{"id":6340,"date":"2023-04-26T16:13:16","date_gmt":"2023-04-26T14:13:16","guid":{"rendered":"https:\/\/dobretrejdy.com\/?p=6340"},"modified":"2024-08-18T16:49:23","modified_gmt":"2024-08-18T14:49:23","slug":"dluhopisy-ix","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=6340","title":{"rendered":"Dluhopisy – IX."},"content":{"rendered":"

\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 bych cht\u011bl popsat, kde a jak po\u017eadovan\u00fd dluhopis vyhledat a nakonec tak\u00e9 uk\u00e1zat, jak mohu p\u0159en\u00e1\u0161et z\u00e1kladn\u00ed charakteristiky po\u0159\u00edzen\u00fdch nebo vyhledan\u00fdch dluhopis\u016f do vlastn\u00edho excelovsk\u00e9ho se\u0161itu. \u010cl\u00e1nek tak bude jakousi praktickou vlo\u017ekou mezi dluhopisov\u00fdmi \u010dl\u00e1nky prozat\u00edm p\u0159ev\u00e1\u017en\u011b popisuj\u00edc\u00edmi teoretick\u00e9 z\u00e1le\u017eitosti spojen\u00e9 s obchodov\u00e1n\u00edm dluhopis\u016f. Omlouv\u00e1m se tak \u010dten\u00e1\u0159\u016fm, kte\u0159\u00ed neobchoduj\u00ed u tohoto brokera, pro tyto bude dal\u0161\u00ed \u010dten\u00ed patrn\u011b zbyte\u010dnou ztr\u00e1tou \u010dasu :c)\u00a0 \u00a0 \u00a0<\/span><\/p>\n

