{"id":6561,"date":"2023-08-26T16:04:52","date_gmt":"2023-08-26T14:04:52","guid":{"rendered":"https:\/\/dobretrejdy.com\/?p=6561"},"modified":"2024-08-18T16:57:08","modified_gmt":"2024-08-18T14:57:08","slug":"dluhopisy-xi","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=6561","title":{"rendered":"Dluhopisy \u2013 XI."},"content":{"rendered":"

\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, \u017ee tyto cenn\u00e9 pap\u00edry aktivn\u011b obchoduji, jsou z\u00e1kladem k pochopen\u00ed obrovsk\u00e9ho sv\u011bta odvozenin od t\u011bchto cenn\u00fdch pap\u00edr\u016f \u2013 nav\u00e1zan\u00fdch dluhopisov\u00fdch deriv\u00e1t\u016f, zejm\u00e9na dluhopisov\u00fdch futures, opc\u00ed, fond\u016f, swap\u016f, certifik\u00e1t\u016f a dal\u0161\u00edch v\u0161emo\u017en\u011b mysliteln\u00fdch deriv\u00e1t\u016f a jejich kombinac\u00ed. Nen\u00ed patrn\u011b mo\u017en\u00e9 tyto v\u00fdznamn\u011b obchodovan\u00e9 t\u0159\u00eddy aktiv pochopit bez hlub\u0161\u00edho porozum\u011bn\u00ed fungov\u00e1n\u00ed a konstrukci jejich podklad\u016f, mal\u00fdm p\u0159\u00edsp\u011bvkem k tomuto pozn\u00e1n\u00ed pak budi\u017e dal\u0161\u00ed \u0159\u00e1dky tohoto \u010dl\u00e1nku.<\/span><\/p>\n

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Auk\u010dn\u00ed proces<\/span><\/strong><\/h1>\n

\u00a0\u00a0 V minul\u00fdch \u010dl\u00e1nc\u00edch jsem popisoval, jak mohu vybrat a nakoupit vybran\u00fd americk\u00fd vl\u00e1dn\u00ed dluhopis u m\u00e9ho brokera Interactive Brokers, d\u00e1le jsem v \u010dl\u00e1nc\u00edch dluhopisov\u00e9ho seri\u00e1lu popisoval, jak jej mohu pro sv\u00e9 obchodn\u00ed \u00fa\u010dely vyb\u00edrat a vypo\u010d\u00edtat jeho v\u00fdnos. V \u010dl\u00e1nku Dluhopisy \u2013 III.<\/a><\/strong><\/span>, kde jsem popisoval rozsah americk\u00e9ho dluhopisov\u00e9ho trhu, jsem poprv\u00e9 uk\u00e1zal na z\u00e1kladn\u00ed \u010dlen\u011bn\u00ed americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f, ale bez v\u00fdznamn\u011b detailn\u011bj\u0161\u00edho rozboru, toto bych cht\u011bl tedy v tomto \u010dl\u00e1nku napravit a up\u0159esnit n\u011bkter\u00e9 detaily, kter\u00e9 by obchodov\u00e1n\u00ed z t\u011bmito dluhopisy mohlo p\u0159in\u00e9st.<\/span><\/p>\n

\u00a0\u00a0 Jak tedy spat\u0159\u00ed sv\u011btlo sv\u011bta americk\u00fd vl\u00e1dn\u00ed dluhopis a jak jsou definov\u00e1ny jeho startovac\u00ed parametry? Jednoduch\u00e1 odpov\u011b\u010f, v po\u0159\u00e1dan\u00e9 aukci. Ministerstvo financ\u00ed rozhoduje o po\u0159\u00e1dan\u00ed aukc\u00ed vl\u00e1dn\u00edch dluhopis\u016f v tiskov\u00fdch zpr\u00e1v\u00e1ch, ve kter\u00fdch upozor\u0148uje na nadch\u00e1zej\u00edc\u00ed term\u00edny po\u0159\u00e1dan\u00fdch aukc\u00ed, tento seznam je mo\u017en\u00e9 st\u00e1hnout ve form\u00e1tu *PDF zde<\/a><\/strong><\/span>.<\/span><\/p>\n

