{"id":6010,"date":"2022-12-14T15:11:35","date_gmt":"2022-12-14T13:11:35","guid":{"rendered":"https:\/\/dobretrejdy.com\/?p=6010"},"modified":"2024-08-18T09:50:48","modified_gmt":"2024-08-18T07:50:48","slug":"dluhopisy-iii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=6010","title":{"rendered":"Dluhopisy \u2013 III."},"content":{"rendered":"

\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 p\u016fj\u010denou \u010d\u00e1stku pen\u011bz v ur\u010dit\u00e9m okam\u017eiku v budoucnosti. Tento jednoduch\u00fd popis vz\u00e1jemn\u00e9ho vztahu m\u00e1 sv\u00e9 pravidla a detaily, kter\u00e9 r\u00e1muj\u00ed obraz pohledu na obchody a obchodov\u00e1n\u00ed s t\u011bmito n\u00e1stroji, pochopen\u00ed v\u0161ech jejich z\u00e1konitost\u00ed pak je z\u00e1kladem pro jejich porozum\u011bn\u00ed. Dne\u0161n\u00ed \u010dl\u00e1nek bude o z\u00e1kladn\u00edm pohledu na americk\u00e9 dluhopisov\u00e9 trhy a popisu jeho struktury.<\/span><\/p>\n

Rozsah dluhopisov\u00e9ho trhu<\/strong><\/span><\/h1>\n

\u00a0 Trh s dluhopisy je obrovsk\u00fd a jejich obchodov\u00e1n\u00ed, a\u017e na ur\u010dit\u00e9 emise korpor\u00e1tn\u00edch dluhopis\u016f listovan\u00fdch na burze NYSE, nen\u00ed organizov\u00e1no na n\u011bjak\u00fdch centralizovan\u00fdch m\u00edstech \u2013 burz\u00e1ch, co\u017e m\u016f\u017ee b\u00fdt pro tuto chv\u00edli dosti p\u0159ekvapiv\u00e9 zji\u0161t\u011bn\u00ed. Trhy s dluhopisy by se daly charakterizovat za jak\u00fdsi \u201eorganizovan\u00fd propletenec\u201c OTC (over-the-counter) vztah\u016f, kter\u00e9 organizuj\u00ed nez\u00e1visl\u00ed obchodn\u00edci s dluhopisy, kte\u0159\u00ed jsou nejr\u016fzn\u011bji organizov\u00e1ni, nap\u0159\u00edklad podle sektor\u016f entit, kter\u00e9 dluhopisy emituj\u00ed. Proto\u017ee m\u011b budou p\u0159edev\u0161\u00edm zaj\u00edmat americk\u00e9 dluhopisov\u00e9 trhy, omez\u00edm se na popis t\u011bchto vztah\u016f, z\u00e1klady jejich fungov\u00e1n\u00ed jsou pak obdobn\u00e9 tak\u00e9 pro trhy neamerick\u00e9. Z\u00e1kladem dluhopisov\u00fdch trh\u016f je existence skupiny velmi zna\u010dn\u011b kapitalizovan\u00fdch dluhopisov\u00fdch obchodn\u00edk\u016f, kte\u0159\u00ed utv\u00e1\u0159ej\u00ed prim\u00e1rn\u00ed dluhopisov\u00fd trh (\u201eprimary market\u201c). Tito deale\u0159i pak nap\u0159\u00edklad upisuj\u00ed cel\u00e9 emise americk\u00e9 centr\u00e1ln\u00ed banky, municipalit, st\u00e1tn\u00edch agentur \u010di podnik\u016f, aby tyto emise d\u00e1le p\u0159eprodali zejm\u00e9na p\u0159\u00edm\u00fdm investor\u016fm do dluhopis\u016f nebo velk\u00fdm obchodn\u00edk\u016fm s dluhopisy, tito pak vytv\u00e1\u0159ej\u00ed \u201esecondary market\u201c, tedy sna\u017e\u00ed se dluhopisy zobchodovat s jej\u00edmi koncov\u00fdmi dr\u017eiteli \u2013 nejr\u016fzn\u011bj\u0161\u00edmi institucion\u00e1ln\u00edmi investory, poji\u0161\u0165ovnami, penzijn\u00edmi a investi\u010dn\u00edmi fondy nebo b\u011b\u017enou investi\u010dn\u00ed ve\u0159ejnost\u00ed. V \u010cesk\u00e9 republice je existenci tohoto prim\u00e1rn\u00edho a sekund\u00e1rn\u00edho trhu mo\u017en\u00e9 zaznamenat nap\u0159\u00edklad p\u0159i emis\u00edch st\u00e1tn\u00edch dluhopis\u016f. Ministerstvo financ\u00ed avizuje vyd\u00e1v\u00e1n\u00ed st\u00e1tn\u00edch dluhopis\u016f v emisn\u00edm kalend\u00e1\u0159i<\/a><\/strong><\/span>, aby se v n\u00e1sledn\u00e9 aukci o tyto nab\u00edzen\u00e9 dluhopisy (prim\u00e1rn\u00ed emise) uch\u00e1zelo n\u011bkolik m\u00e1lo siln\u00fdch hr\u00e1\u010d\u016f p\u0159edev\u0161\u00edm z \u0159ad bankovn\u00edch instituc\u00ed. Takto z\u00edskan\u00e9 dluhopisy z prim\u00e1rn\u00edho trhu pak mohou nab\u00edzet nap\u0159\u00edklad p\u0159\u00edmo sv\u00fdm klient\u016fm, prost\u0159ednictv\u00edm sv\u00fdch obchodn\u00edch aplikac\u00ed nebo formou p\u0159\u00edm\u00fdch nab\u00eddek a t\u00edm utv\u00e1\u0159et sekund\u00e1rn\u00ed trh s dluhopisy.<\/span><\/p>\n

\u00a0\u00a0 Pokud tedy budu cht\u00edt nakoupit dluhopisy, budu \u00fa\u010dastn\u00edkem OTC obchodu na sekund\u00e1rn\u00edm trhu, kde budu konfrontov\u00e1n se zprost\u0159edkovatelem prodeje nebo n\u00e1kupu konkr\u00e9tn\u00edho dluhopisu. Znamen\u00e1 to, \u017ee mnou popt\u00e1van\u00fd dluhopis byl po\u0159\u00edzen na prim\u00e1rn\u00edm trhu a jeliko\u017e ve sv\u00e9 obchodn\u00ed platform\u011b vid\u00edm jeho cenu Ask\/Bid, nen\u00ed to dluhopis, kter\u00fd se rozhodl jeho nyn\u011bj\u0161\u00ed vlastn\u00edk dr\u017eet a\u017e do vyzna\u010den\u00e9 doby jeho splatnosti, ale jeho aktu\u00e1ln\u00ed dr\u017eitel ho nab\u00edz\u00ed prost\u0159ednictv\u00edm obchodn\u00edka (za poplatek) k\u00a0prodeji. Nap\u0159\u00edklad n\u00e1kup dluhopisu prost\u0159ednictv\u00edm platformy Interactive Brokers m\u011b pak bude prov\u00e1zet n\u00ed\u017ee uveden\u00fdm upozorn\u011bn\u00edm.<\/span><\/p>\n

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\u00a0\u00a0 Podstatou sd\u011blen\u00ed je pak odraz obchodn\u00ed reality s\u00a0dluhopisy, tedy nab\u00edzen\u00e1 cena v\u00a0platform\u011b je pouze jakousi sondou z\u00e1jmu o dluhopis s nab\u00edzen\u00fdmi parametry Ask a Bid a neznamen\u00e1, \u017ee za tyto ceny se mi poda\u0159\u00ed dluhopis koupit nebo prodat. Z v\u00fd\u0161e\u00a0popsan\u00e9ho pak mohu pro shrnut\u00ed konstatovat, \u017ee jako drobn\u00fd investror a trader se budu pohybovat na sekund\u00e1rn\u00edm trhu t\u011bchto cenn\u00fdch pap\u00edr\u016f, \u00favahy o prim\u00e1rn\u00edm trhu mohu zcela opustit.<\/span><\/p>\n

\u00a0\u00a0O rozsahu americk\u00e9ho dluhopisov\u00e9ho trhu lze diskutovat, jedno je v\u0161ak jist\u00e9 \u2013 je gigantick\u00fd. P\u0159i hled\u00e1n\u00ed mo\u017enost\u00ed, jak zobrazit jeho rozsah jsem narazil na velmi p\u016fsobiv\u00e9 grafick\u00e9 zobrazen\u00ed, kter\u00e9 by mohlo b\u00fdt dosti v\u00fdmluvn\u00e9 a n\u00e1zorn\u00e9. Na obr\u00e1zku n\u00ed\u017ee je vykreslen objem emitovan\u00fdch cenn\u00fdch pap\u00edr\u016f<\/strong> s\u00a0pevn\u00fdm p\u0159\u00edjmem (fixed-income securities) podle jednotliv\u00fdch kategori\u00ed od roku 1996 do sou\u010dasnosti.<\/span><\/p>\n