\n

\u00a0\u00a0 Sv\u00e9 zkoum\u00e1n\u00ed dluhopisov\u00e9ho trhu mohu rozd\u011blit na dv\u011b z\u00e1kladn\u00ed oblasti. Mohu cht\u00edt vyhledat konkr\u00e9tn\u00ed dluhopis podle konkr\u00e9tn\u00edho emitenta a pot\u00e9 se rozhodnout pro n\u011bkterou z nab\u00edzen\u00fdch emis\u00ed nebo mohu cht\u00edt vyu\u017e\u00edt vyhled\u00e1vac\u00ed n\u00e1stroje, kter\u00e9 mi v z\u00e1plav\u011b dluhopis\u016f nab\u00eddnou takov\u00fd, kter\u00fd odpov\u00edd\u00e1 podm\u00ednk\u00e1m m\u00e9ho zad\u00e1n\u00ed, touto volbou bych se pokusil za\u010d\u00edt.\u00a0 \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0 \u00a0Bond Scanner klientsk\u00e9ho port\u00e1lu IB<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Po p\u0159ihl\u00e1\u0161en\u00ed do klientsk\u00e9ho port\u00e1lu<\/strong> Interactive Brokers mohu vyu\u017e\u00edt prvn\u00ed z\u00a0n\u00e1stroj\u016f pro vyhled\u00e1n\u00ed po\u017eadovan\u00e9ho dluhopisu volbou \u201eResearch<\/strong>\u201c v hlavn\u00ed nab\u00eddce.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Potvrzen\u00edm volby \u201eBond Scanner\u201c<\/strong> nav\u0161t\u00edv\u00edm vyhled\u00e1vac\u00ed rozhran\u00ed tohoto n\u00e1stroje, kde mohu vypozorovat prvn\u00ed mo\u017enosti volby.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Vyhled\u00e1n\u00ed podle unik\u00e1tn\u00edho ozna\u010den\u00ed dluhopisu identifik\u00e1torem CUSIP (1)<\/strong><\/span> je nyn\u00ed nepodstatn\u00e9, proto\u017ee vyb\u00edr\u00e1m dluhopis, kter\u00fd bude vyhovovat m\u00e9mu zad\u00e1n\u00ed, tak\u017ee zn\u00e1t konkr\u00e9tn\u00ed CUSIP nen\u00ed nyn\u00ed zapot\u0159eb\u00ed. Mohu pak vid\u011bt prvn\u00ed rozhodovac\u00ed pole, kde mohu vyb\u00edrat mezi dluhopisy podle jejich typu. V nab\u00eddce jsou sv\u011btov\u00e9 korpor\u00e1tn\u00ed dluhopisy (Global Coroprate Bonds), americk\u00e9 depozitn\u00ed certifik\u00e1ty (US CDs), americk\u00e9 vl\u00e1dn\u00ed dluhopisy (US Treasuries), americk\u00e9 municip\u00e1ln\u00ed dluhopisy (US Muni Bonds) a neamerick\u00e9 vl\u00e1dn\u00ed dluhopisy (Non-US Sovereign Bonds). Mou volbou m\u016f\u017ee b\u00fdt pro danou chv\u00edli nap\u0159\u00edklad vyhled\u00e1n\u00ed americk\u00e9ho podnikov\u00e9ho dluhopisu, vyb\u00edr\u00e1m tak mo\u017enost Global Corporate Bonds (2)<\/span><\/strong>. \u00a0\u00a0<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 M\u016fj po\u017eadavek na vypln\u011bn\u00ed dal\u0161\u00edch pol\u00ed vyhled\u00e1vac\u00edho formul\u00e1\u0159e odr\u00e1\u017e\u00ed m\u016fj po\u017eadavek, aby dluhopis byl splatn\u00fd do 3.8.2027 (3)<\/span><\/strong>, v\u00fdnos do splatnosti p\u0159i p\u0159ipu\u0161t\u011bn\u00ed mo\u017enosti, \u017ee emise m\u016f\u017ee b\u00fdt p\u0159ed\u010dasn\u011b svol\u00e1na (Yield To Worst<\/strong> d\u00edky vestav\u011bn\u00e9 mo\u017enosti Call emise) by m\u011bl b\u00fdt minim\u00e1ln\u011b 4% p.a. (4)<\/span><\/strong> a minim\u00e1ln\u00ed kup\u00f3n<\/strong> by m\u011bl m\u00edt hodnotu 5% p.a.<\/strong><\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 V\u00a0dal\u0161\u00ed nab\u00eddce voliteln\u00fdch mo\u017enost\u00ed je po\u017eadavek na kreditn\u00ed riziko spojen\u00e9 s\u00a0vyhled\u00e1van\u00fdm dluhopisem. Nechci nakupovat nic rizikov\u00e9ho, proto chci Investment Grade<\/strong> dluhopis (6)<\/strong><\/span> (viz \u010dl\u00e1nek Dluhopisy \u2013 VII.<\/a><\/strong><\/span>). V\u00fdb\u011brem t\u00e9to volby se mi p\u0159edvypln\u00ed ozna\u010den\u00ed rizikov\u00fdch stup\u0148\u016f ratingov\u00fdch agentur Moody\u2019s a S&P, v\u00a0p\u0159\u00edpad\u011b, \u017ee bych zvolil mo\u017enost \u201eAll\u201c nebo \u201eHigh Yield\u201c, mohu si vybrat po\u017eadovanou \u00farove\u0148 rizika v\u00fdb\u011brem u ka\u017ed\u00e9 z\u00a0ratingov\u00fdch agentur podle vlastn\u00edho uv\u00e1\u017een\u00ed. Nakonec chci, aby se na\u00a0po\u017eadovan\u00e9m kreditn\u00edm hodnocen\u00ed shodovaly<\/strong> ob\u011b po\u017eadovan\u00e9 ratingov\u00e9 agentury zatr\u017een\u00edm p\u0159\u00edslu\u0161n\u00e9ho boxu (7)<\/strong><\/span>.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 M\u016fj po\u017eadavek sm\u011b\u0159uje na korpor\u00e1tn\u00ed americk\u00fd<\/strong> dluhopis, proto v\u00a0nab\u00eddce \u201eCountry of Issuer\u201c vyb\u00edr\u00e1m United States (8)<\/span><\/strong> a chci nakoupit dluhopis denominovan\u00fd v\u00a0americk\u00fdch dolarech, co\u017e potvrzuji ve volb\u011b \u201eCurrency\u201c zad\u00e1n\u00edm USD (9)<\/span><\/strong>. Mohu sv\u00e9 vyhled\u00e1v\u00e1n\u00ed omezit tak\u00e9 na vybran\u00fd korpor\u00e1tn\u00ed sektor (10)<\/span><\/strong>, nech\u00e1v\u00e1m nyn\u00ed zatr\u017eeny a vybr\u00e1ny v\u0161echny podnikov\u00e9 oblasti. Vyhled\u00e1n\u00ed potvrd\u00edm volbou \u201eView Results\u201c (11)<\/span><\/strong>.\u00a0 \u00a0\u00a0\u00a0<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Mohu pak vypozorovat v\u00fdsledek vyhled\u00e1v\u00e1n\u00ed, podle mnou zadan\u00fdch krit\u00e9ri\u00ed,<\/strong> kter\u00e9 jsou shrnuty do p\u0159ehledu (12)<\/strong><\/span> a tak\u00e9 mohu pozorovat, \u017ee m\u00e9mu po\u017eadavku vyhovuje celkem 299 dluhopis\u016f<\/strong> (13)<\/strong><\/span>, jejich p\u0159ehled je pak rozprost\u0159en na celkem p\u011bti str\u00e1nk\u00e1ch v\u00fdsledk\u016f (14)<\/strong><\/span>.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Z nab\u00eddky t\u00e9m\u011b\u0159 t\u0159\u00ed set emis\u00ed vyhovuj\u00edc\u00edch m\u00e9mu po\u017eadavku vyb\u00edr\u00e1m nap\u0159\u00edklad dluhopis americk\u00e9 petrolej\u00e1\u0159sk\u00e9 spole\u010dnosti Occidental Petroleum Corp.<\/strong>, kter\u00e1 nese kup\u00f3n 7.50 % p.a.<\/strong> a m\u00e1 splatnost 15.10.2026 (15)<\/span><\/strong>, po\u017eadovan\u00fd v\u00fdnos \u010din\u00ed 5.603% (16)<\/span><\/strong>, mohu tak vyhodnotit, \u017ee podm\u00ednky zadan\u00e9 screenerem byly spln\u011bny.<\/span><\/p>\n

