{"id":6047,"date":"2022-12-24T10:35:18","date_gmt":"2022-12-24T08:35:18","guid":{"rendered":"https:\/\/dobretrejdy.com\/?p=6047"},"modified":"2024-08-18T09:52:11","modified_gmt":"2024-08-18T07:52:11","slug":"dluhopisy-iv","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=6047","title":{"rendered":"Dluhopisy \u2013 IV."},"content":{"rendered":"

\u00a0\u00a0 Kupuji dluhopis. Plat\u00edm za n\u011bj n\u011bjakou cenu a m\u00e1m od n\u011bj n\u011bjak\u00e9 o\u010dek\u00e1v\u00e1n\u00ed, zejm\u00e9na co se t\u00fd\u010de finan\u010dn\u00edho potenci\u00e1lu, kter\u00fd mi m\u016f\u017ee p\u0159in\u00e9st. Pokud nejsem \u00fapln\u00fd ignorant a nakupuji akcie n\u011bjak\u00e9 spole\u010dnosti, v\u017edy m\u00e1m n\u011bjakou, alespo\u0148 mlhavou p\u0159edstavu nebo d\u016fvod, pro\u010d jsem u\u010dinil rozhodnut\u00ed do takov\u00e9ho obchodu vstoupit. Mohu nap\u0159\u00edklad alespo\u0148 p\u0159edpokl\u00e1dat, pohledem na cenov\u00fd graf, \u017ee cena m\u00e9ho obl\u00edben\u00e9ho titulu je na n\u011bjak\u00e9m historick\u00e9m dnu a u\u017e jenom tento fakt m\u016f\u017ee formovat m\u00e9 p\u0159esv\u011bd\u010den\u00ed, \u017ee vybran\u00e9 \u010dasov\u00e1n\u00ed ceny je dobr\u00fd d\u016fvod pro toto obchodn\u00ed rozhodnut\u00ed. Pos\u00edlen\u00edm kvality m\u00e9ho rozhodnut\u00ed m\u016f\u017ee b\u00fdt n\u011bjak\u00e1 dal\u0161\u00ed, alespo\u0148 jednodu\u0161\u0161\u00ed anal\u00fdza. Prozkoum\u00e1n\u00edm fundament\u00e1ln\u00edch zpr\u00e1v, zkoum\u00e1n\u00ed finan\u010dn\u00edch v\u00fdkaz\u016f, cenov\u00fd v\u00fdvoj akci\u00ed p\u0159\u00edm\u00fdch konkurent\u016f, n\u00e1hled na sektor, medi\u00e1ln\u00ed obraz, technick\u00e1 anal\u00fdza, insider obchody \u010di doporu\u010den\u00ed analytik\u016f mohou b\u00fdt dostupn\u00fdmi kl\u00ed\u010di k pozn\u00e1n\u00ed, jestli m\u00e1 m\u00e9 rozhodnut\u00ed nad\u011bji na \u00fasp\u011bch. Pravd\u011bpodobn\u011b v\u017edy \u201en\u011bco ud\u011bl\u00e1m\u201c, ne\u017e do obchodu vstoup\u00edm. N\u00e1kup dluhopisu by m\u011bla tak\u00e9 p\u0159edch\u00e1zet n\u011bjak\u00e1 jednodu\u0161\u0161\u00ed anal\u00fdza, aby m\u00e9 rozhodnut\u00ed do n\u011bj vstoupit m\u011blo n\u011bjak\u00e9 rozumn\u00e9 vysv\u011btlen\u00ed. K tomu pot\u0159ebuji alespo\u0148 m\u00edrnou pr\u016fpravu, abych v\u011bd\u011bl, co vlastn\u011b takov\u00fd n\u00e1kup a dr\u017een\u00ed dluhov\u00e9ho cenn\u00e9ho pap\u00edru znamen\u00e1. Pokus o popis z\u00e1kladn\u00edch informac\u00ed o dluhopisech pak bude t\u00e9matem tohoto \u010dl\u00e1nku. V t\u00e9to popisn\u00e9 \u010d\u00e1sti bude mnoho v\u00fdraz\u016f interpretov\u00e1no v angli\u010dtin\u011b, zejm\u00e9na z d\u016fvodu, \u017ee tyto anglick\u00e9 v\u00fdraz a slovn\u00ed spojen\u00ed jsou pro obchody s dluhopisy za\u017eit\u00e9 a natolik vyu\u017e\u00edvan\u00e9, \u017ee jejich znalost je pro tyto typy investic prakticky nevyhnuteln\u00e1.<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0obrovsk\u00e9 \u0161k\u00e1ly mo\u017enost\u00ed nakoupit dluhopis jsem se mohl rozhodnout pro investici do dluhopisu<\/strong> spole\u010dnosti Walmart Inc.<\/strong>, tak jak bylo mo\u017en\u00e9 jeho existenci uk\u00e1zat v\u00a0minul\u00e9m \u010dl\u00e1nku<\/a><\/strong><\/span> obr\u00e1zkem z obchodn\u00ed platformy TWS, v sekci popisuj\u00edc\u00ed sektor americk\u00fdch korpor\u00e1tn\u00edch dluhopis\u016f. Mohu si tento dluhov\u00fd cenn\u00fd pap\u00edr nechat op\u011bt zobrazit tak, jak je na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku.<\/span><\/p>\n