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\u00a0 \u00a0Mysl\u00edm, \u017ee je to velmi p\u016fsobiv\u00e9 zobrazen\u00ed a zejm\u00e9na deklaruje, \u017ee tento trh v \u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b nestagnuje, pokud si uv\u011bdom\u00edm, \u017ee billions jsou v \u010de\u0161tin\u011b miliardy a pohybuji se v americk\u00fdch dolarech, je zobrazen\u00e9 \u010d\u00edslo opravdu \u00factyhodn\u00e9. Vzhledem k tomu, \u017ee v pr\u016fb\u011bhu \u010dasu n\u011bkter\u00e9 emise maturuj\u00ed a sou\u010dasn\u011b jsou emitov\u00e1ny nov\u00e9 emise, je potom pro rozsah dluhopisov\u00e9ho trhu vhodn\u00e9 zobrazit mno\u017estv\u00ed t\u011bchto pap\u00edr\u016f, kter\u00e9 jsou aktu\u00e1ln\u011b \u201ev ob\u011bhu\u201c.<\/strong><\/span><\/p>\n

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\u00a0\u00a0 Zobrazen\u00e9 \u010d\u00edslo shrnuj\u00edc\u00ed tento objem ke konci roku 2021 vzbuzuje opravdov\u00fd respekt. Nutno p\u0159ipomenout, \u017ee se jedn\u00e1 pouze o americk\u00fd dluhopisov\u00fd trh, tedy trh cenn\u00fdch pap\u00edr\u016f vygenerovan\u00fd americk\u00fdmi entitami a neobsahuje investi\u010dn\u00ed n\u00e1stroje nav\u00e1zan\u00e9 na tyto cenn\u00e9 pap\u00edry, pokud bych do t\u011bchto \u010d\u00edsel zahrnul nap\u0159\u00edklad deriv\u00e1ty nav\u00e1zan\u00e9 na dluhopisy, strukturovan\u00e9 produkty spojen\u00e9 s dluhopisy a ETF dluhopisov\u00e9 fondy, obdr\u017eel bych mo\u017en\u00e1 \u00factyhodn\u00e9 n\u00e1sobky takto zobrazen\u00fdch hodnot.<\/span><\/p>\n

\u00a0\u00a0 Pokud bych cht\u011bl porovnat rozsah americk\u00e9ho dluhopisov\u00e9ho trhu<\/strong> (l\u00e9pe trhu s\u00a0fixed-income securities) vzhledem ke zbytku sv\u011bta<\/strong>, mohl by v\u00fdmluvn\u00e9 zobrazen\u00ed takov\u00e9ho porovn\u00e1n\u00ed vystihovat n\u00ed\u017ee uveden\u00fd obr\u00e1zek.<\/span><\/p>\n

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\u00a0\u00a0 Je patrn\u00e9, \u017ee k prvn\u00edmu \u010dtvrtlet\u00ed roku 2022 byl americk\u00fd trh dvakr\u00e1t v\u011bt\u0161\u00ed ne\u017e trh evropsk\u00fd nebo obdobn\u00fd trh \u010d\u00ednsk\u00fdch dluhov\u00fdch investi\u010dn\u00edch n\u00e1stroj\u016f. Nazna\u010den\u00fd rozsah americk\u00e9ho trhu s dluhov\u00fdmi cenn\u00fdmi pap\u00edry tak rozhodn\u011b stoj\u00ed za pozornost a bude patrn\u011b platit, \u017ee se na n\u011bm odehr\u00e1vaj\u00ed nejz\u00e1sadn\u011bj\u0161\u00ed transakce a bude tak\u00e9 stejn\u011b rozs\u00e1hle strukturov\u00e1n.\u00a0 \u00a0\u00a0<\/span><\/p>\n

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\u00a0 Dluhopisov\u00fd trh by bylo mo\u017en\u00e9 rozd\u011blit do n\u011bkolika oblast\u00ed, odvozen\u00fdch zejm\u00e9na podle typu emitent\u016f t\u011bchto dluhov\u00fdch n\u00e1stroj\u016f nebo typ\u016f jednotliv\u00fdch cenn\u00fdch pap\u00edr\u016f. Lze naj\u00edt jin\u00e1 rozd\u00edln\u00e1 \u010dlen\u011bn\u00ed dluhopisov\u00fdch trh\u016f, z\u00a0m\u00e9ho pohledu ale pojmenovat rozd\u011blen\u00ed dluhopisov\u00fdch trh\u016f podle jejich emitent\u016f p\u0159\u00edpadn\u011b podle jednotliv\u00fdch typ\u016f dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f d\u00e1v\u00e1 smysl a je tak\u00e9 v\u00a0nejr\u016fzn\u011bj\u0161\u00edch statistik\u00e1ch a publikac\u00edch tak\u00e9 respektov\u00e1no, proto jsem se sna\u017eil od zaveden\u00e9ho \u010dlen\u011bn\u00ed neodchylovat.<\/span><\/p>\n

\u00a0Treasuries a Saving Bonds<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Nejv\u011bt\u0161\u00ed pod\u00edl na trhu s\u00a0dluhov\u00fdmi n\u00e1stroji s\u00a0pevn\u00fdm p\u0159\u00edjmem maj\u00ed dluhopisy vyd\u00e1van\u00e9 americkou vl\u00e1dou<\/strong>, konkr\u00e9tn\u011b americk\u00fdm ministerstvem financ\u00ed (US Department of the Treasury). Tato instituce pak emituje dv\u011b z\u00e1kladn\u00ed skupiny dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f \u00a0\u2013 Saving Bonds<\/strong> a Treasuries<\/strong>.<\/span><\/p>\n

Saving Bonds<\/span><\/strong><\/h2>\n

\u00a0\u00a0 V\u00a0budouc\u00edch \u010dl\u00e1nc\u00edch se budu ji\u017e v\u00fdhradn\u011b zab\u00fdvat Treasuries, proto se pokus\u00edm Saving Bonds specifikovat pr\u00e1v\u011b nyn\u00ed, zejm\u00e9na z\u00a0d\u016fvod\u016f, \u017ee jejich po\u0159\u00edzen\u00ed je pro \u010desk\u00e9ho investora problematick\u00e9 (viz n\u00ed\u017ee). \u00a0Saving Bonds<\/strong> jsou dluhopisy ur\u010den\u00e9 pro kohokoli, kdo je m\u00e1 z\u00e1jem nakoupit a nemus\u00ed m\u00edt p\u0159itom \u017e\u00e1dn\u00fd obchodn\u00ed \u00fa\u010det. Tyto dluhopisy nemaj\u00ed sekund\u00e1rn\u00ed trh a jsou prod\u00e1v\u00e1ny elektronicky p\u0159\u00edmo americk\u00fdm ministerstvem financ\u00ed z\u00e1jemc\u016fm, kte\u0159\u00ed si pro jejich n\u00e1kup z\u0159\u00eddili \u00fa\u010det u t\u00e9to instituce. Tento \u00fa\u010det si m\u016f\u017ee z\u0159\u00eddit ka\u017ed\u00fd ob\u010dan, kter\u00fd m\u00e1 bydli\u0161t\u011b na americk\u00e9m \u00fazem\u00ed a bylo mu p\u0159id\u011bleno \u010d\u00edslo soci\u00e1ln\u00edho poji\u0161t\u011bn\u00ed. Existuj\u00ed dva typy t\u011bchto Saving Bonds \u2013 \u201eEE Bonds\u201c<\/strong> a \u201eI Bonds\u201c<\/strong><\/span><\/p>\n