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

\u00a0\u00a0 Kliknut\u00edm na vybran\u00fd dluhopis mohu z\u00edskat detaily cel\u00e9 emise. Mohu vypozorovat, \u017ee krom\u011b po\u017eadovan\u00fdch \u00fadaj\u016f o dluhopisu mohu odez\u00edrat jak\u00fd m\u00e1 dluhopis ISIN (17)<\/span><\/strong> a specifick\u00e9 \u010d\u00edslo cenn\u00e9ho pap\u00edru, kter\u00e9 mu p\u0159id\u011blil m\u016fj broker IBCID (18)<\/span><\/strong>. Pou\u017eit\u00ed \u010d\u00edsla IBCID bude vysv\u011btleno pozd\u011bji v \u010dl\u00e1nku, pomoc\u00ed hodnoty ISIN p\u0159enesu vybran\u00fd cenn\u00fd pap\u00edr do platformy TWS. Sta\u010d\u00ed jej jednodu\u0161e zkop\u00edrovat a vlo\u017eit do \u0159\u00e1dku platformy TWS.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Vlo\u017een\u00ed ISINu s\u00a0potvrzen\u00edm vygeneruje okno s\u00a0nab\u00eddkou pro vlo\u017een\u00ed vybran\u00e9ho dluhopisu do \u0159\u00e1dku platformy.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 V\u00fdb\u011brem zp\u016fsobu pro zobchodov\u00e1n\u00ed (19)<\/span> <\/strong>a potvrzen\u00edm \u201eAdd\u201c<\/strong> (20)<\/strong><\/span> vlo\u017e\u00edm po\u017eadovanou emisi do \u0159\u00e1dku obchodn\u00ed platformy TWS.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Vybran\u00fd dluhopis nyn\u00ed mohu nakoupit jako ka\u017ed\u00fd jin\u00fd cenn\u00fd pap\u00edr, kter\u00fd si mohu v\u00a0obchodn\u00ed platform\u011b zobrazit. Mohu nyn\u00ed vypozorovat, \u017ee vyhledan\u00fd dluhopis p\u0159enesen\u00fd do platformy TWS nem\u00e1<\/strong> k\u00a0dispozici identifik\u00e1tor CUSIP<\/strong>, ale na jeho m\u00edst\u011b se zobrazuje identifik\u00e1tor tohoto cenn\u00e9ho pap\u00edru IBCID vytvo\u0159en\u00fd m\u00fdm brokerem. Je to proto, \u017ee slu\u017eba vyhled\u00e1n\u00ed (p\u0159i\u0159azen\u00ed) CUSIP k vybran\u00e9mu cenn\u00e9mu pap\u00edru je placen\u00e1 slu\u017eba a na tomto \u00fa\u010dtu, kde jsem si provedl v\u00fdb\u011br tohoto dluhopisu nem\u00e1m tuto slu\u017ebu zaplacenou. Identifik\u00e1tor CUSIP je pak zapot\u0159eb\u00ed zad\u00e1vat do r\u016fzn\u00fdch vyhled\u00e1va\u010d\u016f nebo screener\u016f, kter\u00e9 pomohou s dal\u0161\u00ed anal\u00fdzou tohoto cenn\u00e9ho pap\u00edru, v p\u0159\u00edpad\u011b korpor\u00e1tn\u00edho cenn\u00e9ho pap\u00edru nap\u0159\u00edklad na str\u00e1nk\u00e1ch FINRA<\/a><\/strong><\/span>, ze kter\u00fdch jsem \u010derpal a ukazoval analytick\u00e9 informace o korpor\u00e1tn\u00edch dluhopisech v p\u0159edch\u00e1zej\u00edc\u00edch \u010dl\u00e1nc\u00edch. Slu\u017ebu zji\u0161t\u011bn\u00ed CUSIP je mo\u017en\u00e9 u Interactive Brokers zaplatit, jej\u00ed aktu\u00e1ln\u00ed cena je n\u00ed\u017ee na obr\u00e1zku ze str\u00e1nky Market Data Subscriptions m\u00e9ho Account Management pro jin\u00fd obchodn\u00ed \u00fa\u010det, kter\u00fd m\u00e1 tuto slu\u017ebu zaplacenou.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 M\u011bs\u00ed\u010dn\u00ed platba za zji\u0161t\u011bn\u00ed CUSIP je 1.00 USD. V p\u0159\u00edpad\u011b, \u017ee utrat\u00edm za poplatky v\u00edce ne\u017e 5.00 USD m\u011bs\u00ed\u010dn\u011b, je pak tato slu\u017eba zadarmo. Pokud bych pot\u00e9 mnou nalezen\u00fd dluhopis zadal podle ISIN do platformy TWS, mohl bych zobrazen\u00ed dluhopisu Occidental Petroleum Corp. pozorovat na \u00fa\u010dtu s p\u0159edplacenou slu\u017ebou CUSIP takto:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0\u00a0 Identifik\u00e1tor CUSIP je automaticky k\u00a0vybran\u00e9mu dluhopisu p\u0159i\u0159azen a mohu s\u00a0n\u00edm d\u00e1le analyticky pracovat.<\/span><\/p>\n

