. Tuto operaci pak mohu aplikovat na dan\u00fd vzorec a sledovat, jestli se v\u00fdpo\u010det shoduje s popisem t\u0159\u00edlet\u00e9ho obdob\u00ed, jak bylo rozebr\u00e1no v\u00fd\u0161e v \u010dl\u00e1nku se stanovenou budouc\u00ed hodnotou investovan\u00fdch pen\u011bz ve v\u00fd\u0161i 1,331.000,- K\u010d. Tedy, p\u0159i uzav\u0159en\u00ed term\u00ednovan\u00e9ho vkladu pro \u010d\u00e1stku 1,000.000,- K\u010d (SH), dohodnut\u00e9mu \u00faroku 10% p.a. (\u00farok = 0,10 jako desetinn\u00e9 \u010d\u00edslo) a skute\u010dnosti, \u017ee tento \u00farok dostanu na konci ka\u017ed\u00e9ho roku trv\u00e1n\u00ed vkladu, tedy po\u010det obdob\u00ed, ze kter\u00e9 mi banka poskytne dohodnut\u00fd \u00farok je 3 (n), mohu v\u00fdsledek \u2013 budouc\u00ed hodnotu dnes investovan\u00e9 jednomilionov\u00e9 \u010d\u00e1stky do term\u00ednovan\u00e9ho vkladu vypo\u010d\u00edtat za pou\u017eit\u00ed v\u00fd\u0161e uveden\u00e9ho vzorce konkr\u00e9tn\u011b takto:<\/span><\/p>\n

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\u00a0\u00a0 Pozoruji, \u017ee jsem opravdu dostal v\u00fdpo\u010dtem stejnou budouc\u00ed hodnotu investovan\u00fdch pen\u011bz jako v rozebran\u00e9m p\u0159\u00edpad\u011b po jednotliv\u00fdch roc\u00edch v \u010dl\u00e1nku v\u00fd\u0161e.<\/span><\/p>\n

\u00a0\u00a0 Proto\u017ee jsem z\u00a0term\u00ednovan\u00e9ho vkladu nic nevyb\u00edral a ponechal p\u0159ipsan\u00fd ro\u010dn\u00ed \u00farok k\u00a0dal\u0161\u00edmu zhodnocov\u00e1n\u00ed v\u00a0dal\u0161\u00edch letech, vynesla mi investice do t\u0159\u00edlet\u00e9ho term\u00ednovan\u00e9ho vkladu v\u00edce ne\u017e pokud bych t\u0159ikr\u00e1t za sebou p\u016fj\u010dil sv\u00e9mu kamar\u00e1dovi na jeden rok jeden milion korun s\u00a010% \u00farokem u splatnosti t\u00e9to jednoro\u010dn\u00ed p\u016fj\u010dky. Bude proto nyn\u00ed ur\u010dit\u011b d\u016fle\u017eit\u00e9 k zapamatov\u00e1n\u00ed, \u017ee pokud budu dr\u017eet dluhopis s\u00a0kup\u00f3nem a tento kup\u00f3n bude v\u00a0n\u011bjak\u00fdch \u010dasov\u00fdch intervalech emitentem placen, nebude parn\u011b proz\u00edrav\u00e9 inkasovanou kup\u00f3novou platbu utratit, ale zhodnocovat ji spole\u010dn\u011b s\u00a0investic\u00ed do ceny dluhopisu.<\/span><\/p>\n

\u00a0\u00a0 Avizoval jsem, \u017ee pro m\u00edru zhodnocen\u00ed vlo\u017een\u00fdch pen\u011bz do term\u00ednovan\u00e9ho vkladu bude hr\u00e1t roli d\u00e9lka<\/strong> zvolen\u00e9ho \u010dasov\u00e9ho obdob\u00ed dr\u017een\u00ed t\u00e9to investice<\/strong>, v\u00fd\u0161e dohodnut\u00fdch \u00farok\u016f a frekvence jejich p\u0159ipisov\u00e1n\u00ed. Na obr\u00e1zku n\u00ed\u017ee je uk\u00e1zka, jak by se zhodnocoval investovan\u00fd jeden milion korun za obdob\u00ed nikoliv t\u0159\u00ed let, ale ponechal bych jej pracovat deset let.<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0obr\u00e1zku vypl\u00fdv\u00e1, \u017ee na konci desetilet\u00e9ho obdob\u00ed bych investici 1,000.000,- K\u010d<\/strong> p\u0159etavil do kone\u010dn\u00e9 \u010d\u00e1stky 2,593.742,46 K\u010d<\/strong>, co\u017e by nebylo v\u016fbec \u0161patn\u00e9, proto\u017ee takto nastaven\u00e9 \u00faro\u010den\u00ed by p\u0159ineslo v\u00edce ne\u017e jeden a p\u016fl milionu korun k\u00a0p\u016fvodn\u011b vlo\u017een\u00e9 \u010d\u00e1stce. Na obr\u00e1zku jsem rovn\u011b\u017e (pro jistotu) uk\u00e1zal vzorec v\u00fdpo\u010dtu pro dev\u00e1t\u00fd rok investice, jak si jej mohu vytvo\u0159it v\u00a0excelu. To, \u017ee r\u016fst hodnoty investice nen\u00ed line\u00e1rn\u00ed pramen\u00ed z\u00a0podstaty v\u00fdpo\u010dtu a mohu si jej vyn\u00e9st do jednoduch\u00e9ho grafu.<\/span><\/p>\n