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\u00a0\u00a0 Co mohu na tomto obr\u00e1zku o dluhopisu zjistit jsou zcela z\u00e1kladn\u00ed \u00fadaje, kter\u00fdm je pot\u0159eba porozum\u011bt, p\u0159esto\u017ee by se mohlo zd\u00e1t, \u017ee jejich v\u00fdznam je jasn\u00fd. Ozna\u010den\u00ed emitenta (1)<\/span><\/strong> je jasn\u00e9, dluhopisy byly vyd\u00e1ny spole\u010dnost\u00ed Walmart Inc. (net\u0159eba p\u0159edstavovat), jedn\u00e1 se tak o korpor\u00e1tn\u00ed dluhopis (2)<\/span><\/strong> nesouc\u00ed ozna\u010den\u00ed CORP<\/em>, pokud bych m\u011bl takto zobrazen americk\u00fd vl\u00e1dn\u00ed dluhopis, mohl bych vid\u011bt ozna\u010den\u00ed GOVT<\/em>, municip\u00e1ln\u00ed dluhopis by byl ozna\u010den zkratkou MUNI<\/em>. Vybran\u00fd dluhopis spole\u010dnosti Walmart je obda\u0159en kup\u00f3nem<\/strong> ve v\u00fd\u0161i 2.85% p.a. (3)<\/span><\/strong>, znamen\u00e1 to, \u017ee ro\u010dn\u00ed kup\u00f3nov\u00fd v\u00fdnos (Coupon, Coupon Rate) bude ve v\u00fd\u0161i 28.50 USD. Platba kup\u00f3nu je prov\u00e1d\u011bna pololetn\u011b (4)<\/span><\/strong> a znamen\u00e1 to, \u017ee ka\u017ed\u00e9ho p\u016fl roku (semi-annual) obdr\u017e\u00edm 14.25 USD hrub\u00fd kup\u00f3nov\u00fd v\u00fdnos, proto\u017ee nomin\u00e1l dluhopisu<\/strong> je 1.000 USD (5)<\/strong><\/span>. Tento nomin\u00e1l budu od t\u00e9to chv\u00edle naz\u00fdvat Face Value<\/strong>, proto\u017ee toto je zaveden\u00fd n\u00e1zev ve sv\u011bt\u011b obchod\u016f s dluhopisov\u00fdmi cenn\u00fdmi pap\u00edry a toto je hodnota, kterou obdr\u017e\u00edm u splatnosti dluhopisu v budoucnosti, mimo slovn\u00ed spojen\u00ed Face Value lze tak\u00e9 zaznamenat obdobn\u00e9 v\u00fdrazy \u2013 Principal, Maturity Value, Par, Par Value nebo Redemption Value, v\u0161echny znamenaj\u00ed hodnotu, kterou obdr\u017e\u00edm u splatnosti dluhopisu. Ask<\/strong> a Bid (6)<\/span><\/strong> jsou zn\u00e1m\u00e9 v\u00fdrazy pro cenu, za kterou mohu dluhopis koupit (Ask) nebo prodat (Bid), neznamenaj\u00ed v\u0161ak nab\u00edzenou cenu, ale procentn\u00ed vyj\u00e1d\u0159en\u00ed Face Value<\/strong> m\u00e9ho dluhopisu! Pokud se tedy rozhodnu tento dluhopis po\u0159\u00eddit za Ask cenu, obdr\u017e\u00edm ji za 97.641% hodnoty Face Value, tedy za 976,41 USD, proto\u017ee Face Value je 1.000 USD. P\u0159esto\u017ee je 1.000 USD nejb\u011b\u017en\u011bj\u0161\u00ed hodnota nab\u00edzen\u00fdch dluhopis\u016f, mohu pozorovat nap\u0159\u00edklad Face Value ve v\u00fd\u0161i 5.000 USD (potom by n\u00e1kupn\u00ed cena byla 97.641% z 5.000 USD), hodnotu Face Value (Par Value, Principal Value\u2026) je pak nutn\u00e9 v\u017edy prozkoumat. Aktu\u00e1ln\u00ed v\u00fdnos (7)<\/span><\/strong> zobrazen\u00fd ve sloupci Yield je aktu\u00e1ln\u011b 4.483%<\/strong> a ozna\u010duje sou\u010dasn\u00e9 procentn\u00ed vyj\u00e1d\u0159en\u00ed zhodnocen\u00ed m\u00e9 investice do tohoto dluhopisu, tomuto t\u00e9matu se budu v\u011bnovat podrobn\u011b v p\u0159\u00ed\u0161t\u00edm \u010dl\u00e1nku. Na okraj poznamen\u00e1m, \u017ee p\u0159esto\u017ee je kup\u00f3nov\u00fd v\u00fdnos 2.85% p.a., je aktu\u00e1ln\u00ed v\u00fdnos 4.483% p.a. vy\u0161\u0161\u00ed ne\u017e kup\u00f3n zejm\u00e9na d\u00edky tomu, \u017ee dluhopis kupuji s diskontem (m\u00e9n\u011b ne\u017e za Face Value), toto ale podrobn\u011bji v dal\u0161\u00edm \u010dl\u00e1nku o m\u011b\u0159en\u00ed v\u00fdnosu dluhopis\u016f. Z obr\u00e1zku mohu zjistit, \u017ee splatnost dluhopisu je 8. \u010dervence 2024 (8)<\/span><\/strong> a tomuto dni se \u0159\u00edk\u00e1 Maturity Date, k tomuto dni se v\u00e1\u017ee splatnost Face Value dluhopisu. Rozd\u00edl mezi dne\u0161n\u00edm dnem a Maturity Date je pak ozna\u010dov\u00e1n jako \u201edoba do splatnosti\u201c (Term To Maturity (TTM) nebo jednodu\u0161eji pouze Maturity). Ka\u017ed\u00fd dluhopisov\u00fd cenn\u00fd pap\u00edr m\u00e1 p\u0159id\u011bleno unik\u00e1tn\u00ed \u010d\u00edslo CUSIP (9)<\/span><\/strong>, podle tohoto \u010d\u00edsla jej lze p\u0159esn\u011b identifikovat v datab\u00e1z\u00edch nebo screenerech a prov\u00e1d\u011bt dal\u0161\u00ed anal\u00fdzu s jistotou, \u017ee toto je prov\u00e1d\u011bno pr\u00e1v\u011b na mnou vybran\u00e9m dluhopisu.<\/span><\/p>\n