\n

Bond Scanner platformy TWS<\/span><\/strong><\/h1>\n

\u00a0\u00a0 Druh\u00fdm zp\u016fsobem, jak nal\u00e9zt pot\u0159ebn\u00fd dluhopis je vyu\u017eit\u00ed aplikace Bond Scanner, kter\u00e1 je sou\u010d\u00e1st\u00ed platformy TWS. Tato vyhled\u00e1vac\u00ed pom\u016fcka se spou\u0161t\u00ed z\u00a0nab\u00eddky \u201eAnalytical Tools\u201c<\/strong> um\u00edst\u011bn\u00e9 v hlavn\u00ed nab\u00eddce TWS:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0\u00a0 V\u00fdb\u011brem a potvrzen\u00edm t\u00e9to volby p\u0159ejdu do hlavn\u00edho okna vyhled\u00e1va\u010de, kde se budu sna\u017eit zadat stejn\u00e9 parametry, jako p\u0159i p\u0159edchoz\u00edm hled\u00e1n\u00ed pomoc\u00ed vyhled\u00e1va\u010de v\u00a0klientsk\u00e9m rozhran\u00ed.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Nebudu nyn\u00ed podrobn\u011b popisovat v\u0161echna pole, kter\u00e1 jsem nevyplnil, toto mohu pou\u017e\u00edt p\u0159i dal\u0161\u00edm zp\u0159es\u0148ov\u00e1n\u00ed v\u00fdsledku vyhled\u00e1v\u00e1n\u00ed, nicm\u00e9n\u011b jsem si vybral, \u017ee ze v\u0161ech mo\u017en\u00fdch typ\u016f dluhopis\u016f v nab\u00eddce scanneru chci korpor\u00e1tn\u00ed dluhopis (1)<\/span><\/strong> s\u00a0minim\u00e1ln\u00edm v\u00fdnosem 4% p.a. (2)<\/span><\/strong> se splatnost\u00ed do roku 2028 (3)<\/span><\/strong>. Dluhopis by m\u011bl b\u00fdt v\u00a0americk\u00fdch dolarech (4)<\/span><\/strong> a emitentem by m\u011bla b\u00fdt americk\u00e1 spole\u010dnost (5)<\/span><\/strong>. Rating (6)<\/span><\/strong> jsem zadal s\u00a0po\u017eadavkem na Investment Grade dluhopis, tedy na \u00farovn\u00edch minim\u00e1ln\u011b BAA3 pro Moody\u2019s a BBB- pro S&P. Pro omezen\u00ed zna\u010dn\u00e9ho mno\u017estv\u00ed nalezen\u00fdch dluhopis\u016f jsem nyn\u00ed z\u00a0cel\u00e9ho spektra americk\u00fdch korpor\u00e1tn\u00edch dluhopis\u016f zadal po\u017eadavek, aby se emitent rekrutoval ze sektoru Energy (7)<\/span><\/strong>. Potvrzen\u00edm \u201eSearch\u201c (8)<\/span><\/strong> jsem spustil vyhled\u00e1v\u00e1n\u00ed. V\u00a0okn\u011b screeneru potom mohu pozorovat dosa\u017een\u00fd v\u00fdsledek:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Vyhled\u00e1vac\u00ed n\u00e1stroj podle zadan\u00fdch krit\u00e9ri\u00ed vygeneroval 71<\/strong> v\u00fdsledk\u016f (1)<\/strong><\/span>. Mohu pak vypozorovat, \u017ee se mezi nimi nach\u00e1z\u00ed tak\u00e9 dluhopis nalezen\u00fd za stejn\u00fdch podm\u00ednek p\u0159edchoz\u00edm v\u00fd\u0161e popsan\u00fdm zp\u016fsobem, tedy dluhopis Occidental Petroleum Corp., kter\u00fd nese kup\u00f3n 7.50 % p.a. a m\u00e1 splatnost 15.10.2026 (2)<\/strong><\/span>. Jeho v\u00fdnos je vy\u0161\u0161\u00ed ne\u017e po\u017eadovan\u00fdch 4% p.a. (3)<\/span><\/strong>, konkr\u00e9tn\u011b 5,481% p.a., d\u00e1le mohu zjistit hodnotu modifikovan\u00e9 durace<\/strong> na \u00farovni 3.13% (4)<\/span><\/strong> a tak\u00e9 vyhodnotit, \u017ee do splatnosti dluhopisu je ke dni vyhled\u00e1v\u00e1n\u00ed (25.4.2023) p\u0159esn\u011b 3.47 let (5)<\/span><\/strong> (15.10.2026 \u2013 25.4.2023)\/365. C\u00edlen\u00fd v\u00fdb\u011br sektoru energetick\u00e9ho pr\u016fmyslu je vyzna\u010den ve sloupci Sector (6)<\/span><\/strong>, mohu pak je\u0161t\u011b vypozorovat, \u017ee z tohoto sektoru pat\u0159\u00ed emitent do skupiny Oil&Gas (7)<\/span><\/strong>.<\/span><\/p>\n

\u00a0\u00a0 P\u0159eta\u017een\u00edm my\u0161\u00ed vybran\u00e9ho dluhopisu z okna screeneru do plochy otev\u0159en\u00e9 obchodn\u00ed platformy TWS mohu s dan\u00fd dluhopisem d\u00e1le pracovat.<\/span><\/p>\n