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\u00a0\u00a0 \u010c\u00edm d\u00e9le budu dr\u017eet takto nastavenou investici, t\u00edm v\u00edce vyd\u011bl\u00e1m, to je z\u00a0v\u00fdpo\u010dtu patrn\u00e9. Mohu si pak stejn\u011b logicky odvodit, \u017ee r\u016fst \u00farokov\u00e9 sazby<\/strong> (nebo jej\u00ed pokles) bude m\u00edt na celkovou investici p\u0159\u00edm\u00fd vliv. R\u016fst \u00farok\u016f<\/strong> o +2%<\/strong> na \u00farove\u0148 12% p.a. p\u0159i sjedn\u00e1v\u00e1n\u00ed term\u00ednovan\u00e9ho vkladu by p\u0159inesla tento v\u00fdsledek<\/span><\/p>\n

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\u00a0\u00a0 Nav\u00fd\u0161en\u00ed \u00farok\u016f o dva procentn\u00ed body by p\u0159isp\u011blo ke zhodnocen\u00ed jednoho milionu korun<\/strong> za deset let p\u0159i \u00farokov\u00e9 sazb\u011b 12% s\u00a0ro\u010dn\u00ed frekvenc\u00ed p\u0159ipisov\u00e1n\u00ed \u00farok\u016f na \u010d\u00e1stku 3,105.848,21 K\u010d<\/strong>. Mohu pak prozkoumat stejn\u00fd v\u00fdpo\u010det se sn\u00ed\u017een\u00edm \u00farokov\u00e9 sazby<\/strong>, nap\u0159\u00edklad o -3%<\/strong> na \u00farove\u0148 7% p.a. p\u0159i sjedn\u00e1n\u00ed stejn\u00e9 desetilet\u00e9 investice.<\/span><\/p>\n

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\u00a0\u00a0 Ni\u017e\u0161\u00ed hladina dohodnut\u00fdch jednoro\u010dn\u00edch \u00farok\u016f ve v\u00fd\u0161i 7% p.a. by pak zp\u016fsobila, \u017ee po deseti letech trv\u00e1n\u00ed term\u00ednovan\u00e9ho vkladu s po\u010d\u00e1te\u010dn\u00edm vkladem jeden milion korun<\/strong> by kone\u010dn\u00e1 \u010d\u00e1stka \u010dinila 1,967.151,36 K\u010d<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Zaj\u00edmav\u00e9 by v\u0161ak bylo, zejm\u00e9na z\u00a0pohledu zvolen\u00e9ho t\u00e9matu dluhopis\u016f, pokud by \u010dasov\u011b omezen\u00e1 investice zm\u011bnila frekvenci p\u0159ipisov\u00e1n\u00ed \u00farok\u016f<\/strong>. Mohl bych tak nyn\u00ed po m\u00e9 jednomilionov\u00e9 investici cht\u00edt, aby frekvence p\u0159ipisov\u00e1n\u00ed \u00farok\u016f nebyla jedenkr\u00e1t za rok (p.a.), ale p\u0159ipisov\u00e1n\u00ed by se prov\u00e1d\u011blo ka\u017ed\u00e9ho p\u016fl roku (semi-annual). M\u00edrn\u011b p\u0159edb\u011bhnu t\u00e9ma, na obr\u00e1zku n\u00ed\u017ee je v\u00fd\u0148atek z\u00a0popisu americk\u00e9ho vl\u00e1dn\u00edho dluhopisu se stejnou frekvenc\u00ed platby p\u0159isl\u00edben\u00e9ho \u00faroku (kup\u00f3nu).<\/span><\/p>\n