\u00a0\u00a0\u00a0 \u010c\u00edslo CUSIP, v\u00a0m\u00e9m p\u0159\u00edpad\u011b 931142EL3, u m\u00e9ho korpor\u00e1tn\u00edho dluhopisu vydan\u00e9ho spole\u010dnost\u00ed Walmart Inc. pak pou\u017eiji k\u00a0dal\u0161\u00edmu zkoum\u00e1n\u00ed jeho vlastnost\u00ed, proto\u017ee zobrazen\u00e9 \u00fadaje jsou pro m\u011b nyn\u00ed nedostate\u010dn\u00e9. Pomoc\u00ed CUSIP mohu vyhledat dal\u0161\u00ed informace o dluhopisu nap\u0159\u00edklad v\u00a0datab\u00e1zi m\u00e9ho brokera Interactive Brokers<\/a>.<\/strong><\/span>\u00a0Mohu ale p\u0159edpokl\u00e1dat, \u017ee ne v\u0161ichni \u010dten\u00e1\u0159i jsou klienty tohoto brokera, proto, s\u00a0odkazem na minul\u00fd \u010dl\u00e1nek<\/a><\/strong><\/span> o rozsahu dluhopisov\u00e9ho trhu, mohu zdarma zjistit dal\u0161\u00ed velmi podrobn\u00e9 informace o v\u0161ech korpor\u00e1tn\u00edch dluhopisech na str\u00e1nk\u00e1ch FINRA<\/a><\/strong><\/span>, vyhled\u00e1m proto pomoc\u00ed CUSIP dal\u0161\u00ed informace o dluhopisu Walmart pr\u00e1v\u011b z\u00a0tohoto zdroje.<\/span><\/p>\n

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\u00a0<\/span>\u00a0 \u00a0Zad\u00e1n\u00edm CUSIP na str\u00e1nk\u00e1ch FINRA a prokliknut\u00edm na detail dluhopisu mohu z\u00edskat n\u00ed\u017ee uveden\u00fd pohled.\u00a0 \u00a0<\/span><\/p>\n

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\u00a0\u00a0 Vzhledem k\u00a0mno\u017estv\u00ed \u00fadaj\u016f na tomto obr\u00e1zku vezmu k\u00a0podrobn\u011bj\u0161\u00edmu vysv\u011btlen\u00ed jeho jednotliv\u00e9 \u010d\u00e1sti. Z\u00e1hlav\u00ed podrobnost\u00ed o zkouman\u00e9m dluhopisu nab\u00edz\u00ed z\u00e1kladn\u00ed p\u0159ehled o dluhopisu zejm\u00e9na z\u00a0pohledu identifikace, aktu\u00e1ln\u00ed ceny a v\u00fdnosu.<\/span><\/p>\n