\n

\u00a0\u00a0\u00a0\u00a0Treasuries v TWS<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Pokud je m\u00e1 volba vyhled\u00e1v\u00e1n\u00ed po\u017eadovan\u00e9ho dluhopisu zac\u00edlena pouze<\/strong> na americk\u00e9 vl\u00e1dn\u00ed dluhopisy<\/strong>, mohu vyu\u017e\u00edt samostatnou vyhled\u00e1vac\u00ed aplikaci Treasuries<\/strong> obchodn\u00ed platformy TWS, kter\u00e1 se spou\u0161t\u00ed z p\u00e1su n\u00e1stroj\u016f na hlavn\u00ed li\u0161t\u011b TWS.\u00a0\u00a0<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Mohu samoz\u0159ejm\u011b vyu\u017e\u00edt vyhled\u00e1v\u00e1n\u00ed vl\u00e1dn\u00edho dluhopisu n\u00e1strojem v p\u0159edchoz\u00ed \u010d\u00e1sti \u010dl\u00e1nku s t\u00edm, \u017ee z vyhled\u00e1vac\u00edho menu budu volit oblast hled\u00e1n\u00ed v\u00fdb\u011brem mo\u017enosti US Treasuries nam\u00edsto popisovan\u00e9ho v\u00fdb\u011bru Corporate Bonds, ale vestav\u011bn\u00e1 aplikace TWS p\u0159\u00edmo pro tyto vl\u00e1dn\u00ed dluhopisy je podle m\u00e9ho vhodn\u011bj\u0161\u00ed. Jej\u00ed inicializac\u00ed pak dos\u00e1hnu n\u00ed\u017ee uveden\u00e9ho zobrazen\u00ed:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a0Pokud budu m\u00edt v \u00famyslu vyhledat klasick\u00fd p\u011btilet\u00fd americk\u00fd vl\u00e1dn\u00ed dluhopis<\/strong>, mohu k v\u00fdb\u011bru p\u0159istoupit zad\u00e1n\u00edm v\u00fd\u0161e uveden\u00fdch hodnot. Z t\u0159in\u00e1cti mo\u017en\u00fdch typ\u016f americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f vyb\u00edr\u00e1m \u201eNotes\u201c (1)<\/span><\/strong>, nebudou m\u011b tak zaj\u00edmat dlouhodob\u00e9 cenn\u00e9 pap\u00edry (Bonds), kr\u00e1tkodob\u00e9 cenn\u00e9 pap\u00edry (Bills) nebo cenn\u00e9 pap\u00edry nav\u00e1zan\u00e9 na inflaci (TIPS) a d\u00e1le \u00a0dluhov\u00e9 cenn\u00e9 pap\u00edry vznikl\u00e9 rozd\u011blen\u00edm dluhopis\u016f (STRIPS) na dluhopisy p\u0159edstavuj\u00edc\u00ed Face Value (Principals) nebo kup\u00f3novou slo\u017eku (Interests). V\u00fdb\u011brem \u201eMaturity Date\u201c (2)<\/span><\/strong> zad\u00e1m po\u017eadovan\u00e9 datum splatnosti<\/strong> a pokud bych m\u011bl speci\u00e1ln\u00ed po\u017eadavek na datum, kdy byly dluhopisy emitov\u00e1ny, mohu vyu\u017e\u00edt volbu \u201eIssue Date\u201c (3)<\/span><\/strong>. Pozoruji, \u017ee nalezen\u00e9 dluhopisy disponuj\u00ed r\u016fzn\u00fdmi kup\u00f3ny, kter\u00e9 mohu, v p\u0159\u00edpad\u011b, \u017ee by bylo nalezen\u00fdch dluhopis\u016f mnoho, t\u0159\u00eddit podle jejich v\u00fd\u0161e v \u010d\u00e1sti \u201eCoupon\u201c (4)<\/span><\/strong>. Zaj\u00edmaj\u00ed m\u011b jen dluhopisy, se kter\u00fdmi lze obchodovat<\/strong> s volbou v \u010d\u00e1sti \u201eTradable\u201c (5)<\/span><\/strong>. Toto nastaven\u00ed potom vybere aktu\u00e1ln\u011b t\u0159i dostupn\u00e9 dluhopisy podle zadan\u00e9ho v\u00fdb\u011bru, kter\u00fd je shrnut do hlavi\u010dky vyhled\u00e1vac\u00edho formul\u00e1\u0159e (6)<\/strong><\/span>. Zobrazen\u00e9 dluhopisy (7)<\/strong><\/span> mohu v\u0161echny zahrnout do sv\u00e9ho v\u00fdb\u011bru kliknut\u00edm na tla\u010d\u00edtko \u201eSelect All\u201c (8)<\/span><\/strong> a potvrzen\u00edm volby \u201eAdd\u201c (9)<\/span><\/strong> p\u0159enesu v\u0161echny vybran\u00e9 dluhopisy do aktu\u00e1ln\u011b otev\u0159en\u00e9 z\u00e1lo\u017eky obchodn\u00ed platformy TWS, tak jako na obr\u00e1zku n\u00ed\u017ee:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Pot\u00e9 mohu s\u00a0vybran\u00fdmi dluhopisy d\u00e1le pracovat. \u00a0<\/span><\/p>\n

\n

Dluhopis vybran\u00e9ho emitenta<\/strong><\/span><\/h1>\n

\u00a0\u00a0 V\u00edm, co chci. Po\u0159\u00eddit dluhopis konkr\u00e9tn\u00edho emitenta, jenom chci prozkoumat nab\u00eddku jeho emis\u00ed a vybrat si tu pravou. Jednodu\u0161e z n\u011bjak\u00fdch vlastn\u00edch d\u016fvod\u016f v\u011b\u0159\u00edm, \u017ee dluhopisy t\u00e9to m\u00e9 konkr\u00e9tn\u00ed spole\u010dnosti jsou pro m\u011b to prav\u00e9, tak\u017ee nevyu\u017e\u00edv\u00e1m mo\u017enosti \u201epros\u00e9vat\u201c stovky a\u017e tis\u00edce nejr\u016fzn\u011bj\u0161\u00edch emis\u00ed, a\u017e natref\u00edm na \u201etu pravou\u201c a do n\u00ed pak p\u0159\u00edpadn\u011b investuji. M\u00e1m jasno, chci prozkoumat dluhopisy m\u00e9ho aktu\u00e1ln\u00edho favorita Honeywell International Inc.<\/strong> Veps\u00e1n\u00edm tickeru \u201eHON\u201c do \u0159\u00e1dku platformy TWS mohu vypozorovat tuto nab\u00eddku:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Budou m\u011b nyn\u00ed zaj\u00edmat pouze dluhopisy<\/strong> emitovan\u00e9 touto spole\u010dnost\u00ed, ostatn\u00ed investi\u010dn\u00ed n\u00e1stroje ponech\u00e1v\u00e1m bez pov\u0161imnut\u00ed. Potvrzen\u00edm nab\u00eddky \u201eBonds\u201c<\/strong> m\u00e1m mo\u017enost tyto emise prozkoumat.\u00a0<\/span><\/p>\n