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\u00a0\u00a0 Aktu\u00e1ln\u00ed tiskov\u00e1 zpr\u00e1va s\u00a0p\u0159ehledem budouc\u00edch aukc\u00ed m\u016f\u017ee vypadat jako na v\u00fd\u0161e uveden\u00e9m obr\u00e1zku. Ozna\u010den\u00e1 aukce dvacetilet\u00e9ho bondu (\u010derven\u00fd r\u00e1me\u010dek), pokud bych m\u011bl o n\u011bj z\u00e1jem, by mi mohla napov\u011bd\u011bt, jak\u00fd bude CUSIP<\/strong> tohoto cenn\u00e9ho pap\u00edru (1)<\/strong> <\/span>a v\u00a0popise zji\u0161\u0165uji, \u017ee se jedn\u00e1 o dluhopis s\u00a0dvacetiletou dobou do splatnosti (2)<\/strong><\/span>. M\u016fj z\u00e1jem by se pak m\u011bl soust\u0159edit na den, kdy budou vyd\u00e1ny podrobnosti o chystan\u00e9 aukci \u2013 Announcement Date<\/strong> (v na\u0161em prost\u0159ed\u00ed den, kdy bude zve\u0159ejn\u011bna \u201eAuk\u010dn\u00ed vyhl\u00e1\u0161ka\u201c), toto pozoruji, \u017ee se stane 17.8.2023 (3)<\/strong><\/span>. Samotn\u00e1 aukce \u2013 Auction Date<\/strong> \u2013 prob\u011bhne 23.8.2023 (4)<\/strong><\/span> a dluhopisy podle parametr\u016f dosa\u017een\u00fdch v\u00a0aukci budou vyd\u00e1ny dne 31.8.2023 (5)<\/strong><\/span>. Z dal\u0161\u00edch dopl\u0148uj\u00edc\u00edch informac\u00ed mohu zjistit, \u017ee se nejedn\u00e1 o protiinfla\u010dn\u00ed dluhopis (TIPS) ani o dluhopis s plovouc\u00ed sazbou (FRN) a \u017ee se jedn\u00e1 o novou emisi a nikoliv o obnovenou emisi ji\u017e obchodovan\u00fdch dluhopis\u016f (reopening) (6).<\/strong><\/span>\u00a0Je patrn\u00e9, \u017ee cel\u00fd proces od vyd\u00e1n\u00ed dra\u017eebn\u00ed vyhl\u00e1\u0161ky a\u017e po emisi vl\u00e1dn\u00edch dluhopis\u016f nezabere v\u00edce ne\u017e \u010dtrn\u00e1ct dn\u016f. \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0 Aukce se m\u016f\u017ee \u00fa\u010dastnit ka\u017ed\u00fd, kdo spln\u00ed podm\u00ednky \u00fa\u010dasti v aukci. Pokud bych cht\u011bl podat nab\u00eddku do aukce, mohu tak u\u010dinit s\u00e1m nebo prost\u0159ednictv\u00edm investi\u010dn\u00ed banky, sv\u00e9ho brokera nebo dluhopisov\u00e9ho dealera. Vlastn\u00ed \u00fa\u010dast v aukci vlastn\u00edm jm\u00e9nem vy\u017eaduje z\u0159\u00edzen\u00ed TreasuryDirect \u00fa\u010dtu<\/a><\/span><\/strong>, tedy aplikace, kter\u00e1 mi umo\u017en\u00ed p\u0159\u00edmou \u00fa\u010dast v aukci, je ale patrn\u00e9, \u017ee jako osoba, kter\u00e1 nen\u00ed americk\u00fd rezident, tento \u00fa\u010det z\u0159\u00edd\u00ed obt\u00ed\u017en\u011b. Nyn\u00ed m\u011b ale tato skute\u010dnost zaj\u00edm\u00e1 \u010dist\u011b teoreticky, stejn\u011b tak m\u011b patrn\u011b nezaj\u00edm\u00e1 \u00fa\u010dast v aukci prost\u0159ednictv\u00edm m\u00e9ho brokera, chci pouze nyn\u00ed pochopit z\u00e1kladn\u00ed principy tr\u017en\u00ed tvorby parametr\u016f t\u011bchto dluhopis\u016f, kter\u00e9 pak mohu nakupovat na sekund\u00e1rn\u00edm trhu t\u0159eba od subjektu, kter\u00fd jej v aukci z\u00edskal.<\/span><\/p>\n