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\u00a0\u00a0 Dluhopisu n\u00e1le\u017e\u00ed kup\u00f3n<\/strong> (Coupon Rate) 2.850% p.a. (1)<\/span><\/strong>, to jsem zjistil ji\u017e z\u00a0charakteristiky dluhopisu v\u00a0m\u00e9 obchodn\u00ed platform\u011b. 8. \u010dervenec 2024<\/strong> je datum splatnosti Face Value dluhopisu, v\u00a0obr\u00e1zku ozna\u010deno jako Maturity Date (2)<\/span><\/strong>. Identifikace podle CUSIP (3)<\/span><\/strong> byla p\u0159id\u011blena C<\/strong>ommittee on U<\/strong>niform S<\/strong>ecurity I<\/strong>dentification P<\/strong>rocedure, tuto organizaci pro p\u0159id\u011blov\u00e1n\u00ed unik\u00e1tn\u00edho ozna\u010den\u00ed cenn\u00e9ho pap\u00edru provozuje American Bankers Association<\/a><\/strong><\/span>. Dluhopis je Callable (4)<\/span><\/strong>, co\u017e je v\u00fdznamn\u00fd \u00fadaj a vlastnost dluhopisu. Znamen\u00e1 to, \u017ee dluhopis \u201eobsahuje\u201c mo\u017enou akci emitenta dluhopisu v\u016f\u010di jejich dr\u017eitel\u016fm, a to splatit danou emisi (zcela nebo \u010d\u00e1ste\u010dn\u011b) d\u0159\u00edve, ne\u017e ve vyzna\u010den\u00fd Maturity Date. Z\u00a0\u00fadaj\u016f z\u00a0obr\u00e1zku vypl\u00fdv\u00e1, \u017ee nejbli\u017e\u0161\u00ed datum, kdy tak emitent m\u016f\u017ee u\u010dinit (Next Call Date<\/strong>) je 8.\u010derven 2024 (5)<\/span><\/strong>, tedy jeden m\u011bs\u00edc p\u0159ed splatnost\u00ed dluhopisu. Existence d\u0159\u00edv\u011bj\u0161\u00edho svol\u00e1n\u00ed vydan\u00fdch dluhopis\u016f je d\u016fle\u017eit\u00e1 vlastnost, proto\u017ee m\u016f\u017ee v jin\u00fdch p\u0159\u00edpadech u emis\u00ed s del\u0161\u00ed dobou splatnosti, ne\u017e je mnou analyzovan\u00fd dluhopis spole\u010dnosti Walmart Inc., v\u00fdznamn\u011b zkr\u00e1tit jeho \u017eivot a o\u010dek\u00e1van\u00e9 v\u00fdnosy z dr\u017een\u00ed dluhopisu se pak mohou v\u00fdrazn\u011b odch\u00fdlit od p\u0159edpokl\u00e1dan\u00e9ho pl\u00e1nu. Pro\u010d by n\u011bco takov\u00e9ho emitent d\u011blal? Nejjednodu\u0161\u0161\u00edm vysv\u011btlen\u00edm mohou b\u00fdt ni\u017e\u0161\u00ed \u00farokov\u00e9 sazby na trhu ne\u017e je vyzna\u010den\u00fd kup\u00f3n (2.850%), potom se kapit\u00e1lov\u011b p\u0159ipraven\u00e9mu emitentovi vyplat\u00ed zesplatnit vydan\u00e9 dluhopisy k avizovan\u00e9mu Call Date a nahradit ji novou emis\u00ed za p\u0159\u00edzniv\u011bj\u0161\u00edch \u00farokov\u00fdch podm\u00ednek, jednodu\u0161e si po\u0159\u00edd\u00ed nov\u00e9 pen\u00edze levn\u011bji ne\u017e ty star\u00e9. Naposledy dosa\u017een\u00e1 cena<\/strong> za dluhopis (Last Trade Price) (6)<\/strong><\/span> a v\u00fdnos<\/strong> odpov\u00eddaj\u00edc\u00ed t\u00e9to posledn\u00ed cen\u011b (Last Trade Yield) (7)<\/strong><\/span> jsem popisoval v\u00fd\u0161e a budu se t\u011bmito hodnotami (v\u00fdpo\u010dtu v\u00fdnosu) zab\u00fdvat v dal\u0161\u00edm \u010dl\u00e1nku. Okam\u017eik, kdy jsem pozoroval tuto anal\u00fdzu a zji\u0161t\u011bn\u00e9 ceny a \u00fadaje (8)<\/strong><\/span> pak mohu roz\u0161\u00ed\u0159it o sledov\u00e1n\u00ed historie obchod\u016f s t\u011bmito dluhopisy v odkazu Trade History (9)<\/span><\/strong>. Zobrazen\u00ed aktivity na trhu s t\u011bmito dluhopisy pak p\u0159in\u00e1\u0161\u00ed tento obr\u00e1zek.<\/span><\/p>\n

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\u00a0 \u00a0Pozorov\u00e1n\u00ed likvidity a aktivity na trhu s analyzovan\u00fdm dluhopisem mi m\u016f\u017ee pomoci odpov\u011bd\u011bt na ot\u00e1zku, zda se lze dluhopisu v p\u0159\u00edpad\u011b pot\u0159eby efektivn\u011b zbavit. Objem obchod\u016f rozhodn\u011b nen\u00ed mal\u00fd, na zobrazen\u00e9 str\u00e1nce jsem ozna\u010dil \u010dervenou \u0161ipkou sloupec Quantity zobrazuj\u00edc\u00ed objem zobchodovan\u00fdch dluhopis\u016f v dan\u00fd den, cel\u00e1 zobrazen\u00e1 str\u00e1nka pak ukazuje pouze obchody v den, kdy jsem po\u0159\u00eddil obr\u00e1zek, a to se ani na tento obr\u00e1zek v\u0161echny obchody z 22.12.2022 neve\u0161ly. Ze zobchodovan\u00fdch objem\u016f je patrn\u00e9, \u017ee \u00fa\u010dastn\u00edci obchod\u016f patrn\u011b nebyli \u201e\u017e\u00e1dn\u00ed tro\u0161ka\u0159i\u201c a z\u0159ejm\u011b nebude probl\u00e9m dluhopis nakoupit nebo prodat.<\/span><\/p>\n