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

\u00a0\u00a0 Op\u011bt bych m\u011bl z\u00e1jem o p\u011btilet\u00fd dluhopis<\/strong> t\u00e9to spole\u010dnosti, proto sv\u00e9 hled\u00e1n\u00ed zac\u00edl\u00edm na dluhopisy se splatnost\u00ed v\u00a0roce 2028<\/strong>. Mohu pak vypozorovat, \u017ee obdobn\u011b jako ve vyhled\u00e1vac\u00edm formul\u00e1\u0159i pro americk\u00e9 vl\u00e1dn\u00ed dluhopisy, mohu vyb\u00edrat z nejr\u016fzn\u011bj\u0161\u00edch splatnost\u00ed v \u010d\u00e1sti\u00a0\u201eMaturity Date\u201c (1)<\/span><\/strong>, v\u00a0m\u00e9m p\u0159\u00edpad\u011b \u00fanor 2028, pot\u00e9 je mi vygenerov\u00e1na emise dluhopis\u016f emitenta HON, kterou lze obchodovat (2)<\/span><\/strong> s\u00a0kup\u00f3nem 4.95% p.a.<\/strong> a se splatnost\u00ed 15.2.2028<\/strong> (3)<\/strong><\/span>. Volbou \u201eAdd\u201c (4)<\/span><\/strong> p\u0159id\u00e1m vyhledan\u00fd dluhopis do \u0159\u00e1dku aktu\u00e1ln\u011b otev\u0159en\u00e9 z\u00e1lo\u017eky obchodn\u00ed platformy TWS, kde s n\u00edm mohu d\u00e1le analyticky nebo obchodn\u011b pracovat.\u00a0 \u00a0 \u00a0<\/span><\/p>\n

\n

Dluhopisy v\u00a0Excelu<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Po\u0159\u00edzen\u00ed dluhopis\u016f na obchodn\u00ed \u00fa\u010det patrn\u011b nebude v\u00fdznamn\u00fd probl\u00e9m. Jeho vyhled\u00e1n\u00ed a v\u00fdb\u011br z\u00e1le\u017e\u00ed na m\u00fdch obchodn\u00edch preferenc\u00edch, technika n\u00e1kupu u m\u00e9ho brokera Interactive Brokers se pak nijak neli\u0161\u00ed od po\u0159\u00edzen\u00ed akcie, futures kontraktu nebo opce. Pokud bych po\u017eadoval, aby se mi ceny po\u0159\u00edzen\u00fdch dluhopis\u016f zobrazovaly v se\u0161itu v Excelu pro n\u011bjak\u00e9 vlastn\u00ed anal\u00fdzy, mohu vyu\u017e\u00edt, stejn\u011b jako pro akcie, opce nebo futures, funkcionalitu brokera ozna\u010denou jako TWS RTD Server API. Pomoc\u00ed spr\u00e1vn\u00e9ho nastaven\u00ed si mohu nechat do sv\u00e9ho excelovsk\u00e9ho se\u0161itu streamovat ceny po\u0159\u00edzen\u00fdch dluhopis\u016f a m\u00edt tak vlastn\u00ed p\u0159edstavu o stavu dluhopisov\u00e9ho portfolia. V \u010dl\u00e1nku \u017div\u00e1 data z IB do Excelu<\/a><\/strong><\/span> jsem popisoval nastaven\u00ed TWS a excelovsk\u00e9ho se\u0161itu pro funk\u010dn\u00ed propojen\u00ed. V kr\u00e1tkosti p\u0159ipomenu, \u017ee pro hladk\u00e9 propojen\u00ed je zapot\u0159eb\u00ed nainstalovat do sv\u00e9ho po\u010d\u00edta\u010de IB API<\/a><\/strong><\/span> a tak\u00e9 upozor\u0148uji, \u017ee toto propojen\u00ed funguje pouze pro po\u010d\u00edta\u010de s opera\u010dn\u00edm syst\u00e9mem Windows. Pokud se mi poda\u0159\u00ed API nainstalovat, mus\u00edm je\u0161t\u011b p\u0159ipravit TWS platformu na p\u0159en\u00e1\u0161en\u00ed t\u011bchto dat podle n\u00ed\u017ee uveden\u00e9ho obr\u00e1zku:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 V\u00a0nastaven\u00ed (1)<\/span><\/strong> volbou API (2)<\/span><\/strong> vyberu \u201eSettings\u201c (3)<\/span><\/strong> a p\u0159izp\u016fsob\u00edm okno s dal\u0161\u00edmi mo\u017enostmi volby. Povol\u00edm \u201eEnable Active X and Socket Clients“ (4)<\/span><\/strong> a nastav\u00edm port \u201eSocket port\u201c<\/strong> veps\u00e1n\u00edm hodnoty 7496 (5)<\/span><\/strong> v\u00a0p\u0159\u00edpad\u011b, \u017ee budu data \u010derpat z\u00a0\u017eiv\u00e9ho obchodn\u00edho \u00fa\u010dtu nebo vep\u00ed\u0161u hodnotu 7497 pro mo\u017enost \u010derpat data z\u00a0paper \u00fa\u010dtu. Volbu potvrd\u00edm stisknut\u00edm \u201eOK\u201c (6)<\/span><\/strong>.<\/span><\/p>\n

\u00a0\u00a0 Takto p\u0159ipravenou obchodn\u00ed platformu TWS mus\u00edm m\u00edt spu\u0161t\u011bnou v p\u0159\u00edpad\u011b, \u017ee chci otev\u00edrat excelovsk\u00fd se\u0161it, do kter\u00e9ho se mi budou \u017eiv\u011b p\u0159en\u00e1\u0161et data m\u00fdch dluhopis\u016f. Uvedu \u010dty\u0159i p\u0159\u00edklady syntaxe po\u017eadavku na p\u0159enos dat pro m\u016fj dluhopis do sv\u00e9ho excelovsk\u00e9ho se\u0161itu, a to konkr\u00e9tn\u011b pro v\u00fd\u0161e vyhledan\u00fd dluhopis Occidental Petroleum Corp. s kup\u00f3nem 7.50 % p.a. a splatnost\u00ed 15.10.2026. V\u0161echny mo\u017enosti vych\u00e1zej\u00ed ze syntaxe p\u0159\u00edkazu v bu\u0148ce excelu, kter\u00fd vol\u00e1 RTD server ve form\u00e1tu =RTD(\u201etws.twsrtdserverctrl\u201c;;\u2026dal\u0161\u00ed po\u017eadavky)<\/em> podle m\u00e9 pot\u0159eby. Uv\u00e1d\u00edm n\u011bkolik zp\u016fsob\u016f syntaxe z\u00e1m\u011brn\u011b, proto\u017ee se n\u011bkdy m\u016f\u017ee st\u00e1t, \u017ee n\u011bkter\u00fd z p\u0159\u00edkaz\u016f nefunguje, tak\u017ee jej lze vym\u011bnit za jin\u00fd. N\u00ed\u017ee je prvn\u00ed z nich:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Pokud zn\u00e1m CUSIP m\u00e9ho dluhopisu (674599DN2), nejjednodu\u0161\u0161\u00ed verz\u00ed je vepsat p\u0159\u00edmo po\u017eadavek na n\u00e1kupn\u00ed cenu \u201eAsk\u201c do bu\u0148ky Excelu podle p\u0159\u00edkladu v obr\u00e1zku. N\u00ed\u017ee uveden\u00fd v\u00fdraz<\/span><\/p>\n