\u00a0\u00a0 EE Bonds<\/strong> maj\u00ed splatnost 30 let<\/strong> a aktu\u00e1ln\u011b (pro emise od 1.11.2022 do 30.4.2023) se nab\u00edzej\u00ed ro\u010dn\u00edm \u00farokem 2,1% p.a.<\/strong> P\u0159ipisov\u00e1n\u00ed \u00farok\u016f je prov\u00e1d\u011bno na pololetn\u00ed b\u00e1zi a zaj\u00edmav\u00e1 je garance emitenta, kter\u00fd zaru\u010duje, \u017ee po dvaceti letech jeho dr\u017een\u00ed bude jeho hodnota minim\u00e1ln\u011b dvojn\u00e1sobn\u00e1. Investovat mohou z\u00e1jemci o tento dluhopis od \u010d\u00e1stky 25 USD do \u010d\u00e1stky 10.000 USD, \u010d\u00e1stka 10.000 USD je maximum, kter\u00e9 m\u016f\u017ee z\u00e1jemce o tento dluhopis za jeden kalend\u00e1\u0159n\u00ed rok utratit. \u00darokov\u00e1 sazba je platn\u00e1 po prvn\u00edch dvacet let dr\u017een\u00ed, po t\u00e9to dob\u011b dr\u017een\u00ed (v posledn\u00edch deseti letech) se m\u016f\u017ee se zm\u011bnit. Pokud chce investor pen\u00edze z\u00a0tohoto dluhopisu zp\u011bt, m\u016f\u017ee tak u\u010dinit nejd\u0159\u00edve po jednom roce jeho dr\u017een\u00ed, pokud bude z\u00a0investice vystupovat do p\u00e1t\u00e9ho roku jeho dr\u017een\u00ed, p\u0159ijde o t\u0159\u00edm\u011bs\u00ed\u010dn\u00ed \u00faroky. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 I Bonds<\/strong> maj\u00ed splatnost 30 let a aktu\u00e1ln\u011b (pro emise od 1.11.2022 do 30.4.2023) se nab\u00edzej\u00ed ro\u010dn\u00edm \u00farokem 6.89% p.a.<\/strong> Tento dluhopis m\u00e1 \u00farokovou sazbu nav\u00e1zanou na aktu\u00e1ln\u00ed m\u00edru inflace, celkov\u00e1 \u00farokov\u00e1 sazba je slo\u017eena z\u00a0pevn\u00e9ho \u00faroku a aktu\u00e1ln\u00ed m\u00edry inflace. Aktualizace \u00farokov\u00fdch sazeb podle inflace se d\u011bje dvakr\u00e1t ro\u010dn\u011b, podkladem pro jej\u00ed stanoven\u00ed je Index spot\u0159ebitelsk\u00fdch cen \u2013 Consumer Price Index<\/strong><\/a><\/span> po\u010d\u00edtan\u00fd pro v\u0161echny polo\u017eky ve spot\u0159ebitelsk\u00e9m ko\u0161i (CPI-U). Op\u011bt je zde pozoruhodn\u00e1 garance emitenta \u2013 americk\u00e9 vl\u00e1dy, kter\u00fd zaru\u010duje, \u017ee celkov\u00e1 \u00farokov\u00e1 sazba nikdy nebude men\u0161\u00ed ne\u017e nula. P\u0159ipisov\u00e1n\u00ed \u00farok\u016f je op\u011bt na pololetn\u00ed b\u00e1zi, stejn\u011b dlouh\u00e1 je tak\u00e9 t\u0159icetilet\u00e1 splatnost, rovn\u011b\u017e plat\u00ed, \u017ee m\u016f\u017eu investovat od 25 USD a elektronicky mohu investovat pouze do souhrnn\u00e9 \u010d\u00e1stky 10.000 USD za jeden kalend\u00e1\u0159n\u00ed rok.<\/span><\/p>\n

\u00a0\u00a0 Savings Bonds jsou v USA obl\u00edben\u00fdm rodinn\u00fdm d\u00e1rkem, kdy investor m\u016f\u017ee tento zakoupen\u00fd dluhopis darovat nap\u0159\u00edklad d\u011btem nebo vnou\u010dat\u016fm. I Bonds je mo\u017en\u00e9 po\u0159\u00eddit tak\u00e9 v\u00a0pap\u00edrov\u00e9 form\u011b, darov\u00e1n\u00ed je mo\u017en\u00e9 samoz\u0159ejm\u011b prost\u0159ednictv\u00edm elektronick\u00e9ho \u00fa\u010dtu, nuance patrn\u011b nejsou pot\u0159eba, v\u00a0p\u0159\u00edpad\u011b takov\u00e9 pot\u0159eby je tento postup pops\u00e1n na str\u00e1nk\u00e1ch emitenta t\u011bchto dluhov\u00fdch n\u00e1stroj\u016f. Darovan\u00e9 Savings Bonds se nezapo\u010d\u00edt\u00e1vaj\u00ed do 10.000 USD ro\u010dn\u00edho limitu, tak\u017ee jich mohu (t\u0159eba sv\u00fdm potomk\u016fm) darovat ka\u017edoro\u010dn\u011b do alel\u016fja\u2026:c) \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

Treasuries<\/span><\/strong><\/h2>\n

\u00a0\u00a0 Trh se st\u00e1tn\u00edmi dluhopisy tohoto typu je nejaktivn\u011bj\u0161\u00ed \u010d\u00e1sti dluhopisov\u00e9ho trhu<\/strong> z\u00a0pohledu celkov\u00e9ho objemu zobchodovan\u00e9ho dluhu a tak\u00e9 zejm\u00e9na d\u00edky rozs\u00e1hlosti jednotliv\u00fdch emis\u00ed, z\u00a0t\u011bchto d\u016fvod\u016f se obchoduj\u00ed za n\u00edzk\u00fd a p\u0159ijateln\u00fd Ask\/Bid spread. M\u00e1 investice do americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f m\u016f\u017ee sm\u011b\u0159ovat do Treasury Bills<\/strong>, Treasury Notes<\/strong>, Treasury Bonds<\/strong>, Floating Rate Notes (FRNs)<\/strong> a Treasury Inflation Protected Securities (TIPS)<\/strong>. Tyto vl\u00e1dn\u00ed cenn\u00e9 pap\u00edry jsou zaji\u0161t\u011bny \u201efull faith and credit of the US government\u201c, z t\u011bchto d\u016fvod\u016f jsou pak pova\u017eov\u00e1ny za nejbezpe\u010dn\u011bj\u0161\u00ed cenn\u00e9 pap\u00edry na trhu – postr\u00e1daj\u00ed kreditn\u00ed riziko, tedy je zaru\u010deno, \u017ee emitent dostoj\u00ed sv\u00e9mu z\u00e1vazk\u016fm platit vyzna\u010den\u00fd \u00farok a splatit nomin\u00e1ln\u00ed hodnotu dluhopisu. Vlastn\u00ed pohled na kreditn\u00ed riziko je pak odrazem vlastn\u00edho pohledu na d\u016fv\u011bru ve schopnost americk\u00e9 ekonomiky :c). Z d\u016fvodu zna\u010dn\u00e9 likvidity a absence kreditn\u00edho rizika nab\u00edzej\u00ed obecn\u011b ni\u017e\u0161\u00ed \u00farokov\u00e1 v\u00fdnos ne\u017e jin\u00e9 dluhov\u00e9 cenn\u00e9 pap\u00edry, tedy zcela ve smyslu poznan\u00e9 obchodn\u00ed praxe, kdy m\u00e9n\u011b rizikov\u00e9 investice p\u0159in\u00e1\u0161\u00ed tak\u00e9 men\u0161\u00ed v\u00fdnos a naopak. Budu se americk\u00fdmi vl\u00e1dn\u00edmi dluhopisy v budoucnosti podrobn\u011bji zab\u00fdvat, nyn\u00ed jen ve zkratce k jednotliv\u00fdm typ\u016fm:<\/span><\/p>\n

\u00a0\u00a0 Treasury Bills<\/strong> jsou kr\u00e1tkodob\u00e9 dluhov\u00e9 cenn\u00e9 pap\u00edry s\u00a0dobou splatnosti do jednoho roku<\/strong>, nemaj\u00ed vyzna\u010den\u00fd kup\u00f3n a obchoduj\u00ed se jako \u201ezero-coupon\u201c<\/strong> dluhopis, tedy lze je po\u0159\u00eddit za diskont oproti nomin\u00e1ln\u00ed hodnot\u011b (podrobn\u011b v\u00a0dal\u0161\u00edm \u010dl\u00e1nku). Tyto dluhopisy maj\u00ed splatnost 4, 8, 13, 17, 26 a 52 t\u00fddn\u016f a jsou nab\u00edzeny v\u00a0t\u00fddenn\u00edch aukc\u00edch, mimo dluhopisu se platnost\u00ed 52 t\u00fddn\u016f, kter\u00fd je emitov\u00e1n jednou m\u011bs\u00ed\u010dn\u011b.<\/span><\/p>\n

\u00a0\u00a0 Treasury Notes<\/strong> jsou dluhopisy se splatnost\u00ed 2, 3, 5, 7 a 10 let<\/strong>. Dvoulet\u00e9 a\u017e sedmilet\u00e9 dluhopisy jsou emitov\u00e1ny v\u00a0aukc\u00edch po\u0159\u00e1dan\u00fdch jednou m\u011bs\u00ed\u010dn\u011b, desetilet\u00fd dluhopis je emitov\u00e1n \u010dty\u0159ikr\u00e1t za rok. Tyto dluhopisy lze obchodovat jako STRIPS<\/strong>, tedy ve form\u011b, kdy obchodn\u00edk, kter\u00fd tyto dluhopisy z\u00edskal v\u00a0aukci na prim\u00e1rn\u00edm trhu, m\u016f\u017ee tento dluhopis \u201erozd\u011blit\u201c na nomin\u00e1l a kup\u00f3novou slo\u017eku a ob\u011b tyto \u010d\u00e1sti pak prod\u00e1vat jako samostatn\u00fd dluhov\u00fd cenn\u00fd pap\u00edr (o tomto pozd\u011bji). Emitent garantuje, \u017ee \u00farok neklesne u t\u011bchto typ\u016f dluhopis\u016f do splatnosti pod 0.125% p.a.<\/span><\/p>\n