\u00a0\u00a0 Dal\u0161\u00ed \u201epodobr\u00e1zek\u201c z anal\u00fdzy m\u00e9ho dluhopisu spole\u010dnosti Walmart Inc. nab\u00edz\u00ed tyto dal\u0161\u00ed \u00fadaje.<\/span><\/p>\n

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\u00a0\u00a0 Bond Type (1)<\/span><\/strong> oznamuje, \u017ee se jedn\u00e1 o americk\u00fd korpor\u00e1tn\u00ed dluhopis – US Corporate Debentures. Debt Type (2)<\/span><\/strong> s p\u0159id\u011blen\u00fdm ozna\u010den\u00edm Senior Unsecured Note mohu replikovat do \u010desk\u00e9ho Seniorn\u00ed (prioritn\u00ed) nezaji\u0161t\u011bn\u00fd dluhopis. Z tohoto slovn\u00edho v\u00fdrazu vypl\u00fdv\u00e1, \u017ee pohled\u00e1vka (kter\u00e1 vypl\u00fdv\u00e1 z n\u00e1kupu dluhopisu) za spole\u010dnost\u00ed Walmart nen\u00ed ni\u010d\u00edm zaji\u0161t\u011bna (Unsecured), co m\u011b m\u016f\u017ee ale t\u011b\u0161it je zji\u0161t\u011bn\u00ed, \u017ee se jedn\u00e1 o Seniorn\u00ed dluh, tedy v p\u0159\u00edpad\u011b krachu spole\u010dnosti Walmart budou pohled\u00e1vky z t\u011bchto dluhopis\u016f uspokojeny ve v\u00fdhodn\u011bj\u0161\u00edm po\u0159ad\u00ed ne\u017e ostatn\u00ed pohled\u00e1vky. N\u00e1sleduj\u00edc\u00ed \u0159\u00e1dky v obr\u00e1zku Industry Group (3)<\/span><\/strong> a Industry Sub Group<\/strong> kategorizuj\u00ed subjekt emitenta podle jeho podnikatelsk\u00e9ho zam\u011b\u0159en\u00ed, \u017ee se jedn\u00e1 o korpor\u00e1tn\u00ed dluhopis (Corporate Bond) s ozna\u010den\u00edm CORP je pak uvedeno na zbyl\u00fdch \u0159\u00e1dc\u00edch. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Informace o emisi jsou vyzna\u010deny v dal\u0161\u00edm \u201ev\u00fd\u0159ezu\u201c z\u00a0anal\u00fdzy dluhopisu Walmart.<\/span><\/p>\n