=RTD(„tws.twsrtdserverctrl“;;“<\/em>674599DN2<\/em><\/span>@SMART\/\/BOND“; „<\/em>Ask<\/em><\/span>„)<\/em><\/span><\/p>\n

\u00a0 \u00a0vlo\u017een\u00fd do bu\u0148ky excelu pot\u00e9 za\u010dne bezprost\u0159edn\u011b p\u0159en\u00e1\u0161et aktu\u00e1ln\u00ed data do excelovsk\u00e9ho se\u0161itu, mohu pak pouhou zm\u011bnou parametru CUSIP (modr\u00e9 \u010d\u00edslo) m\u011bnit zad\u00e1v\u00e1n\u00ed dluhopisu pr\u00e1v\u011b podle t\u00e9to identifikace. Je pak pochopiteln\u00e9, \u017ee zm\u011bnou mod\u0159e zv\u00fdrazn\u011bn\u00e9ho \u201eAsk\u201c na \u201eBid\u201c doc\u00edl\u00edm p\u0159en\u00e1\u0161en\u00ed prodejn\u00ed ceny do excelovsk\u00e9 bu\u0148ky. V dal\u0161\u00edm p\u0159\u00edkladu mohu naformulovat syntaxi takto:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 P\u0159i stejn\u00e9 znalosti CUSIP mohu nechat do bu\u0148ky ecelu streamovat ceny stejn\u00e9ho dluhopisu Occidental Petroleum Corp. podle p\u0159\u00edkazu se slo\u017eit\u011bj\u0161\u00ed syntax\u00ed:<\/span><\/p>\n

=RTD(„Tws.TwsRtdServerCtrl“;;“sym=<\/em>674599DN2<\/em><\/span>„;“cur=USD“; „exch=SMART“; „sec=BOND“; „qt=<\/em>Ask<\/em><\/span>„)<\/em><\/span><\/p>\n

\u00a0 \u00a0Op\u011bt sta\u010d\u00ed jej\u00ed p\u0159eps\u00e1n\u00ed do bu\u0148ky excelu ve vyzna\u010den\u00e9m tvaru pro z\u00edsk\u00e1n\u00ed Ask cen s mo\u017enost\u00ed m\u011bnit parametr CUSIP a Ask podle toho, jestli chci naj\u00edt hodnoty pro jin\u00fd obchodovan\u00fd dluhopis a zaj\u00edm\u00e1 m\u011b jin\u00fd parametr ne\u017e aktu\u00e1ln\u00ed Ask cena. T\u0159et\u00ed mo\u017enost\u00ed je n\u00ed\u017ee uveden\u00e1 syntaxe:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0Nebudu cht\u00edt m\u00edt p\u0159edplacenou slu\u017ebu pro p\u0159i\u0159azov\u00e1n\u00ed CUSIP pro nalezen\u00e9 dluhopisy a budu pracovat pouze s\u00a0ozna\u010den\u00edm dluhopisu<\/strong> podle m\u00e9ho brokera<\/strong> ve tvaru IBCID <\/strong>(383313609). Potom mohu volit syntaxi p\u0159\u00edkazu na obdr\u017een\u00ed parametr\u016f dluhopisu do m\u00e9ho se\u0161itu podle obr\u00e1zku v\u00fd\u0161e, kter\u00fd vypad\u00e1 takto:<\/span><\/p>\n

=RTD(„tws.twsrtdserverctrl“;;“conid=<\/em>383313609<\/em><\/span>„; „exch=SMART“; „qt=<\/em>Ask<\/em><\/span>„)<\/em><\/span><\/p>\n

\u00a0<\/em><\/span>\u00a0\u00a0 <\/em>Zad\u00e1n\u00edm p\u0159\u00edkazu v tomto tvaru mohu op\u011btovn\u011b o\u010dek\u00e1vat p\u0159en\u00e1\u0161en\u00ed pot\u0159ebn\u00fdch dat do sv\u00e9ho excelu ani\u017e bych pot\u0159eboval zn\u00e1t CUSIP cenn\u00e9ho pap\u00edru. Nakonec \u010dtvrt\u00fd p\u0159\u00edklad:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 V\u00edce \u201eexcelov\u011bj\u0161\u00ed\u201c syntaxi pak p\u0159in\u00e1\u0161\u00ed obr\u00e1zek se vzorcem zji\u0161t\u011bn\u00ed ceny Ask (1)<\/span><\/strong>, kde v\u00fdsledn\u00fd p\u0159\u00edkaz je slo\u017een z\u00a0odkaz\u016f na bu\u0148ky, ve kter\u00e9m se nach\u00e1zej\u00ed jednotliv\u00e9 \u010d\u00e1sti datov\u00e9ho dotazu.<\/span><\/p>\n