\u00a0\u00a0 Treasury Bonds<\/strong> jsou americk\u00e9 vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed 20 a 30 let<\/strong>. Mohu je zobchodovat tak\u00e9 jako STRIPS<\/strong> cenn\u00e9 dluhov\u00e9 pap\u00edry, emitent op\u011bt garantuje, \u017ee \u00farok neklesne do splatnosti pod 0.125% p.a. Nov\u00e9 emise jsou prod\u00e1v\u00e1ny v\u00a0aukc\u00edch \u010dty\u0159ikr\u00e1t ro\u010dn\u011b, krom\u011b t\u011bchto origin\u00e1ln\u00edch emis\u00ed jsou 8x za rok \u201eo\u017eivov\u00e1ny\u201c, tedy znovuemitov\u00e1ny star\u00e9 emise d\u0159\u00edve vydan\u00fdch vl\u00e1dn\u00edch dluhov\u00fdch pap\u00edr\u016f (reopenings). Emitent op\u011bt garantuje, \u017ee a\u0165 se na trz\u00edch obchoduje za jak\u00fdkoliv v\u00fdnos, \u00farok z kup\u00f3nu neklesne do splatnosti pod 0.125% p.a.<\/span><\/p>\n

\u00a0\u00a0 TIPS \u2013 Treasury Inflation Protected Securities<\/strong> jsou vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed 5, 10 a 30 let<\/strong>, jejich v\u00fdnos<\/strong> je nav\u00e1z\u00e1n na aktu\u00e1ln\u00ed m\u00edru inflace<\/strong>. Inflace je, podobn\u011b jako v\u00a0p\u0159\u00edpad\u011b I Bonds v\u00fd\u0161e, zakomponov\u00e1na do kup\u00f3nu na z\u00e1klad\u011b Indexu spot\u0159ebitelsk\u00fdch cen (CPI), TIPS kup\u00f3n je tak slo\u017een ze z\u00e1kladn\u00ed \u00farokov\u00e9 sazby a aktu\u00e1ln\u00ed m\u00edry inflace. TIPS jsou nab\u00edzeny v\u00a0aukc\u00edch podle doby splatnosti t\u011bchto dluhopis\u016f, u p\u011btilet\u00fdch TIPS je to 2x ro\u010dn\u011b a 2x ro\u010dn\u011b reopenings, u desetilet\u00fdch TIPS 2x ro\u010dn\u011b a 4x ro\u010dn\u011b reopenings a u t\u0159icetilet\u00fdch TIPS 1x ro\u010dn\u011b a 1x ro\u010dn\u011b reopenings. Emitent op\u011bt zaru\u010duje minim\u00e1ln\u00ed pevn\u00fd \u00farok, kter\u00fd nem\u016f\u017ee b\u00fdt ni\u017e\u0161\u00ed ne\u017e 0.125%. Mechanikou p\u0159epo\u010dtu \u00faroku a jeho vlivu na cenu dluhopisu se budu v\u00a0budoucnosti zab\u00fdvat.<\/span><\/p>\n

\u00a0\u00a0 FRNs \u2013 Floating Rates Notes<\/strong> jsou dvoulet\u00e9<\/strong> vl\u00e1dn\u00ed cenn\u00e9 pap\u00edry, kter\u00e9 nemaj\u00ed pevn\u011b stanoven\u00fd kup\u00f3n<\/strong>, ale \u00farokov\u00e1 sazba je tzv. \u201eplovouc\u00ed\u201c (floating). \u00darok nesouc\u00ed tento dluhov\u00fd cenn\u00fd pap\u00edr je slo\u017een z indexov\u00e9 \u00farokov\u00e9 sazby (index rate) a ze spreadu. Hodnota index rate odpov\u00edd\u00e1 aktu\u00e1ln\u00ed sazb\u011b 13-ti t\u00fddenn\u00edch Treasury Bills (jedn\u00e1 se \u00farokovou sazbu vypo\u010d\u00edtanou z\u00a0diskontu \u2013 Treasury Bills nemaj\u00ed kup\u00f3n, ale obchoduj\u00ed se s\u00a0diskontem k\u00a0nomin\u00e1ln\u00ed hodnot\u011b), hodnota spreadu je stanovena p\u0159i aukci t\u011bchto FRNs a je nem\u011bnn\u00e1 do jejich splatnosti. FRNS jsou prod\u00e1v\u00e1ny v\u00a0aukc\u00edch 4x ro\u010dn\u011b, v\u00a0m\u011bs\u00edc\u00edch, kdy nejdou do aukce nov\u00e9 emise prob\u00edhaj\u00ed reopening aukce star\u0161\u00edch emis\u00ed.\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0Z\u00e1kladn\u00ed vlastnost\u00ed t\u011bchto vl\u00e1dn\u00edch dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f je tak jejich likvidita<\/strong>, mohu je v\u011bt\u0161inou bez v\u011bt\u0161\u00edch pot\u00ed\u017e\u00ed po\u0159\u00eddit nebo se jich zbavit, nav\u00edc pro v\u0161echny tyto vl\u00e1dn\u00ed dluhov\u00e9 n\u00e1stroje plat\u00ed, \u017ee nejsou tzv. \u201ecallable\u201c, tedy emitent nem\u016f\u017ee po\u017eadovat jejich splatnost v d\u0159\u00edv\u011bj\u0161\u00edm term\u00ednu, ne\u017e je stanoveno v jeho prospektu. V\u0161echny tyto dluhov\u00e9 pap\u00edry po\u0159izuji na sekund\u00e1rn\u00edm trhu. Souhrn v\u0161ech \u00fadaj\u016f o \u00farokov\u00fdch sazb\u00e1ch vl\u00e1dn\u00edch dluhopis\u016f lze z\u00edskat zde<\/a><\/strong><\/span>. Na obr\u00e1zku n\u00ed\u017ee je zobrazena dostupnost\u00a0jednotliv\u00fdch vl\u00e1dn\u00edch dluhopis\u016f v platform\u011b TWS od Interactive Brokers. \u00a0\u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0 Pod \u010d\u00edsly (1.)<\/strong><\/span> a (2.)<\/span><\/strong> je mo\u017en\u00e9 pozorovat, \u017ee dan\u00fd dluhopis mohu obchodovat jako STRIPS, tedy samostatn\u00fd cenn\u00fd pap\u00edr p\u0159edstavuj\u00edc\u00ed nomin\u00e1ln\u00ed hodnotu<\/strong> \u2013 ozna\u010den\u00fd jako Principal<\/strong> nebo samostatn\u00fd cenn\u00fd pap\u00edr p\u0159edstavuj\u00edc\u00ed kup\u00f3n<\/strong> \u2013 ozna\u010den\u00fd jako Interest<\/strong>. <\/span>Velikost trhu s Treasuries by mohl demonstrovat n\u00ed\u017ee publikovan\u00fd obr\u00e1zek, kter\u00fd charakterizuje rozsah emis\u00ed jednotliv\u00fdch druh\u016f t\u011bchto vl\u00e1dn\u00edch cenn\u00fdch pap\u00edr\u016f.<\/span><\/p>\n

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\u00a0\u00a0 Obr\u00e1zek zobrazuje situaci k t\u0159et\u00edmu \u010dtvrtlet\u00ed 2022 a je patrn\u00e9, \u017ee kr\u00e1tkodob\u00e9 cenn\u00e9 pap\u00edry (T-Bills) jsou l\u00eddry tohoto trhu.<\/span><\/p>\n

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\u00a0Municipal Bonds<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Municipal bonds jsou dluhopisy vyd\u00e1van\u00e9 jednotliv\u00fdmi americk\u00fdmi st\u00e1ty a vl\u00e1dami nebo jimi \u0159\u00edzen\u00fdmi a zalo\u017een\u00fdmi organizacemi, m\u011bsty, \u00fazemn\u00edmi celky, \u00fa\u0159ady, \u0161kolami, univerzitami atd. vyd\u00e1van\u00e9 zejm\u00e9na k\u00a0profinancov\u00e1n\u00ed investic slou\u017e\u00edc\u00ed \u0161irok\u00e9 ve\u0159ejnosti. Obliba t\u011bchto dluhopis\u016f pramen\u00ed zejm\u00e9na ze skute\u010dnosti, \u017ee v\u011bt\u0161ina emis\u00ed nepodl\u00e9h\u00e1 m\u00edstn\u00ed st\u00e1tn\u00ed dani ani feder\u00e1ln\u00edmu zdan\u011bn\u00ed. Tyto instituce mohou vyd\u00e1vat nejr\u016fzn\u011bj\u0161\u00ed dluhov\u00e9 n\u00e1stroje s\u00a0nejr\u016fzn\u011bj\u0161\u00ed splatnost\u00ed, jejich zaveden\u00e9 z\u00e1kladn\u00ed \u010dlen\u011bn\u00ed je ale n\u00e1sleduj\u00edc\u00ed.<\/span><\/p>\n