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\u00a0\u00a0 Offering Date (1)<\/span><\/strong> je datum (16.4.2019), kdy se dluhopisy poprv\u00e9 za\u010daly nab\u00edzet investor\u016fm. Dated Day (2)<\/span><\/strong> je okam\u017eik (23.4.2019), kdy dr\u017eiteli dluhopisu za\u010d\u00edn\u00e1 nab\u00edhat sl\u00edben\u00fd v\u00fdnos z\u00a0vyzna\u010den\u00e9ho kup\u00f3nu. First Coupon Date (3)<\/span><\/strong> je den, kdy investor obdr\u017e\u00ed prvn\u00ed platbu kup\u00f3nov\u00e9ho v\u00fdnosu, v\u00a0p\u0159\u00edpad\u011b tohoto dluhopisu je to 8.7.2019. Original Offering (4)<\/span><\/strong> s\u00a0\u010d\u00e1stkou 1,5 miliardy dolar\u016f (zobrazen\u00e1 hodnota je v\u00a0tis\u00edcovk\u00e1ch dolar\u016f) p\u0159edstavuje hodnotu cel\u00e9 nab\u00edzen\u00e9 emise a Amount Oustanding (5)<\/span><\/strong> ozna\u010duje hodnotu dluhopis\u016f, kter\u00e9 jsou st\u00e1le mezi investi\u010dn\u00ed ve\u0159ejnost\u00ed. M\u016f\u017ee to znamenat, \u017ee \u010d\u00e1st emise ji\u017e byla p\u0159ed\u010dasn\u011b svol\u00e1na emitentem zp\u011bt d\u00edky Callable vlastnosti dluhopisu (viz v\u00fd\u0161e). Proto\u017ee mohu vypozorovat, \u017ee kup\u00f3nov\u00e1 platba m\u00e1 Payment Frequency (6)<\/span><\/strong> s\u00a0periodou Semi-Annual (p\u016flro\u010dn\u00ed frekvenci) a z\u00a0anal\u00fdzy dluhopisu na t\u00e9to str\u00e1nce nemohu zjistit datum posledn\u00ed platby kup\u00f3nu a platby n\u00e1sleduj\u00edc\u00edho kup\u00f3nu v\u00e1\u017e\u00edc\u00edho se ke dni, kdy p\u00ed\u0161u tento \u010dl\u00e1nek (23.12.2022), mohu z\u00a0t\u011bchto \u00fadaj\u016f vyvodit, \u017ee kup\u00f3ny se budou vypl\u00e1cet v\u017edy 8. \u010dervence a 8. ledna ka\u017ed\u00e9ho roku \u017eivota dluhopisu. Tuto skute\u010dnost mohu ov\u011b\u0159it v\u00a0analytick\u00e9 \u010d\u00e1sti webu m\u00e9ho brokera Interactive Brokers, co\u017e je patrn\u00e9 na obr\u00e1zku n\u00ed\u017ee.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Day Count (7)<\/span><\/strong> zobrazuje typ konvence<\/strong>, kter\u00e9 se uplat\u0148uj\u00ed u v\u00fdpo\u010dtu v\u00fdnos\u016f dluhopisu. Mohu pozorovat, \u017ee pro tento dluhopis je uplatn\u011bn\u00e1 konvence 30\/360<\/strong>, kter\u00e1 je obvykl\u00e1 pro americk\u00e9 korpor\u00e1tn\u00ed dluhopisy. V \u00fapln\u00e9m zjednodu\u0161en\u00ed to znamen\u00e1, \u017ee za jeden rok se pova\u017euje interval obsahuj\u00edc\u00ed 360 dn\u016f a za jeden m\u011bs\u00edc se pova\u017euje interval 30 dn\u016f, v tomto duchu m\u00e1 pak \u00fanor kone\u010dn\u011b t\u0159icet dn\u016f a u\u010ditel\u016fm a d\u011btem to z letn\u00edch pr\u00e1zdnin utrhne 2 dny :c). Pou\u017e\u00edvan\u00fdch konvenc\u00ed je mnoho, pokud se t\u00e9ma dluhopis\u016f n\u00e1le\u017eit\u011b rozvine, ur\u010dit\u011b na jin\u00e9 konvence a jejich podstatu naraz\u00edm, nap\u0159\u00edklad na Act\/Act pou\u017e\u00edvanou u americk\u00fdch a n\u011bmeck\u00fdch vl\u00e1dn\u00edch dluhopis\u016f nebo Act\/365 pou\u017e\u00edvanou na britsk\u00fdch trz\u00edch. Form (8)<\/span><\/strong>, tedy forma vydan\u00e9ho dluhopisu s \u00fadajem Book Entry<\/strong> znamen\u00e1, \u017ee dluhopisy jsou vyd\u00e1ny v dematerializovan\u00e9 (\u201enepap\u00edrov\u00e9\u201c) form\u011b, jako zaknihovan\u00fd cenn\u00fd pap\u00edr. Depository\/Registration (9)<\/span><\/strong> ozna\u010duje zejm\u00e9na instituce, kter\u00e9 zaru\u010duj\u00ed spr\u00e1vn\u00e9, p\u0159esn\u00e9 a v\u010dasn\u00e9 vypo\u0159\u00e1d\u00e1n\u00ed povinnosti t\u00fdkaj\u00edc\u00ed se dan\u00e9ho cenn\u00e9ho pap\u00edru. Security Level (10)<\/span><\/strong> s \u00fadajem Senior ozna\u010duje \u201ebezpe\u010dnostn\u00ed stupe\u0148\u201c dluhopisu popsan\u00fd v p\u0159edchoz\u00edm odstavci (seniorn\u00ed pohled\u00e1vka v p\u0159\u00edpad\u011b \u00fapadku emitenta)<\/span><\/p>\n

\u00a0\u00a0 Dal\u0161\u00ed sekce anal\u00fdzy s\u00a0podstatn\u00fdmi informacemi je zobrazena na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku.<\/span><\/p>\n