=RTD(A1;;C4;F3)<\/em><\/span><\/p>\n

\u00a0 \u00a0V bu\u0148ce A1<\/strong> je n\u00e1zev \u201etws.twsrtdserverctrl<\/em>\u201c (2)<\/span><\/strong>, kter\u00fd tak nemus\u00edm pracn\u011b p\u0159en\u00e1\u0161et do ka\u017ed\u00e9ho \u0159\u00e1dku p\u0159\u00edpadn\u00e9ho se\u0161itu s\u00a0v\u00edce dluhopisy, v\u00a0bu\u0148ce C4 (3)<\/span><\/strong> je pak slo\u017een\u00fd v\u00fdraz<\/strong> specifikuj\u00edc\u00ed dan\u00fd dluhopis<\/strong> a zp\u016fsob, jak jej chci po\u0159\u00eddit, posledn\u00ed \u010d\u00e1sti p\u0159\u00edkazu je po\u017eadovan\u00e1 hodnota, v m\u00e9m p\u0159\u00edpad\u011b hled\u00e1m Ask cenu, po\u017eadavek na Ask<\/strong> pak p\u0159en\u00e1\u0161\u00edm z bu\u0148ky F3 (4)<\/span><\/strong>.<\/span><\/p>\n

\n

\u00a0\u00a0 Naj\u00edt po\u017eadovan\u00fd dluhopis u brokera Interactive Brokers nemus\u00ed b\u00fdt nakonec nic obt\u00ed\u017en\u00e9ho. N\u00e1stroje, kter\u00e9 m\u00e1m k dispozici mi umo\u017en\u00ed hled\u00e1n\u00ed n\u011bkolika zp\u016fsoby, sta\u010d\u00ed jen m\u00edt naformulovan\u00fd po\u017eadavek, co by p\u0159ibli\u017en\u011b m\u011blo b\u00fdt v\u00fdsledkem hled\u00e1n\u00ed nebo odpov\u00eddalo m\u00fdm investi\u010dn\u00edm p\u0159edstav\u00e1m. Pozorovat nakoupen\u00e9 nebo vybran\u00e9 dluhopisy pomoc\u00ed excelu tak\u00e9 nen\u00ed nic nemo\u017en\u00e9ho, sta\u010d\u00ed dodr\u017eet spr\u00e1vnou syntaxi dotazu a m\u016f\u017eete sv\u00e9 dluhopisov\u00e9 portfolio pozorovat mimo obchodn\u00ed platformu. Excelovsk\u00fd se\u0161it se syntaxemi dotaz\u016f, kter\u00e9 jsou pops\u00e1ny v \u010dl\u00e1nku naleznete v \u00favodn\u00edm p\u0159\u00edsp\u011bvku vl\u00e1kna k tomuto \u010dl\u00e1nku v diskuzn\u00edm f\u00f3ru s odkazem n\u00ed\u017ee.<\/span><\/p>\n

\u00a0 \u00a0Excel je mo\u017en\u00e9 st\u00e1hnou v Diskuzn\u00edm f\u00f3ru ve vl\u00e1kn\u011b k\u00a0tomuto \u010dl\u00e1nku<\/a><\/strong><\/span>, stejn\u011b tak zde m\u016f\u017eete p\u0159id\u00e1vat sv\u00e9 koment\u00e1\u0159e :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\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 Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":6373,"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_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-6340","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\/2023\/04\/main-1.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1Eg","jetpack-related-posts":[{"id":6561,"url":"https:\/\/dobretrejdy.com\/?p=6561","url_meta":{"origin":6340,"position":0},"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":6668,"url":"https:\/\/dobretrejdy.com\/?p=6668","url_meta":{"origin":6340,"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":6833,"url":"https:\/\/dobretrejdy.com\/?p=6833","url_meta":{"origin":6340,"position":2},"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":6047,"url":"https:\/\/dobretrejdy.com\/?p=6047","url_meta":{"origin":6340,"position":3},"title":"Dluhopisy \u2013 IV.","author":"dobretrejdy :c)","date":"24.12.2022","format":false,"excerpt":"\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\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\/WMT1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/WMT1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/WMT1.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/WMT1.jpg?resize=700%2C400 2x"},"classes":[]},{"id":6292,"url":"https:\/\/dobretrejdy.com\/?p=6292","url_meta":{"origin":6340,"position":4},"title":"Dluhopisy – VIII.","author":"dobretrejdy :c)","date":"10.4.2023","format":false,"excerpt":"\u00a0 \u00a0Lep\u0161\u00ed okam\u017eik pro naps\u00e1n\u00ed tohoto \u010dl\u00e1nku jsem si ani nemohl p\u0159\u00e1t. Lehk\u00e9 n\u00e1znaky bankovn\u00ed krize vypl\u00fdvaj\u00edc\u00ed z podivn\u00e9 likvidity speci\u00e1ln\u00edch bankovn\u00edch dom\u016f opep\u0159en\u00e9 koment\u00e1\u0159i jejich v\u00edce \u010di m\u00e9n\u011b schopn\u00fdch p\u0159edstavitel\u016f p\u0159in\u00e1\u0161ej\u00ed na p\u0159elomu m\u011bs\u00edce b\u0159ezna a dubna 2023 skv\u011bl\u00fd r\u00e1mec pro t\u00e9ma tohoto \u010dl\u00e1nku. Jakou roli v t\u00e9to \u0161lamastyce\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\/F1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/04\/F1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/04\/F1.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":6234,"url":"https:\/\/dobretrejdy.com\/?p=6234","url_meta":{"origin":6340,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6340","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=6340"}],"version-history":[{"count":21,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6340\/revisions"}],"predecessor-version":[{"id":7317,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6340\/revisions\/7317"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/6373"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}