General Obligation Bonds<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Tyto dluhopisy, tzv. \u201eGO<\/strong>\u201c, jsou vyd\u00e1v\u00e1ny jednotliv\u00fdmi st\u00e1ty, okresy nebo m\u011bsty k\u00a0tomu, aby byly zafinancov\u00e1ny investice, projekty nebo provozy v\u00a0jejich vlastnictv\u00ed nebo spr\u00e1v\u011b. Splatnost t\u011bchto dluhopis\u016f je zaru\u010dena (op\u011bt \u201efull faith and credit\u201c) jejich emitenty a splatnost t\u011bchto emis\u00ed je nav\u00e1z\u00e1na na dan\u011b a poplatky, kter\u00e9 z\u00a0t\u011bchto financuj\u00edc\u00edch aktivit vypl\u00fdvaj\u00ed a kter\u00e9 tito emitenti p\u0159ij\u00edmaj\u00ed. V\u00a0obecn\u00e9 p\u0159edstav\u011b m\u016f\u017ee nap\u0159\u00edklad vl\u00e1da n\u011bkter\u00e9ho ze st\u00e1t\u016f zv\u00fd\u0161it sazbu dan\u011b z\u00a0nemovitost\u00ed, aby zafinancovala obsluhu vydan\u00fdch dluhopis\u016f ur\u010den\u00fdch k\u00a0z\u00edsk\u00e1n\u00ed prost\u0159edk\u016f na postaven\u00ed nov\u00e9 st\u00e1tn\u00ed nemocnice.<\/span><\/p>\n

Revenue Bonds \u00a0\u00a0<\/strong>\u00a0\u00a0<\/span><\/h2>\n

\u00a0\u00a0 Municip\u00e1ln\u00ed dluhopisy tohoto typu jsou vyd\u00e1v\u00e1ny nejr\u016fzn\u011bj\u0161\u00edmi st\u00e1tn\u00edmi a samospr\u00e1vn\u00fdmi entitami k tomu, aby op\u011bt byly zafinancov\u00e1ny pot\u0159eby t\u011bchto m\u00edstn\u00edch organizac\u00ed a podnik\u016f, zejm\u00e9na zaji\u0161\u0165uj\u00edc\u00edch slu\u017eby pro \u0161irokou ve\u0159ejnost. Mohu si to p\u0159edstavit jako emisi dluhopis\u016f modelov\u011b vydan\u00fdch Washingtonsk\u00fdmi Vodovody a Kanalizacemi, kter\u00e1 bude slou\u017eit k modernizaci vodovodn\u00edho \u0159\u00e1du v tomto m\u011bst\u011b. Po dokon\u010den\u00ed akce bude d\u00edky modernizaci zv\u00fd\u0161ena cena za dod\u00e1vanou vodu a z takto zlep\u0161en\u00fdch p\u0159\u00edjm\u016f se budou investor\u016fm dluhopisy spl\u00e1cet. Splatnost t\u011bchto emis\u00ed je nav\u00e1z\u00e1na na tr\u017eby a poplatky, kter\u00e9 z t\u011bchto financuj\u00edc\u00edch aktivit vypl\u00fdvaj\u00ed. P\u0159ipojen\u00ed dal\u0161\u00edch odb\u011bratel\u016f k vodovodn\u00edmu \u0159\u00e1du, placen\u00ed m\u00fdtn\u00e9ho na nov\u011b vybudovan\u00e9 d\u00e1lnici, leti\u0161tn\u00ed poplatky atd. jsou pro p\u0159\u00edklad zdroj dal\u0161\u00edch p\u0159\u00edjm\u016f, kter\u00e9 financuj\u00ed spl\u00e1cen\u00ed vydan\u00fdch dluhopis\u016f.<\/span><\/p>\n

\u00a0 Pro p\u0159edstavu, jak jsou oba tyto typy municip\u00e1ln\u00edch bond\u016f zastoupeny podle celkov\u00e9 velikosti emis\u00ed, m\u016f\u017ee poslou\u017eit n\u00ed\u017ee uveden\u00fd obr\u00e1zek.<\/span><\/p>\n

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\u00a0\u00a0\u00a0 V\u00fdhodou municip\u00e1ln\u00edch dluhov\u00fdch pap\u00edr\u016f je mo\u017en\u00e9 osvobozen\u00ed od m\u00edstn\u00edch dan\u00ed a feder\u00e1ln\u00ed dan\u011b, p\u0159i po\u0159izov\u00e1n\u00ed t\u011bchto dluhopis\u016f je zapot\u0159eb\u00ed tyto da\u0148ov\u00e9 z\u00e1le\u017eitosti prozkoumat. Municip\u00e1ln\u00ed Bondy mohu po\u0159izovat prost\u0159ednictv\u00edm TWS, na obr\u00e1zku n\u00ed\u017ee pro ilustraci dv\u011b emise pro ka\u017ed\u00fd typ v\u00fd\u0161e popsan\u00fdch dluhopis\u016f<\/span><\/p>\n

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\u00a0 Na obr\u00e1zku mohu pozorovat mo\u017en\u00e9 po\u0159\u00edzen\u00ed dluhopisu – Goverment Obligation Bond<\/strong> (GO) vydan\u00fd st\u00e1tem Minnestota (1.)<\/strong><\/span> a zaji\u0161t\u011bn\u00fd da\u0148ov\u00fdmi v\u00fdnosy poch\u00e1zej\u00edc\u00ed z provozov\u00e1n\u00ed dopravy na d\u00e1lnic\u00edch v tomto st\u00e1t\u011b, \u010d\u00edslem (2.) <\/span><\/strong>je ozna\u010den<\/span><\/span>\u00a0Revenue Bond<\/strong>\u00a0vydan\u00fd New Jersey Health Care Facilities Financing Authority, kter\u00e1 je pod\u0159\u00edzenou organizac\u00ed st\u00e1tu New Jersey, slou\u017e\u00ed k\u00a0financov\u00e1n\u00ed aktivit ve st\u00e1tn\u00edm zdravotnick\u00e9m syst\u00e9mu tohoto st\u00e1tu. \u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Detailn\u00ed informace o emis\u00edch municip\u00e1ln\u00edch dluhopis\u016f a p\u0159ehled o v\u00fdkonnosti municip\u00e1ln\u00edch dluhopisov\u00fdch trh\u016f lze sledovat na str\u00e1nk\u00e1ch EMMA<\/a>.<\/strong><\/span> Vyhled\u00e1v\u00e1n\u00ed je podle \u010d\u00edsla CUSIP (o tomto v p\u0159\u00ed\u0161t\u00edm \u010dl\u00e1nku).<\/span>\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0<\/span><\/p>\n

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Corporate Bonds<\/span><\/strong><\/h1>\n

\u00a0\u00a0 Podnikov\u00e9 dluhopisy tvo\u0159\u00ed v\u00fdznamnou \u010d\u00e1st dluhopisov\u00fdch trh\u016f. Emitenti \u2013 podniky<\/strong> z\u00a0jak\u00e9koliv sf\u00e9ry nebo sektoru ekonomiky pomoc\u00ed emis\u00ed dluhopis\u016f z\u00edsk\u00e1vaj\u00ed pen\u00edze od investor\u016f k\u00a0financov\u00e1n\u00ed sv\u00fdch aktivit, emitov\u00e1n\u00ed dluhopis\u016f je tak, vedle bankovn\u00edch \u00fav\u011br\u016f a emis\u00ed vlastn\u00edch akci\u00ed, dal\u0161\u00edm v\u00fdznamn\u00fdm zdrojem financov\u00e1n\u00ed. Korpor\u00e1tn\u00ed dluhopisy jsou velmi r\u016fznorod\u00e9 a jsou nab\u00edzeny v\u00a0mnoha podob\u00e1ch. Mohu je t\u0159\u00eddit podle doby splatnosti<\/strong> (kr\u00e1tkodob\u00e9, st\u0159edn\u011bdob\u00e9 a\u017e dlouhodob\u00e9), podle typu<\/strong> \u2013 klasick\u00e9 dluhopisy, konvertibiln\u00ed dluhopisy, dluhopisy s plovouc\u00edm kup\u00f3nem, depozitn\u00ed certifik\u00e1ty\u2026atd., podle typu emitenta<\/strong> – Utilities Bond, Transportation Bonds, Industrials Bond\u2026 nebo podle ratingu<\/strong> \u2013 Investment Grade Bonds a High Yield Bonds. Budu se n\u011bkter\u00fdmi vlastnostmi t\u011bchto dluhopis\u016f zab\u00fdvat v budoucnosti, omez\u00edm se tak nyn\u00ed pouze na popisnou \u010d\u00e1st tohoto segmentu dluhopisov\u00e9ho trhu. Na obr\u00e1zku n\u00ed\u017ee je pak zobrazeno rozlo\u017een\u00ed dluhopisov\u00e9ho trhu z pohledu ratingu jednotliv\u00fdch emis\u00ed.<\/span><\/p>\n