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\u00a0\u00a0 Mus\u00edm tak sv\u016fj v\u00fdpo\u010det budouc\u00ed hodnoty pen\u011bz vlo\u017een\u00fdch nap\u0159\u00edklad do desetilet\u00e9ho term\u00ednovan\u00e9ho vkladu s\u00a0p\u0159ipisov\u00e1n\u00edm<\/strong> \u00farok\u016f 10% p.a. ka\u017ed\u00e9ho p\u016fl roku<\/strong> p\u0159izp\u016fsobit pro pou\u017eit\u00ed vzorce v\u00fdpo\u010dtu jako v\u00a0p\u0159edch\u00e1zej\u00edc\u00edch p\u0159\u00edpadech. Sou\u010dasn\u00e1 hodnota (SH<\/em>)<\/strong> bude st\u00e1le 1,000.000,- K\u010d<\/strong>, hodnota pro \u00farok<\/em><\/strong> bude p\u0159edstavovat \u010d\u00e1stku 10% p.a.\/2, tedy 5%<\/strong> (do vzorce \u00farok = 0.05) za dohodnutou periodu p\u0159ipisov\u00e1n\u00ed (pololet\u00ed) a po\u010det period (n)<\/strong> bude 20<\/strong> a p\u0159edstavuje po\u010det pololet\u00ed, kter\u00e9 obsahuje sjednan\u00e1 doba po\u0159\u00edzen\u00ed investice, dohodnut\u00fdch deset let je tvo\u0159eno 20-ti pololet\u00edmi.<\/span><\/p>\n