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\u00a0\u00a0 Obr\u00e1zek ukazuje \u010d\u00e1st anal\u00fdzy, kter\u00e1 je spojena s\u00a0rizikem dr\u017een\u00ed dluhopisu. Ji\u017e v\u00a0minul\u00e9m \u010dl\u00e1nku jsem se m\u00edrn\u011b zm\u00ednil o ratingov\u00fdch agentur\u00e1ch, kter\u00e9 ozna\u010duj\u00ed dluhopisov\u00e9 emise ur\u010dit\u00fdm stupn\u011bm rizika, podrobn\u011b bych se cht\u011bl t\u011bmito ratingov\u00fdmi agenturami a ratingov\u00fdmi stupni zab\u00fdvat pozd\u011bji. Nicm\u00e9n\u011b nyn\u00ed pozoruji, \u017ee agentura Moody\u2019s<\/strong> ud\u011blila 13.10.2022 t\u011bmto dluhopis\u016fm rating Aa2 (1)<\/span><\/strong> a agentura Standard & Poor\u2018s<\/strong> ud\u011blila dne 16.4.2019 rating na \u00farovni AA (2)<\/span><\/strong>. Jedn\u00e1 se tak vysoce bezpe\u010dn\u00fd cenn\u00fd pap\u00edr, u n\u011bho\u017e riziko defaultu jeho emitenta hroz\u00ed s velmi n\u00edzkou pravd\u011bpodobnost\u00ed. Tato skute\u010dnost je prom\u00edtnuta do \u00fadaje Investment Grade<\/strong> u polo\u017eky TRACE Grade (3)<\/span><\/strong> a znamen\u00e1, \u017ee rating, kter\u00fd je lep\u0161\u00ed ne\u017e BBB- od spole\u010dnosti Standard & Poor\u2018s a sou\u010dasn\u011b vy\u0161\u0161\u00ed ne\u017e Baaa3 od agentury Moody\u2019s, ozna\u010duje dluhov\u00fd cenn\u00fd pap\u00edr pr\u00e1v\u011b jako Investment Grade<\/strong>. Toto ozna\u010den\u00ed vygeneroval syst\u00e9m TRACE (T<\/strong>rade R<\/strong>eporting A<\/strong>nd C<\/strong>ompliance E<\/strong>ngine) organizace FINRA, kter\u00e1 ud\u011bluje (mimo jin\u00e9) dluhopisov\u00fdm cenn\u00fdm pap\u00edr\u016fm ozna\u010den\u00ed Investment Grade nebo High Yield cenn\u00e9 pap\u00edry. Z obr\u00e1zku tak\u00e9 mohu vy\u010d\u00edst, \u017ee spole\u010dnost Walmart nen\u00ed aktu\u00e1ln\u011b v \u00fapadku – Bankruptcy (4)<\/span><\/strong> a v \u0159\u00e1dku Additional Description (5)<\/span><\/strong> mohu op\u011bt pozorovat upozorn\u011bn\u00ed na to, \u017ee se jedn\u00e1 o dluhov\u00fd cenn\u00fd pap\u00edr nezaji\u0161t\u011bn\u00fd \u017e\u00e1dn\u00fdm majetkem nebo pr\u00e1vem emitenta a \u017ee dluhopis je seniorn\u00edm dluhem (op\u011bt viz v\u00fd\u0161e). \u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Na dal\u0161\u00edm obr\u00e1zku anal\u00fdzy jsou zobrazeny vlastnosti dluhopisu, kter\u00e9 se v\u00e1\u017eou k mo\u017en\u00fdm akc\u00edm emitenta a dr\u017eitele.<\/span><\/p>\n

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\u00a0\u00a0 O \u201evestav\u011bn\u00e9 funkci\u201c Call, kdy je mo\u017en\u00e9 ze strany emitenta svolat zp\u011bt emitovan\u00e9 dluhopisy, je naps\u00e1no v textu v\u00fd\u0161e. Call Date (1)<\/span><\/strong> a dal\u0161\u00ed informace ji\u017e byly pops\u00e1ny. Z\u00a0obr\u00e1zku d\u00e1le plyne, \u017ee dluhopis m\u016f\u017ee tak\u00e9 obsahovat opa\u010dnou funkci Put (2)<\/span><\/strong>. P\u0159esto\u017ee tento dluhopis tuto funkci nem\u00e1, mohla by se hodit informace, \u017ee jej\u00ed p\u0159\u00edpadn\u00e1 existence by oprav\u0148ovala dr\u017eitele dluhopisu ve sjednan\u00e9m okam\u017eiku – Put Date<\/strong> – p\u0159edlo\u017eit emitentovi dluhopis ke splacen\u00ed v dob\u011b p\u0159ed Maturity Date. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Grafick\u00e1 \u010d\u00e1st anal\u00fdzy zobrazuje cenov\u00fd v\u00fdvoj dluhopisu a v\u00fdvoj jeho celkov\u00e9ho v\u00fdnosu.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 Cena, za kterou se dluhopis nab\u00edz\u00ed k po\u0159\u00edzen\u00ed, je zn\u00e1zorn\u011bn\u00e1 na v\u00fd\u0161e uveden\u00e9m cenov\u00e9m grafu. Mohu tak ve zjednodu\u0161en\u00ed konstatovat, \u017ee by bylo patrn\u011b nejlep\u0161\u00ed nakoupit dluhopis za co nejni\u017e\u0161\u00ed cenu a sou\u010dasn\u011b z\u00edskat co nejvy\u0161\u0161\u00ed v\u00fdnos. Proto\u017ee ji\u017e z teoretick\u00e9 p\u0159\u00edpravy z p\u0159edchoz\u00edch \u010dl\u00e1nk\u016f v\u00edm, \u017ee pokud \u00farokov\u00e9 sazby rostou, ceny dluhopis\u016f klesaj\u00ed, mohu tuto jednozna\u010dnou z\u00e1vislost pozorovat tak\u00e9 na obr\u00e1zku. R\u016fst \u00farokov\u00fdch sazeb stla\u010duje cenu dluhopis\u016f a nab\u00edz\u00ed tak jejich zaj\u00edmav\u011bj\u0161\u00ed zhodnocen\u00ed. Je jasn\u00e9, \u017ee p\u0159i Face Value 1.000 USD a kup\u00f3nov\u00e9 platb\u011b 2.850% p.a. bude p\u0159i aktu\u00e1ln\u00edch \u00farokov\u00fdch sazb\u00e1ch kolem \u010dty\u0159ech procent mo\u017en\u00e9 dluhopis nakoupit za hodnotu ni\u017e\u0161\u00ed ne\u017e Face Value (s diskontem).<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Grafick\u00e9 zobrazen\u00ed historie v\u00fdnosu dluhopis\u016f je t\u00e9m\u011b\u0159 dokonale inverzn\u00edm zobrazen\u00edm k\u0159ivky v\u00fdvoje ceny dluhopisu z\u00a0p\u0159edchoz\u00edho obr\u00e1zku. Je tak patrn\u00e9, \u017ee plat\u00ed v\u00fd\u0161e popsan\u00e9 pravidlo o reverzn\u00edm vztahu ceny a v\u00fdnosu a analyzovan\u00fd dluhopis p\u0159i sv\u00e9 aktu\u00e1ln\u00ed cen\u011b nab\u00edz\u00ed v\u00fdnos nad 4% p.a..<\/span><\/p>\n