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\u00a0\u00a0 Velkou v\u011bt\u0161inu dluhopisov\u00e9ho trhu tvo\u0159\u00ed Investment Grade Bonds <\/strong>(IG), dluhopisy s ratingem vy\u0161\u0161\u00edm ne\u017e Baa3 (Moody\u2019s) a BBB- (S&P a Fitch). Rating se op\u00edr\u00e1 o hodnocen\u00ed ratingov\u00fdch agentur (podrobn\u011b v n\u011bkter\u00e9m z dal\u0161\u00edch \u010dl\u00e1nk\u016f) a do t\u00e9to kategorie jsou za\u0159azeny kvalitn\u011bj\u0161\u00ed emise s ni\u017e\u0161\u00edm stupn\u011bm rizika. High Yield Bonds <\/strong>(HY), tedy dluhopisy s ratingem, kter\u00fd nazna\u010duje mo\u017en\u00e9 probl\u00e9my s placen\u00edm povinnost\u00ed v\u00e1\u017e\u00edc\u00edch se k vydan\u00e9mu cenn\u00e9mu pap\u00edru jsou dluhopisy s ratingem ni\u017e\u0161\u00edm ne\u017e p\u0159edch\u00e1zej\u00edc\u00ed kategorie. Konvertibiln\u00ed dluhopisy<\/strong> (Convertible) v obr\u00e1zku v\u00fd\u0161e pak ozna\u010duj\u00ed dluhopisy, kter\u00e9 mohou (za konkr\u00e9tn\u00edch emisn\u00edch podm\u00ednek) b\u00fdt vym\u011bn\u011bny za akcie emitenta.<\/span><\/p>\n

\u00a0\u00a0 Korpor\u00e1tn\u00ed dluhopisy mohu nakoupit pomoc\u00ed platformy TWS, toto je demonstrov\u00e1no na obr\u00e1zku n\u00ed\u017ee.<\/span><\/p>\n

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\u00a0\u00a0 Mysl\u00edm, \u017ee k\u00a0obr\u00e1zku nen\u00ed zapot\u0159eb\u00ed ni\u010deho dal\u0161\u00edho dod\u00e1vat, dluhopisy vydan\u00e9 spole\u010dnosti Walmart Inc. a Microsoft Corp. by mohly b\u00fdt dobrou investi\u010dn\u00ed volbou.<\/span><\/p>\n

\u00a0 \u00a0\u00a0Informace a podrobnosti o emis\u00edch korpor\u00e1tn\u00edch dluhopis\u016f je mo\u017en\u00e9 vyhledat na str\u00e1nk\u00e1ch Finra<\/a><\/strong><\/span>.<\/span><\/p>\n

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Mortgage-Backed Securities<\/span><\/strong><\/h1>\n

\u00a0\u00a0\u00a0Dluhov\u00e9 cenn\u00e9 pap\u00edry nav\u00e1zan\u00e9 na hypot\u00e9\u010dn\u00ed \u00fav\u011bry<\/strong> tvo\u0159\u00ed velmi v\u00fdznamnou \u010d\u00e1st dluhopisov\u00e9ho trhu. Emitov\u00e1n\u00ed dluhopis\u016f, jejich podkladem jsou hypot\u00e9\u010dn\u00ed \u00fav\u011bry, sehr\u00e1ly svou historickou roli p\u0159i finan\u010dn\u00ed krizi v roce 2008, je tak t\u0159eba tomuto trhu v\u011bnovat alespo\u0148 m\u00edrnou pozornost. Sdru\u017eit v\u011bci nebo pr\u00e1va, kter\u00e9 p\u0159in\u00e1\u0161ej\u00ed n\u011bjak\u00e9 smyslupln\u00e9 cash-flow, do v\u011bt\u0161\u00edho smyslupln\u00e9ho celku, m\u016f\u017ee iniciovat vyd\u00e1n\u00ed dluhov\u00e9ho cenn\u00e9ho pap\u00edru, jeho\u017e podkladem budou nazna\u010den\u00e1 aktiva a jimi generovan\u00e9 finan\u010dn\u00ed prost\u0159edky budou slou\u017eit k spl\u00e1cen\u00ed vydan\u00e9ho cenn\u00e9ho pap\u00edru. P\u0159edm\u011btem t\u00e9to \u201esekuritizace\u201c mohou b\u00fdt nap\u0159\u00edklad poskytnut\u00e9 hypote\u010dn\u00ed \u00fav\u011bry, kter\u00e9, po sdru\u017een\u00ed do smyslupln\u00fdch blok\u016f, mohou podn\u00edtit vyd\u00e1n\u00ed pr\u00e1v\u011b takov\u00fdch dluhopisov\u00fdch n\u00e1stroj\u016f. V popise d\u00e1le dva nejb\u011b\u017en\u011bj\u0161\u00ed typy t\u011bchto dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Mortgage Pass-Throuh Securities (MBS)<\/strong> \u2013 emitent t\u011bchto dluhopis\u016f (poskytovatel \u00fav\u011br\u016f, kupec soubor\u016f t\u011bchto \u00fav\u011br\u016f…) inkasuje od pl\u00e1tc\u016f hypote\u010dn\u00edch \u00fav\u011br\u016f (kter\u00e9 byly sekuritizov\u00e1ny) jejich pravideln\u00e9 spl\u00e1tky, tyto pak p\u0159ed\u00e1v\u00e1 investor\u016fm do t\u011bchto dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f. Z t\u011bchto transakc\u00ed – inkasa spl\u00e1tek jistiny a \u00farok\u016f a n\u00e1sledn\u00e9 p\u0159ed\u00e1n\u00ed tohoto d\u00e1l (pass-through) investor\u016fm do MBS pak sr\u00e1\u017e\u00ed poplatek, pro kter\u00fd vlastn\u011b tento cenn\u00fd pap\u00edr vydal :c)<\/span><\/p>\n

\u00a0\u00a0 Collateralized Mortgage Obligation (CMO)<\/strong> \u2013 podstatou t\u011bchto cenn\u00fdch pap\u00edr\u016f je sekuritizace n\u011bkolika blok\u016f hypot\u00e9\u010dn\u00edch \u00fav\u011br\u016f s odli\u0161n\u00fdmi vlastnostmi (splatnost, \u00farok, geografick\u00e1 p\u0159\u00edslu\u0161nost\u2026) a mortgage pass-throuh securities, tyto cenn\u00e9 pap\u00edry pak touto diverzifikac\u00ed podkladov\u00e9ho aktiva nab\u00edzej\u00ed komfortn\u011bj\u0161\u00ed \u00farove\u0148 rizika pro investory, tyto cenn\u00e9 pap\u00edry jsou n\u011bkdy pova\u017eov\u00e1ny za deriv\u00e1ty mortgage-backed securities. Seskupen\u00ed podklad\u016f do jednotliv\u00fdch skupin (tran\u0161\u00ed) je sekuritizov\u00e1no do cenn\u00fdch pap\u00edr\u016f s odli\u0161n\u00fdm rizikem, investor si pak m\u016f\u017ee vybrat, jestli up\u0159ednostn\u00ed investici do cenn\u00e9ho pap\u00edru p\u0159edstavuj\u00edc\u00edho tran\u0161i podklad\u016f z vy\u0161\u0161\u00edm rizikem splacen\u00ed doprov\u00e1zen\u00fd zv\u00fd\u0161en\u00fdm v\u00fdnosem z dr\u017een\u00ed takto rizikov\u011bj\u0161\u00ed investice nebo naopak.<\/span><\/p>\n

\u00a0 P\u0159eprod\u00e1v\u00e1n\u00ed hypot\u00e9\u010dn\u00edch \u00fav\u011br\u016f jej\u00edmi poskytovateli finan\u010dn\u00edm instituc\u00edm, investi\u010dn\u00edm bank\u00e1m nebo agentur\u00e1m nav\u00e1zan\u00fdm na americkou vl\u00e1du (kter\u00e9 je sekuritizuj\u00ed do MBS a prodaj\u00ed investorsk\u00e9 ve\u0159ejnosti) umo\u017e\u0148uje participaci t\u011bchto koncov\u00fdch investor\u016f na hypot\u00e9\u010dn\u00edm trhu, vede k vy\u0161\u0161\u00ed mobilit\u011b poskytovatel\u016f \u00fav\u011br\u016f a p\u0159isp\u00edv\u00e1 tak k rozvoji tohoto trhu. Z nazna\u010den\u00e9ho vypl\u00fdv\u00e1, \u017ee MBS emituj\u00ed dv\u011b skupiny organizac\u00ed – specializovan\u00e9 agentury a neagenturn\u00ed finan\u010dn\u00ed instituce.<\/span><\/p>\n