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\u00a0\u00a0 Vypo\u010d\u00edt\u00e1v\u00e1m, \u017ee pokud bych pro vstupn\u00ed investici jeden milion korun m\u011bl sjedn\u00e1no pololetn\u00ed p\u0159ipisov\u00e1n\u00ed \u00farok\u016f<\/strong> za sjednan\u00e9 sazby 10% p.a., vyneslo by mi jej\u00ed desetilet\u00e9 dr\u017een\u00ed \u010d\u00e1stku 2,653.297,71 K\u010d<\/strong> nam\u00edsto stejn\u011b trvaj\u00edc\u00ed investici se stejn\u00fdm \u00farokem, ov\u0161em s p\u0159ipisov\u00e1n\u00edm stejn\u00fdch \u00farok\u016f pouze jednou za rok<\/strong>, toto by dos\u00e1hlo kone\u010dn\u00e9 \u010d\u00e1stky 2,593.742,46 K\u010d<\/strong> (viz v\u00fd\u0161e v textu), rozd\u00edl by tak \u010dinil zhruba -60.000,- K\u010d<\/strong> v neprosp\u011bch jednoro\u010dn\u00edho p\u0159ipisov\u00e1n\u00ed \u00farok\u016f. Budouc\u00ed hodnota pen\u011bz vlo\u017een\u00fdch do t\u011bchto dvou podobn\u00fdch investic by pak byla vy\u0161\u0161\u00ed u t\u00e9 z nich, kter\u00e1 by p\u0159i stejn\u00fdch parametrech \u010d\u00e1stky, d\u00e9lky trv\u00e1n\u00ed a stejn\u00e9ho \u00faroku nab\u00edzela vy\u0161\u0161\u00ed frekvenci p\u0159ipisov\u00e1n\u00ed \u00farok\u016f. Mohl bych toto obecn\u011b p\u0159i\u010d\u00edtat vy\u0161\u0161\u00ed \u0161anci na reinvestov\u00e1n\u00ed p\u0159ijat\u00fdch \u00farok\u016f u investice s \u010dast\u011bj\u0161\u00edm p\u0159ipisov\u00e1n\u00edm \u00farok\u016f. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0 Term\u00ednovan\u00e9 vklady m\u011b v\u0161ak zaj\u00edmat nebudou, i kdy\u017e je jeho po\u0159\u00edzen\u00ed dobrou teoretickou pr\u016fpravou, jak nahl\u00ed\u017eet na investici s pevn\u011b stanoven\u00fdm p\u0159\u00edjmem. N\u00e1kup dluhopisu je ale podobnou investic\u00ed, vykazuje v\u0161ak zjevnou z\u00e1sadn\u00ed odli\u0161nost \u2013 reinvestov\u00e1n\u00ed p\u0159ijat\u00fdch pen\u011bz z kup\u00f3nov\u00fdch v\u00fdplat nebude nic automatick\u00e9ho jako u p\u0159ipisov\u00e1n\u00ed \u00farok\u016f na term\u00ednovan\u00e9m vkladu, ale bude z\u00e1le\u017eet vylo\u017een\u011b na p\u0159\u00edjemci, jak s takov\u00fdmi kup\u00f3nov\u00fdmi p\u0159\u00edjmy nalo\u017e\u00ed. V re\u00e1ln\u00e9m sv\u011bt\u011b se pak m\u016f\u017ee st\u00e1t, \u017ee po\u0159\u00edd\u00edm investi\u010dn\u00ed n\u00e1stroj (dluhopis) na kter\u00fd vyd\u00e1m 1,000.000,- K\u010d<\/strong> se splatnost\u00ed za deset let<\/strong> a s\u00a0pevn\u00fdm \u00farokem ve v\u00fd\u0161i 7% p.a.<\/strong> (kup\u00f3nem) vypl\u00e1cen\u00fdm jedenkr\u00e1t za rok (v\u017edy na konci roku), nicm\u00e9n\u011b pen\u00edze z\u00a0kup\u00f3nov\u00fdch v\u00fdplat mi budou zas\u00edl\u00e1ny na obchodn\u00ed \u00fa\u010det, kter\u00fd je \u00faro\u010den \u010d\u00e1stkou pouze 2% p.a.,<\/strong> tedy v\u00fdrazn\u011b jinou \u00farokovou sazbou, ne\u017e je \u00faro\u010dena m\u00e1 dluhopisov\u00e1 investice. V\u00fdpo\u010det o\u010dek\u00e1van\u00e9 budouc\u00ed hodnoty m\u00e9 investice jeden milion korun do dluhopisu, pokud se rozhodnu dr\u017eet jej a\u017e do doby jeho splatnosti za deset let, pak bude sest\u00e1vat ze t\u0159\u00ed sou\u010d\u00e1st\u00ed \u2013 A\/<\/strong> nomin\u00e1ln\u00ed hodnoty dluhopisu<\/strong> p\u0159i jeho splatnosti (1,000.000,- K\u010d), B\/<\/strong> inkasovan\u00e9mu p\u0159\u00edjmu za v\u0161echny kup\u00f3ny<\/strong> (7% z\u00a01,000.000,- K\u010d = 70.000,- K\u010d x 10 let = 700.000,- K\u010d) a C\/<\/strong> p\u0159\u00edjmu z \u00faroku, kter\u00fd z\u00edsk\u00e1m \u00faro\u010den\u00edm p\u0159ijat\u00fdch kuponov\u00fdch plateb sazbou 2% p.a. <\/strong>na m\u00e9m b\u011b\u017en\u00e9m obchodn\u00edm \u00fa\u010dtu \u2013 toto mus\u00edm nyn\u00ed vypo\u010d\u00edtat. \u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0 \u00a0Prov\u00e9st tento v\u00fdpo\u010det znamen\u00e1 zahrnout do n\u011bj skute\u010dnost, \u017ee pokud koup\u00edm dluhopis za 1,000.000,- K\u010d s kup\u00f3nem 7% p.a. vypl\u00e1cen\u00fdm jednou ro\u010dn\u011b (modelov\u011b investuji 1.1.2022 a kup\u00f3n 70.000,- K\u010d se vypl\u00e1c\u00ed poprv\u00e9 31.12.2022), mus\u00edm \u010dekat cel\u00fd jeden rok na prvn\u00ed spl\u00e1tku kup\u00f3nu. \u00daro\u010den\u00ed tohoto kup\u00f3nu \u00farokem 2% p.a. na m\u00e9m obchodn\u00edm \u00fa\u010dtu tedy za\u010d\u00edn\u00e1 a\u017e od prvn\u00edho dne druh\u00e9ho roku m\u00e9 investice. K takov\u00e9mu v\u00fdpo\u010dtu vyu\u017eiji n\u00ed\u017ee uveden\u00fd vzorec, kter\u00fd mi \u0159\u00edk\u00e1, jak\u00e9 bude zhodnocen\u00ed p\u0159ijat\u00fdch kup\u00f3n\u016f<\/strong> na konci m\u00e9 investice<\/strong>, tedy po uplynut\u00ed n – <\/em>obdob\u00ed<\/strong>, za kter\u00fdch je tento kup\u00f3n vypl\u00e1cen:<\/span><\/p>\n

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\u00a0\u00a0 Jak tedy bude vypadat v\u00fdpo\u010det \u00faro\u010den\u00ed 2 % p.a.<\/strong> v prvn\u00ed rok investice<\/strong>, kdy na jeho konci<\/strong> obdr\u017e\u00edm kup\u00f3n ve v\u00fd\u0161i 70.000,- K\u010d<\/strong> a po\u010det ub\u011bhl\u00fdch let bude jedna (n<\/em> = 1<\/strong>)? Hodnota vypo\u010d\u00edtan\u00e1 podle vzorce za tento prvn\u00ed rok bude muset odpov\u00eddat pouze hodnot\u011b p\u0159ijat\u00e9ho kup\u00f3nu (70.000,- K\u010d), proto\u017ee \u017e\u00e1dn\u00e9 \u00faroky po\u017eadovat nem\u016f\u017eu.<\/span><\/p>\n