\n

\u00a0\u00a0 Prov\u00e9st z\u00e1kladn\u00ed jednoduchou anal\u00fdzu zam\u00fd\u0161len\u00e9 investice do dluhopisu nen\u00ed obt\u00ed\u017en\u00e9 a vy\u017eaduje pouze prvotn\u00ed sumarizaci \u00fadaj\u016f o dluhopisov\u00e9 emisi, kter\u00e9 mohu o dluhopisu celkem jednodu\u0161e nal\u00e9zt. Pokud se alespo\u0148 v\u00a0z\u00e1kladech zorientuji v tradi\u010dn\u00edch v\u00fdrazech doprov\u00e1zej\u00edc\u00ed tuto z\u00e1kladn\u00ed anal\u00fdzu, m\u016f\u017ee to b\u00fdt dobr\u00fd odrazov\u00fd m\u016fstek pro vstup do sv\u011bta dluhopisov\u00fdch investic..:c) \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/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> :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0 Kupuji dluhopis. Plat\u00edm za n\u011bj n\u011bjakou cenu a m\u00e1m od n\u011bj n\u011bjak\u00e9 o\u010dek\u00e1v\u00e1n\u00ed, zejm\u00e9na co se t\u00fd\u010de finan\u010dn\u00edho potenci\u00e1lu, kter\u00fd mi m\u016f\u017ee p\u0159in\u00e9st. Pokud nejsem \u00fapln\u00fd ignorant a nakupuji akcie n\u011bjak\u00e9 spole\u010dnosti, v\u017edy m\u00e1m n\u011bjakou, alespo\u0148 mlhavou p\u0159edstavu nebo d\u016fvod, pro\u010d jsem u\u010dinil rozhodnut\u00ed do takov\u00e9ho obchodu vstoupit. Mohu Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":6051,"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-6047","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-2.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1zx","jetpack-related-posts":[{"id":6234,"url":"https:\/\/dobretrejdy.com\/?p=6234","url_meta":{"origin":6047,"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":6668,"url":"https:\/\/dobretrejdy.com\/?p=6668","url_meta":{"origin":6047,"position":1},"title":"Dluhopisy \u2013 XII.","author":"dobretrejdy :c)","date":"14.10.2023","format":false,"excerpt":"\u00a0\u00a0 V\u00a0hrnci dluhopisov\u00fdch trh\u016f to za\u010d\u00edn\u00e1 p\u011bkn\u011b bublat. Pry\u010d jsou doby nev\u00fdznamn\u00fdch v\u00fdnos\u016f \u010di dokonce z\u00e1porn\u00fdch \u00farokov\u00fdch sazeb, investo\u0159i za\u010d\u00ednaj\u00ed v\u011bt\u0159it zaj\u00edmav\u00e9 p\u0159\u00edle\u017eitosti a po dlouh\u00e1 l\u00e9ta p\u0159ehl\u00ed\u017een\u00fd segment cenn\u00fdch pap\u00edr\u016f s\u00a0pevn\u00fdm v\u00fdnosem za\u010d\u00edn\u00e1 nab\u00edrat na zaslou\u017een\u00e9 pozornosti. N\u00e1sleduj\u00edc\u00ed \u0159\u00e1dky dal\u0161\u00edho d\u00edlu dluhopisov\u00e9ho seri\u00e1lu pak budou o projasn\u011bn\u00ed n\u011bkter\u00fdch probl\u00e9m\u016f\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.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6742,"url":"https:\/\/dobretrejdy.com\/?p=6742","url_meta":{"origin":6047,"position":2},"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":[]},{"id":6340,"url":"https:\/\/dobretrejdy.com\/?p=6340","url_meta":{"origin":6047,"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. 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