Agency Mortgage-Backed Securities<\/strong><\/span><\/h2>\n

\u00a0 \u00a0Nejv\u011bt\u0161\u00ed objemy<\/span> dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f nav\u00e1zan\u00fdch na hypot\u00e9ky emituj\u00ed tzv. \u201eGoverment-Sponsored Enterprises<\/strong>\u201c (GSE), tedy soukrom\u00e9 spole\u010dnosti, kter\u00fdmi jsou Federal National Mortgage Association (\u201eFannie Mae\u201c, FNMA), Federal Home Loan Mortgage Corporation (\u201eFreddie Mac\u201c, FHMLC) nebo Federal Home Loan Bank (FHLB). Fannie Mae a Freddie Mac a FHLB jsou sice priv\u00e1tn\u00ed spole\u010dnosti, jsou v\u0161ak pod dohledem st\u00e1tn\u00edho \u00fa\u0159adu \u2013 Federal Housing Finance Agency. Dluhov\u00e9 cenn\u00e9 pap\u00edry emitovan\u00e9 t\u011bmito institucemi slou\u017e\u00ed pro financov\u00e1n\u00ed sektoru bydlen\u00ed. Federal Agricultural Mortgage Corporation (\u201eFarmer Mac\u201c), Farm Credit Banks a Farm Credit System Financial Assistance Corporation jsou obdobn\u00e9 podniky pod dohledem americk\u00e9 vl\u00e1dy kter\u00e9 poskytuj\u00ed finance v zem\u011bd\u011blsk\u00e9m sektoru.<\/span><\/p>\n

\u00a0 \u00a0\u00a0Nonagency Mortgage-Backed Securities\u00a0\u00a0<\/strong><\/span><\/h2>\n

\u00a0 Zbytek trhu pak tvo\u0159\u00ed priv\u00e1tn\u00ed \u201esekuriz\u00e1to\u0159i\u201c t\u011bchto hypot\u00e9\u010dn\u00edch dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f, nap\u0159\u00edklad bankovn\u00ed \u00fastavy nebo realitn\u00ed spole\u010dnosti, jsou to tak cenn\u00e9 pap\u00edry nav\u00e1zan\u00e9 na hypot\u00e9\u010dn\u00ed \u00fav\u011bry, ale tyto cenn\u00e9 pap\u00edry neemitovaly v\u00fd\u0161e uveden\u00e9 st\u00e1tn\u00ed agentury. Z\u00a0t\u011bchto d\u016fvod\u016f zde existuje riziko vypl\u00fdvaj\u00edc\u00ed ze subjektu emitenta, kter\u00fd nemus\u00ed dost\u00e1t v\u0161em sv\u00fdm z\u00e1vazk\u016fm, toto riziko lze odhadnou pomoc\u00ed ud\u011blen\u00e9ho ratingu zaveden\u00fdmi ratingov\u00fdmi agenturami.<\/span><\/span><\/p>\n

\u00a0\u00a0 Velikost a struktura trhu s t\u011bmito cenn\u00fdmi pap\u00edry je na obr\u00e1zku n\u00ed\u017ee.<\/span><\/p>\n

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\u00a0\u00a0 Je patrn\u00e9, \u017ee trh s cenn\u00fdmi pap\u00edry vyd\u00e1van\u00fdmi \u201eneagenturn\u00edmi\u201c subjekty je velmi mal\u00fd, kreditn\u00ed riziko u st\u00e1tn\u00edch agentur garantuj\u00edc\u00edch splatnost t\u011bchto dluhopisov\u00fdch cenn\u00fdch pap\u00edr\u016f je pak patrn\u011b t\u00edm hlavn\u00edm d\u016fvodem, pro\u010d jsou tak mas\u00edvn\u011b vyu\u017e\u00edv\u00e1ny.\u00a0<\/span><\/p>\n

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Asset-Backed Securities<\/strong><\/span><\/h1>\n

\u00a0\u00a0\u00a0 Existence jin\u00fdch aktiv ne\u017e v\u00fd\u0161e uveden\u00e9 hypot\u00e9\u010dn\u00ed \u00fav\u011bry vedla k \u201esekuritizaci\u201c tak\u00e9 t\u011bchto v\u011bc\u00ed, mohu si pak p\u0159edstavit obdobn\u00e9 emise dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f, kter\u00e9 jsou nav\u00e1z\u00e1ny na jin\u00e9 druhy \u00fav\u011br\u016f n\u011b\u017e jsou nap\u0159\u00edklad hypot\u00e9ky. Studentsk\u00e9 p\u016fj\u010dky, p\u016fj\u010dky na po\u0159\u00edzen\u00ed automobilu, p\u016fj\u010dky z kreditn\u00edch karet, spot\u0159ebitelsk\u00e9 p\u016fj\u010dky na n\u00e1kup nejr\u016fzn\u011bj\u0161\u00edho spot\u0159ebn\u00edho zbo\u017e\u00ed mohu b\u00fdt podkladem pro emitov\u00e1n\u00ed dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f tohoto typu. Jedn\u00e1 se tak o cenn\u00e9 pap\u00edry emitovan\u00e9 na stejn\u00e9m principu, jako MBS v\u00fd\u0161e. Mohou tak\u00e9 vznikat jejich nejr\u016fzn\u011bj\u0161\u00ed odvozeniny, nap\u0159\u00edklad Collateral Debt Obligation (CDO)<\/strong>, kde kolater\u00e1lem t\u011bchto cenn\u00fdch pap\u00edr\u016f jsou jin\u00e9 dluhov\u00e9 cenn\u00e9 pap\u00edry nav\u00e1zan\u00e9 na nejr\u016fzn\u011bj\u0161\u00ed druh\u00fd p\u016fj\u010dek nebo samotn\u00e9 dluhopisy, jednodu\u0161e emitent ze souboru dr\u017een\u00fdch nejr\u016fzn\u011bj\u0161\u00edch \u00fav\u011br\u016f a dluhopis\u016f, kter\u00e9 nahromadil, vyrob\u00ed podklad pro emisi CDO, tyto CDO jsou rozd\u011bleny do jednotliv\u00fdch tran\u0161\u00ed, podle stupn\u011b rizika. Tyto jednotliv\u00e9 tran\u0161e jsou strukturov\u00e1ny tak, aby m\u011bly podobn\u00e9 riziko a takto se s\u00a0nimi obchoduje. CDO tak m\u016f\u017ee m\u00edt n\u011bkolik rizikov\u00fdch \u201et\u0159\u00edd\u201c od vysoce rizikov\u00fdch a\u017e po vysoce spolehliv\u00e9. Collateral Loan Obligation (CLO)<\/strong> jsou stejn\u011b strukturovan\u00e9 cenn\u00e9 pap\u00edry, jejich\u017e podkladem (kolater\u00e1lem) jsou p\u0159ev\u00e1\u017en\u011b p\u016fj\u010dky poskytnut\u00e9 podnik\u016fm.<\/span><\/p>\n

\u00a0\u00a0 Na obr\u00e1zku n\u00ed\u017ee je rozd\u011blen\u00ed trhu z\u00a0Asset-Backed Securities podle jednotliv\u00fdch typ\u016f t\u011bchto cenn\u00fdch pap\u00edr\u016f<\/span><\/p>\n

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

\u00a0 \u00a0Z obr\u00e1zku je patrn\u00e9, \u017ee nejv\u011bt\u0161\u00ed oblib\u011b se t\u011b\u0161\u00ed ABS nav\u00e1zan\u00e9 na p\u016fj\u010dky spojen\u00e9 s po\u0159izov\u00e1n\u00edm automobil\u016f.<\/p>\n

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Agency Securities\u00a0\u00a0<\/strong><\/span><\/h1>\n

\u00a0 \u00a0<\/span> V\u00fd\u0161e popsan\u00e9 tzv. \u201eGoverment-Sponsored Enterprises<\/strong>\u201c (GSEs), emituj\u00ed sv\u00e9 vlastn\u00ed cenn\u00e9 pap\u00edry, aby financovaly investice do vybran\u00e9ho sektoru ekonomiky (Farmer Mac a Farm Credit do zem\u011bd\u011blstv\u00ed, TVA do energetiky, FHLB do bydlen\u00ed…), financovaly n\u00e1kupy aktiv, kter\u00e9 n\u00e1sledn\u011b sekuritizuj\u00ed a p\u0159eprodaj\u00ed, zaplatily jin\u00e9 vybran\u00e9 aktivity sv\u00fdch zakladatel\u016f nebo zabezpe\u010dily vlastn\u00ed provoz. V obecn\u00e9m pohledu je pak emitov\u00e1n\u00ed dluhopis\u016f t\u011bmito vl\u00e1dn\u00edmi agenturami vedeno \u00famyslem sn\u00ed\u017eit n\u00e1klady na jejich provoz a snahu vl\u00e1dy zabezpe\u010dit rozvoj vybran\u00e9ho sektoru s co nejni\u017e\u0161\u00edmi v\u00fddaji, v \u010desk\u00fdch pom\u011brech si mohu p\u0159estavit nap\u0159\u00edklad emisi dluhopis\u016f St\u00e1tn\u00edho fondu dopravn\u00ed infrastruktury (SFDI) k zaplacen\u00ed v\u00fddaj\u016f na provoz e-shopu s d\u00e1lni\u010dn\u00edmi zn\u00e1mkami :c). Na obr\u00e1zku n\u00ed\u017ee je pak pod\u00edl t\u011bchto jednotliv\u00fdch GSE na celkov\u00e9m emitov\u00e1n\u00ed vlastn\u00edch dluhopis\u016f. <\/span><\/p>\n