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\u00a0 Na konci druh\u00e9ho roku<\/strong>, kdy budu m\u00edt k\u00a0dispozici ji\u017e 140.000,- K\u010d a z\u00a0toho prvn\u00edch 70.000,- K\u010d m\u00e1m ji\u017e \u00faro\u010deno 2% p.a., by pak v\u00fdpo\u010det podle vzorce vypadal n\u00e1sledovn\u011b:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Na sv\u00e9m b\u011b\u017en\u00e9m \u00fa\u010dtu bych pak ji\u017e mohl vypozorovat, \u017ee po dvou letech dr\u017een\u00ed dluhopisu jsem jeho p\u0159ijat\u00fd kup\u00f3n<\/strong> ve v\u00fd\u0161i 140.000,- K\u010d zhodnotil<\/strong> o (141.400,- K\u010d \u2013 140.000,- K\u010d) \u010d\u00e1stku +1.400,- K\u010d<\/strong>. Mohu proto na nyn\u00ed m\u00e9 desetilet\u00e9 dr\u017een\u00ed (n=10) jednomilionov\u00e9ho dluhopisu s ro\u010dn\u00edm kup\u00f3nem 7% p.a. (70.000,- K\u010d) a \u00faro\u010den\u00edm p\u0159ijat\u00e9ho ro\u010dn\u00edho kup\u00f3nu ve v\u00fd\u0161i 2% p.a. (r = 0,02) na m\u00e9m b\u011b\u017en\u00e9m obchodn\u00edm \u00fa\u010dtu nasadit v\u00fd\u0161e uveden\u00fd vzorec a vypo\u010d\u00edtat p\u0159\u00edjem z \u00faro\u010den\u00fdch kup\u00f3n\u016f takto:<\/span><\/p>\n

\"\"<\/em><\/span><\/p>\n

\u00a0 \u00a0Proto\u017ee jsem na sv\u016fj \u00fa\u010det za deset let p\u0159ijal kup\u00f3nov\u00e9 platby v nomin\u00e1ln\u00ed v\u00fd\u0161i 700.000,- K\u010d (10*70.000,- K\u010d) je m\u016fj \u010dist\u00fd \u00farokov\u00fd v\u00fdnos z reinvestice p\u0159ijat\u00fdch kup\u00f3n\u016f<\/strong> na m\u00e9m \u00fa\u010dtu sazbou 2% p.a. (766.480,47 K\u010d \u2013 700.000,- K\u010d) ve v\u00fd\u0161i +66.480,47 K\u010d<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Mohu tak konstatovat, \u017ee jsem po deseti letech obdr\u017eel zp\u011bt 1,000.000,- K\u010d + kup\u00f3ny ve v\u00fd\u0161i +700.000,- K\u010d + \u00farok z\u00a0reinvestice kup\u00f3n\u016f ve v\u00fd\u0161i +66.480,47 K\u010d a budouc\u00ed hodnota m\u00e9 investice<\/strong> do takto strukturovan\u00e9ho dluhopisu za popsan\u00fdch podm\u00ednek by se tak rovnala \u010d\u00e1stce 1,766,480,47 K\u010d<\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Americk\u00e9 vl\u00e1dn\u00ed dluhopisy nebo korpor\u00e1tn\u00ed dluhopisy nejb\u011b\u017en\u011bji vypl\u00e1cej\u00ed kup\u00f3n<\/strong> ka\u017ed\u00e9ho p\u016fl roku<\/strong> (nap\u0159. obr\u00e1zek s charakteristikou T-bondu v textu v\u00fd\u0161e), pokud bych tedy takto investoval jako v\u00fd\u0161e do desetilet\u00e9ho dluhopisu jeden milion korun<\/strong>, kup\u00f3nov\u00e1 platby 7% p.a.<\/strong> by byla vypl\u00e1cena pololetn\u011b<\/strong> (v m\u00e9m modelov\u00e9m p\u0159\u00edkladu poprv\u00e9 za p\u016fl roku od po\u0159\u00edzen\u00ed dluhopisu) a nakonec by m\u016fj b\u011b\u017en\u00fd \u00fa\u010det byl st\u00e1le \u00faro\u010den sazbou 2% p.a., musel bych parametry v\u00fdpo\u010dtu pro reinvestov\u00e1n\u00ed upravit. Po\u010det term\u00edn\u016f, kdy bude kup\u00f3n vypl\u00e1cen by byl dvojn\u00e1sobn\u00fd (deset let p\u0159edstavuje dvacet pololet\u00ed), proto n<\/em> = 20<\/strong>. Neobdr\u017eel bych jednou ro\u010dn\u011b 70.000,- K\u010d jako ro\u010dn\u00ed kup\u00f3n 7% p.a. z dr\u017een\u00ed dluhopisu, ale ka\u017ed\u00e9ho p\u016fl roku bych inkasoval jeho polovinu ve v\u00fd\u0161i 35.000,- K\u010d, stejn\u011b tak bych musel redukovat \u00farokovou sazbu pro reinvestici p\u0159ijat\u00fdch kup\u00f3nov\u00fdch plateb na polovinu (2% p.a.\/2), proto \u00farok<\/em> = 0.01<\/strong>. V\u00fdnos z reinvestice p\u0159ijat\u00fdch kup\u00f3n\u016f by pak byl:<\/span><\/p>\n