\u00a0\u00a0 Americk\u00e9 vl\u00e1dn\u00ed dluhopisy jsou tedy prod\u00e1v\u00e1ny na prim\u00e1rn\u00edm trhu v\u00a0po\u0159\u00e1dan\u00e9 aukci, kter\u00e9 p\u0159edch\u00e1z\u00ed vyd\u00e1n\u00ed Announcement<\/strong> (auk\u010dn\u00ed vyhl\u00e1\u0161ky), kter\u00e1 definuje parametry po\u0159\u00e1dan\u00e9 aukce. Nechci se aukce z\u00fa\u010dastnit (a patrn\u011b jen obt\u00ed\u017en\u011b mohu), chci jen jej\u00ed v\u00fdsledky pozorovat a porovnat s ohl\u00e1\u0161en\u00fdmi auk\u010dn\u00edmi z\u00e1m\u011bry, se kter\u00fdmi ministerstvo financ\u00ed do aukce \u0161lo. V\u00fdsledky nejsou nic tajn\u00e9ho a mohu je pozorovat\u00a0 zde<\/a><\/strong><\/span>. Mohu pak pro obdob\u00ed, kdy p\u00ed\u0161u tento \u010dl\u00e1nek, pozorovat v\u00fdsledky aukc\u00ed uveden\u00e9 na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku.<\/span><\/p>\n

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\u00a0\u00a0 Chci nap\u0159\u00edklad zjistit, jak dopadla aukce dluhopis\u016f (1)<\/strong><\/span> s\u00a0desetiletou dobou splatnosti<\/strong> vyhl\u00e1\u0161en\u00e1 dne 2.8.2023 a po\u0159\u00e1d\u00e1na dne 9.8.2023. Mohu si prohl\u00e9dnout jej\u00ed Announcement (2)<\/span><\/strong> a v\u00fdsledky pro Noncompetitive Bids (3)<\/span><\/strong> a Competitive Bids (4)<\/span><\/strong>. Co to znamen\u00e1, ne\u017e p\u0159ikro\u010d\u00edm k zobrazen\u00ed zad\u00e1n\u00ed aukce a jejich v\u00fdsledk\u016f? Ze slovn\u00edch spojen\u00ed mohu vyvodit, \u017ee nab\u00eddky do aukce dluhopis\u016f mohou b\u00fdt dvoj\u00edho typu. Noncompetitive Bid (nesout\u011b\u017en\u00ed pod\u00e1n\u00ed v aukci) mohu u\u010dinit prost\u0159ednictv\u00edm TreasuryDirect aplikace jako individu\u00e1ln\u00ed investor a \u201enesout\u011b\u017enost\u201c m\u00e9 nab\u00eddky znamen\u00e1, \u017ee akceptuji podm\u00ednky dosa\u017een\u00e9 v aukci a je mi dod\u00e1n dluhopis za podm\u00ednek jej\u00edho v\u00fdsledku. M\u00e1m tedy garantov\u00e1no, \u017ee dluhopisy po\u0159\u00edd\u00edm, jenom nev\u00edm, s jak\u00fdm v\u00fdnosem nebo za jakou cenu. Tato se odv\u00edj\u00ed od Competitive Bid (sout\u011b\u017en\u00edch pod\u00e1n\u00ed v aukci), kdy \u00fa\u010dastn\u00edk aukce specifikuje o jak\u00fd objem dluhopis\u016f m\u00e1 z\u00e1jem p\u0159i p\u0159esn\u011b stanoven\u00e9m v\u00fdnosu (nebo cen\u011b), ob\u011b tyto specifikace jsou p\u0159edm\u011btem jeho nab\u00eddky. Jak vypadal konkr\u00e9tn\u00ed Announcement (auk\u010dn\u00ed vyhl\u00e1\u0161ka) na prodej tohoto desetilet\u00e9ho dluhopisu je mo\u017en\u00e9 vid\u011bt n\u00ed\u017ee:<\/span><\/p>\n