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\u00a0 \u00a0K jednotliv\u00fdm zkratk\u00e1m emitent\u016f – Federal Home Loan Bank (FHLB), Federal National Mortgage Association (\u201eFannie Mae\u201c, FNMA), Federal Home Loan Mortgage Corporation (\u201eFreddie Mac\u201c, FHLMC), Federal Agricultural Mortgage Corporation (\u201eFarmer Mac\u201c), Farm Credit Banks a Farm Credit System Financial Assistance Corporation (Farm Credit) a Tennessee Valley Authority (TVA).<\/span><\/p>\n

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\u00a0 \u00a0Souhrn…<\/strong><\/span><\/h1>\n

\u00a0 \u00a0Stru\u010dn\u00fd p\u0159ehled americk\u00e9ho dluhopisov\u00e9ho trhu t\u0159\u00edd\u011bn\u00fd podle druh\u016f cenn\u00fdch pap\u00edr\u016f s p\u0159ihl\u00e9dnut\u00edm k typu jejich emitenta bych pak mohl zakon\u010dit shrnuj\u00edc\u00edm diagramem, kter\u00fd by charakterizoval rozlo\u017een\u00ed cel\u00e9ho takto popsan\u00e9ho trhu s dluhov\u00fdmi cenn\u00fdmi pap\u00edry. Na obr\u00e1zku n\u00ed\u017ee je pak struktura americk\u00e9ho dluhopisov\u00e9ho trhu ke konci t\u0159et\u00edho \u010dtvrtlet\u00ed roku 2022.<\/span><\/p>\n

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\u00a0\u00a0 Struktu\u0159e trhu \u201efixed-income\u201c (FI) cenn\u00fdch pap\u00edr\u016f podle objemu jednotliv\u00fdch emis\u00ed v\u00e9vod\u00ed Treasuries <\/strong>(UST) \u2013 americk\u00e9 vl\u00e1dn\u00ed dluhopisy, sekunduj\u00ed jim cenn\u00e9 pap\u00edry nav\u00e1zan\u00e9 na hypot\u00e9ky<\/strong> (Mortgage-Backed Securities MBS) a podnikov\u00e9 dluhopisy<\/strong> (Corporates). Ostatn\u00ed druhy dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f (dluhopisy vl\u00e1dn\u00edch agentur, Asset-Backed Securities a municip\u00e1ln\u00ed dluhopisy) jsou pak emitov\u00e1ny ve srovnateln\u011b daleko men\u0161\u00edch objemech. Zaj\u00edmav\u00fd pohled by pak mohla p\u0159in\u00e9st struktura t\u011bchto cenn\u00fdch pap\u00edr\u016f podle jejich zobchodovan\u00e9ho objemu, kter\u00e1 je zn\u00e1zorn\u011bna n\u00ed\u017ee.<\/span><\/p>\n

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\u00a0\u00a0 Je vid\u011bt, \u017ee dv\u011b t\u0159etinu v\u0161ech obchod\u016f obstaraly Treasuries, a v\u00edce ne\u017e \u010dtvrtinu objemu zajistily dluhov\u00e9 cenn\u00e9 pap\u00edry nav\u00e1zan\u00e9 na hypot\u00e9ky. T\u00e9m\u011b\u0159 p\u011btiprocentn\u00ed objem p\u0159ipadl na podnikov\u00e9 dluhopisy, zbyl\u00e9 t\u0159\u00eddy dluhopis\u016f se obchoduj\u00ed v zanedbateln\u00fdch objemech v pom\u011bru k v\u00fd\u0161e jmenovan\u00fdm.\u00a0 <\/span><\/p>\n

\n

\u00a0 \u00a0Popis americk\u00e9ho trhu z dluhov\u00fdmi cenn\u00fdmi pap\u00edry m\u016f\u017ee vypadat pro Evropana z geografick\u00e9ho pohledu jako zvl\u00e1\u0161tn\u00ed p\u0159\u00edstup, proto\u017ee i na evropsk\u00e9 p\u016fd\u011b je t\u011bchto cenn\u00fdch pap\u00edr\u016f k dispozici dost. Byl to ale tro\u0161ku z\u00e1m\u011br, proto\u017ee americk\u00fd trh je jednak sv\u011btov\u00e9 nejv\u011bt\u0161\u00edm trhem t\u011bchto typ\u016f cenn\u00fdch pap\u00edr\u016f (viz grafick\u00e9 zobrazen\u00ed v \u00favodu \u010dl\u00e1nku), a tak\u00e9 bylo \u00fa\u010delem popisu jednotliv\u00fdch druh\u016f ud\u011blat z\u00e1kladn\u00ed vhled do struktury a mo\u017en\u00fdch z\u00e1kladn\u00edch podob t\u011bchto \u201efixed-income\u201c securities\u2026:c)<\/span><\/p>\n

\u00a0 \u00a0Koment\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)<\/span><\/p>\n

\n","protected":false},"excerpt":{"rendered":"

\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 Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":6012,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_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}},"categories":[60],"tags":[61],"class_list":["post-6010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dluhopisy","tag-dluhopisy"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/main.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1yW","jetpack-related-posts":[{"id":6234,"url":"https:\/\/dobretrejdy.com\/?p=6234","url_meta":{"origin":6010,"position":0},"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":6833,"url":"https:\/\/dobretrejdy.com\/?p=6833","url_meta":{"origin":6010,"position":1},"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":6900,"url":"https:\/\/dobretrejdy.com\/?p=6900","url_meta":{"origin":6010,"position":2},"title":"Dluhopisy \u2013 XV.\u00a0","author":"dobretrejdy :c)","date":"31.1.2024","format":false,"excerpt":"\u00a0 \u00a0Popisem a principem ur\u010den\u00ed ceny dluhopisov\u00fdch futures kontrakt\u016f jsem se zab\u00fdval v minul\u00e9m \u010dl\u00e1nku, poskytuje se mi tak z\u00e1kladn\u00ed n\u00e1hled na z\u00e1kladn\u00ed dluhopisov\u00fd deriv\u00e1t, kter\u00fd se vyzna\u010duje v\u00fdznamn\u00fdmi objemy obchod\u016f a z toho odvozenou zna\u010dnou likviditou. Jak mohu ale toto dluhopisov\u00e9 futures vyu\u017e\u00edt prakticky by mohlo b\u00fdt n\u00e1pln\u00ed n\u00e1sleduj\u00edc\u00edch\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\/2024\/01\/F2.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/01\/F2.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/01\/F2.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/01\/F2.jpg?resize=700%2C400 2x"},"classes":[]},{"id":7097,"url":"https:\/\/dobretrejdy.com\/?p=7097","url_meta":{"origin":6010,"position":3},"title":"Dluhopisy \u2013 XVIII.","author":"dobretrejdy :c)","date":"20.5.2024","format":false,"excerpt":"\u00a0\u00a0 Sv\u011bt dluhopisov\u00fdch deriv\u00e1t\u016f je v\u00edce ne\u017e flexibiln\u00ed. V minul\u00fdch \u010dl\u00e1nc\u00edch jsem popisoval existenci a z\u00e1kladn\u00ed mo\u017enosti nakl\u00e1d\u00e1n\u00ed s \u201evelk\u00fdm\u201c dluhopisov\u00fdm US Treasury futures kontraktem, jeho\u017e podkladov\u00fdm aktivem p\u0159i vypo\u0159\u00e1d\u00e1n\u00ed je p\u0159\u00edslu\u0161n\u00fd americk\u00fd vl\u00e1dn\u00ed dluhopis s Face Value 100.000 USD vybran\u00fd z ko\u0161e odpov\u00eddaj\u00edc\u00edch emis\u00ed (Delivery Basket) upraven\u00fd o koeficient\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\/2024\/05\/MF1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/05\/MF1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/05\/MF1.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":6197,"url":"https:\/\/dobretrejdy.com\/?p=6197","url_meta":{"origin":6010,"position":4},"title":"Dluhopisy \u2013 VI.","author":"dobretrejdy :c)","date":"17.2.2023","format":false,"excerpt":"\u00a0\u00a0 Dluhopisy jsou nuda. Zd\u00e1 se, \u017ee z dosavadn\u00edho popisu t\u00e9to problematiky v \u010dl\u00e1nc\u00edch nep\u0159in\u00e1\u0161\u00ed obchodov\u00e1n\u00ed dluhopis\u016f takov\u00e9 \u201epovyra\u017een\u00ed\u201c, jako jin\u00e9 t\u0159\u00eddy aktiv a nen\u00ed tak atraktivn\u00ed z pohledu mo\u017en\u00e9ho v\u00fdnosu k vynalo\u017een\u00e9 investici. Je to pravda? \u010c\u00e1ste\u010dn\u011b asi ano, pokud tedy budu sm\u011b\u0159ovat tyto typy investic do velmi konzervativn\u00edch\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\/02\/IB-jeld.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6561,"url":"https:\/\/dobretrejdy.com\/?p=6561","url_meta":{"origin":6010,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6010","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=6010"}],"version-history":[{"count":17,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6010\/revisions"}],"predecessor-version":[{"id":7310,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6010\/revisions\/7310"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/6012"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}