\u00a0 \u00a0\u00a0\"\"<\/span><\/p>\n

\u00a0\u00a0 Op\u011bt jsem na sv\u016fj b\u011b\u017en\u00fd obchodn\u00ed \u00fa\u010det za deset let p\u0159ijal kup\u00f3nov\u00e9 platby 700.000,- K\u010d (10*70.000,- K\u010d), ale zm\u011bnou frekvence kup\u00f3nov\u00fdch v\u00fdplat z deseti na dvacet (z ro\u010dn\u00ed na pololetn\u00ed) je m\u016fj \u010dist\u00fd \u00farokov\u00fd v\u00fdnos z reinvestice p\u0159ijat\u00fdch kup\u00f3n\u016f na m\u00e9m \u00fa\u010dtu sazbou 2% p.a. (770.665,14 K\u010d \u2013 700.000,- K\u010d) vy v\u00fd\u0161i +70.665,14 K\u010d <\/strong>(obdr\u017eel bych o +4.184,67 K\u010d v\u00edce).<\/span><\/p>\n

\u00a0\u00a0 Mohu tak op\u011bt konstatovat, \u017ee jsem po deseti letech obdr\u017eel zp\u011bt 1,000.000,- K\u010d + kup\u00f3ny ve v\u00fd\u0161i +700.000,- K\u010d + \u00farok z\u00a0reinvestice kup\u00f3n\u016f ve v\u00fd\u0161i +70.665,14 K\u010d a budouc\u00ed hodnota m\u00e9 investice<\/strong> do takto strukturovan\u00e9ho dluhopisu za popsan\u00fdch podm\u00ednek by se tak rovnala \u010d\u00e1stce 1,770,665,14 K\u010d<\/strong>. Je tak patrn\u00e9, \u017ee zv\u00fd\u0161en\u00ed frekvence p\u0159ipisov\u00e1n\u00ed \u00farok\u016f m\u011bla vliv tak\u00e9 na reinvestici p\u0159ijat\u00fdch kup\u00f3n\u016f.<\/span><\/p>\n

\n

\u00a0\u00a0\u00a0 Zji\u0161t\u011bn\u00ed budouc\u00ed hodnoty investovan\u00fdch pen\u011bz je z\u00e1kladn\u00ed premisou pro pochopen\u00ed, jak\u00e1 je jejich cena a jak mohu na investovan\u00e9 pen\u00edze nahl\u00ed\u017eet, pokud jsem se rozhodl pro investici s\u00a0pevn\u011b dan\u00fdm p\u0159\u00edjmem \u2013 dohodnut\u00fdmi \u00faroky nebo vyzna\u010den\u00fdm kup\u00f3nem a nakonec jsem se tak\u00e9 rozhodl, \u017ee p\u0159ijat\u00fd \u00farokov\u00fd v\u00fdnos neutrat\u00edm, ale budu jej n\u011bjak\u00fdm zp\u016fsobem reinvestovat. Mohl by m\u011b ale zaj\u00edmat tak\u00e9 opa\u010dn\u00fd pohled na zam\u00fd\u0161lenou investici, a to cht\u00edt zn\u00e1t sou\u010dasnou hodnotu m\u00e9 investice, pokud budu cht\u00edt vyd\u011blat n\u011bjakou p\u0159edem stanovenou sumu v budoucnosti investic\u00ed do investi\u010dn\u00edho n\u00e1stroje s\u00a0takto pevn\u011b dan\u00fdm p\u0159\u00edjmem, a to op\u011bt nap\u0159\u00edklad ve form\u011b vyzna\u010den\u00e9ho kup\u00f3nu nebo jakkoliv jinak definovan\u00e9ho sl\u00edben\u00e9ho procentn\u00edho zhodnocen\u00ed. Jak zjist\u00edm, kolik mus\u00edm nyn\u00ed investovat, abych na sv\u00e9m \u00fa\u010dtu vid\u011bl za p\u011bt let \u010d\u00e1stku 2,223.186 K\u010d p\u0159i investici do dluhopisu s\u00a0kup\u00f3nem 8.50% p.a., kter\u00fd se vypl\u00e1c\u00ed jednou za p\u016fl roku? O tom v\u00a0p\u0159\u00ed\u0161t\u00edm \u010dl\u00e1nku\u2026:c)<\/span><\/p>\n

\u00a0 Koment\u00e1\u0159e a p\u0159\u00edsp\u011bvky k tomuto \u010dl\u00e1nku pros\u00edm sm\u011brujte do Diskuzn\u00edho f\u00f3ra do tohoto vl\u00e1kna<\/a><\/strong><\/span>\u00a0:c) \u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u201eAhoj, p\u016fj\u010d mi pros\u00edm t\u011b milion, j\u00e1 ti to za rok vr\u00e1t\u00edm a k tomu p\u0159id\u00e1m desetiprocentn\u00ed \u00farok, d\u00edk\u201c. Takto by mohla zn\u00edt jednoduch\u00e1 domluva na ban\u00e1ln\u00ed p\u016fj\u010dce s kamar\u00e1dem, se kter\u00fdm jsem sd\u00edlel \u0161koln\u00ed lavici na dev\u00edtiletce a kter\u00e1 by mohla odp\u00edchnout t\u00e9ma dluhopis\u016f na tomto webu. Je Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":5948,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[60],"tags":[61],"class_list":["post-5925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dluhopisy","tag-dluhopisy"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1xz","jetpack-related-posts":[{"id":6833,"url":"https:\/\/dobretrejdy.com\/?p=6833","url_meta":{"origin":5925,"position":0},"title":"Dluhopisy \u2013 XIV. \u00a0\u00a0\u00a0\u00a0","author":"dobretrejdy :c)","date":"7.12.2023","format":false,"excerpt":"\u00a0 \u00a0Pravd\u011bpodobn\u011b nejv\u00fdznamn\u011bj\u0161\u00edmi dluhopisov\u00fdmi deriv\u00e1ty jsou dluhopisov\u00e9 futures. Napodobit dr\u017een\u00ed dluhopis\u016f (v tomto \u010dl\u00e1nku americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f), ani\u017e bych se jich jen dotknul, mi pom\u016f\u017ee existence tzv. \u201eTreasury Futures\u201c kontrakt\u016f. Nebudu se nyn\u00ed nijak v\u00fdznamn\u011b zdr\u017eovat n\u011bjak\u00fdm kv\u011btnat\u00fdm \u00favodem \u010dl\u00e1nku a bez ot\u00e1len\u00ed se pono\u0159\u00edm p\u0159\u00edmo do pozoruhodn\u00e9ho t\u00e9matu, kter\u00fd\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/12\/OI5.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/12\/OI5.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/12\/OI5.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/12\/OI5.jpg?resize=700%2C400 2x"},"classes":[]},{"id":6561,"url":"https:\/\/dobretrejdy.com\/?p=6561","url_meta":{"origin":5925,"position":1},"title":"Dluhopisy \u2013 XI.","author":"dobretrejdy :c)","date":"26.8.2023","format":false,"excerpt":"\u00a0\u00a0Dluhopisov\u00fd seri\u00e1l pokra\u010duje, p\u00ed\u0161e se jeho dal\u0161\u00ed d\u00edl. Pokud se zd\u00e1, \u017ee se podrobn\u011b a mo\u017en\u00e1 zbyte\u010dn\u011b v\u011bnuji americk\u00fdm vl\u00e1dn\u00edm dluhopis\u016fm, tak tento \u010dl\u00e1nek op\u011bt nebude o ni\u010dem jin\u00e9m, n\u011b\u017e pr\u00e1v\u011b o t\u00e9to kategorii dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f. Pro\u010d tomu tak je vypl\u00fdv\u00e1 z m\u00e9ho praktick\u00e9ho pohledu na v\u011bc. Krom\u011b toho,\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/08\/Aukce1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/08\/Aukce1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/08\/Aukce1.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/08\/Aukce1.jpg?resize=700%2C400 2x"},"classes":[]},{"id":6010,"url":"https:\/\/dobretrejdy.com\/?p=6010","url_meta":{"origin":5925,"position":2},"title":"Dluhopisy \u2013 III.","author":"dobretrejdy :c)","date":"14.12.2022","format":false,"excerpt":"\u00a0\u00a0N\u00e1kupem dluhopisu p\u016fj\u010duji pen\u00edze. Nejjednodu\u0161\u0161\u00ed definice, kterou by si mohla zaslou\u017eit odpov\u011b\u010f na ot\u00e1zku, co to vlastn\u011b dluhopis je. Emitent dluhopisu \u2013 dlu\u017en\u00edk - vstupuje do pr\u00e1vn\u00edho svazku s v\u011b\u0159itelem (t\u0159eba se mnou), kter\u00fd je zalo\u017een na z\u00e1vazku dlu\u017en\u00edka platit v\u011b\u0159iteli periodick\u00fd \u00farok ve form\u011b kup\u00f3nu a splatit celou p\u016fvodn\u011b\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/main.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6340,"url":"https:\/\/dobretrejdy.com\/?p=6340","url_meta":{"origin":5925,"position":3},"title":"Dluhopisy – IX.","author":"dobretrejdy :c)","date":"26.4.2023","format":false,"excerpt":"\u00a0 \u00a0Obchody s dluhopisy maj\u00ed sv\u016fj smysl a nen\u00ed od v\u011bci porozum\u011bt jejich fungov\u00e1n\u00ed. Pozn\u00e1n\u00ed teorie je skv\u011bl\u00e1 v\u011bc, nicm\u00e9n\u011b nesm\u00edm zapomenout v p\u0159em\u00ed\u0159e teoretizov\u00e1n\u00ed tak\u00e9 na praktickou str\u00e1nku tohoto typu obchodov\u00e1n\u00ed, tedy jak skute\u010dn\u011b dluhopis po\u0159\u00eddit. Dne\u0161n\u00ed \u010dl\u00e1nek pak bude o dluhopisech v prost\u0159ed\u00ed m\u00e9ho brokera Interactive Brokers, kde\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/04\/SC1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/04\/SC1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/04\/SC1.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":6234,"url":"https:\/\/dobretrejdy.com\/?p=6234","url_meta":{"origin":5925,"position":4},"title":"Dluhopisy \u2013 VII.","author":"dobretrejdy :c)","date":"22.3.2023","format":false,"excerpt":"\u00a0 Vypad\u00e1 to doposud, jakoby obchodov\u00e1n\u00ed s\u00a0dluhopisy bylo bezpe\u010dnou proch\u00e1zkou les\u00edkem, sta\u010d\u00ed m\u00edt pouze p\u0159im\u011b\u0159en\u00e9 oble\u010den\u00ed, hezk\u00e9 po\u010das\u00ed a dobrou n\u00e1ladu a pocit celkov\u00e9ho \u0161t\u011bst\u00ed m\u011b pot\u00e9 nem\u016f\u017ee minout. Stejn\u011b jako u jin\u00fdch obchodovan\u00fdch t\u0159\u00edd aktiv plat\u00ed, \u017ee v\u00fd\u0161e podstupovan\u00e9ho rizika je odm\u011b\u0148ov\u00e1na adekv\u00e1tn\u00ed porc\u00ed mo\u017en\u00e9ho profitu, je takto formulovan\u00e1\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/03\/F2.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/03\/F2.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/03\/F2.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":6742,"url":"https:\/\/dobretrejdy.com\/?p=6742","url_meta":{"origin":5925,"position":5},"title":"Dluhopisy \u2013 XIII.","author":"dobretrejdy :c)","date":"28.10.2023","format":false,"excerpt":"\u00a0\u00a0 Poznat a pochopit dluhopisov\u00fd trh, porozum\u011bt z\u00e1kladn\u00edm princip\u016fm spojen\u00fdch s nakl\u00e1d\u00e1n\u00ed s dluhopisy a zjednodu\u0161en\u00fd vhled do mo\u017enost\u00ed, jak je u sv\u00e9ho brokera nakoupit a co to m\u016f\u017ee pro m\u011b znamenat, bylo p\u0159edm\u011btem p\u0159edchoz\u00edch \u010dl\u00e1nk\u016f. Nabyt\u00e9 poznatky pak mohu aplikovat na zapojen\u00ed dluhopis\u016f do sv\u00e9ho obchodov\u00e1n\u00ed a nemus\u00ed to\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2022\/11\/main.jpg","_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/5925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5925"}],"version-history":[{"count":18,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/5925\/revisions"}],"predecessor-version":[{"id":7414,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/5925\/revisions\/7414"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/5948"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}