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\u00a0\u00a0 V jednotliv\u00fdch polo\u017ek\u00e1ch, d\u016fle\u017eit\u00fdch pro pochopen\u00ed procesu, pak mohu identifikovat, \u017ee auk\u010dn\u00ed vvhl\u00e1\u0161kou je nab\u00edzen Term and Type of Security (1)<\/span><\/strong> cenn\u00fd pap\u00edr 10-Y Note<\/strong> (desetilet\u00fd dluhopis) v nab\u00edzen\u00e9m objemu 38 miliard dolar\u016f (2)<\/span><\/strong>. Currently Outstanding (3)<\/span><\/strong> cenn\u00fdch pap\u00edr\u016f s hodnotou nula znamen\u00e1, \u017ee se jedn\u00e1 o zbrusu novou emisi vl\u00e1dn\u00edch dluhopis\u016f a nejedn\u00e1 se tak o \u201ereopenings\u201c, tedy dal\u0161\u00ed emisi ji\u017e existuj\u00edc\u00edch desetilet\u00fdch dluhopis\u016f, v takov\u00e9m p\u0159\u00edpad\u011b by zde byl uveden objem takto d\u0159\u00edve emitovan\u00fdch dluhopis\u016f. Tento dluhopis bude m\u00edt p\u0159id\u011blen identifik\u00e1tor CUSIP<\/strong> s hodnotou 91282CHT1 (4)<\/span><\/strong> a jeho aukce se bude konat 9.8.2023 (5)<\/span><\/strong>. 15.8.2023 bude dluhopis emitov\u00e1n (6)<\/span><\/strong> a jeho splatnost je za deset let dne 15.8.2033 (7)<\/span><\/strong>. \u00daroky za\u010dnou jej\u00edm dr\u017eitel\u016fm nab\u00edhat 15.8.2023 (Dated Day<\/strong> je shodn\u00fd s Issue Date) (8)<\/strong><\/span>, nen\u00ed zde tak \u017e\u00e1dn\u00e1 prodleva. V\u00fdnos (9)<\/span><\/strong> a \u00farokov\u00e1 sazba (10)<\/span><\/strong> budou v\u00fdsledkem auk\u010dn\u00edho procesu, o to emitentovi v t\u00e9to aukci jde. Vydan\u00fd vl\u00e1dn\u00ed dluhopis bude m\u00edt vysout\u011b\u017een\u00fd kup\u00f3n<\/strong>, kter\u00fd bude splatn\u00fd jeho dr\u017eitel\u016fm 15.2.<\/strong> a 15.8.<\/strong> ka\u017ed\u00e9ho roku jeho existence (11)<\/strong><\/span>, jedn\u00e1 se tak o dluhopis s p\u016flro\u010dn\u00ed (semiannual) frekvenci p\u0159ipisov\u00e1n\u00ed \u00farok\u016f. Nabyvatel dluhopisu v aukci nebude muset platit \u017e\u00e1dn\u00fd nashrom\u00e1\u017ed\u011bn\u00fd \u00farok z kup\u00f3nu, kter\u00fd mu nepat\u0159\u00ed (12)<\/strong><\/span>, v aukci se nejedn\u00e1 o z\u00edsk\u00e1n\u00ed slevy z ceny dluhopisu nebo pr\u00e9mia (13)<\/strong><\/span>. Maxim\u00e1ln\u00ed v\u00fd\u0161e jednoho pod\u00e1n\u00ed<\/strong> za stanoven\u00fd v\u00fdnos m\u016f\u017ee \u010dinit 13.3 miliardy dolar\u016f, tedy maxim\u00e1ln\u011b 35% zam\u00fd\u0161len\u00e9 emise za p\u0159edem stanoven\u00fd v\u00fdnos m\u016f\u017ee skon\u010dit v rukou jedin\u00e9ho z\u00e1jemce (13)<\/span><\/strong>. Minim\u00e1ln\u00ed nab\u00eddka<\/strong> v aukci je 100 USD (14)<\/strong><\/span> a dal\u0161\u00ed vy\u0161\u0161\u00ed nab\u00eddky mus\u00ed b\u00fdt n\u00e1sobkem<\/strong> t\u00e9to \u010d\u00e1stky (14)<\/strong><\/span>. Sout\u011b\u017en\u00ed nab\u00eddka mus\u00ed obsahovat nab\u00eddku v\u00fdnosu<\/strong> v procentech na t\u0159i desetinn\u00e1 m\u00edsta (15)<\/strong><\/span>. Maxim\u00e1ln\u00ed hodnota dluhopis\u016f, kter\u00e9 pod\u00e1 \u201enesout\u011b\u017en\u00ed\u201c z\u00e1jemce<\/strong> nesm\u00ed p\u0159ekro\u010dit \u010d\u00e1stku 10 milion\u016f dolar\u016f (16)<\/strong><\/span> a tyto dluhopisy jsou ur\u010deny i pro retailov\u00e9 investory (17)<\/span><\/strong>. Op\u011btovn\u00e9 potvrzen\u00ed, \u017ee den splatnosti<\/strong> je 15.8.2033 (18)<\/strong><\/span> a posledn\u00ed zaj\u00edmavou polo\u017ekou jsou kone\u010dn\u00e9 \u010dasy pro pod\u00e1n\u00ed nab\u00eddek<\/strong> obou typ\u016f \u00fa\u010dastn\u00edk\u016f (19)<\/strong><\/span>.<\/span><\/p>\n

\u00a0\u00a0 Po prob\u011bhl\u00e9 aukci m\u00e1m mo\u017enost monitorovat jej\u00ed v\u00fdsledek, tento v\u00fdsledek je rozd\u011blen na dv\u011b \u010d\u00e1sti, kdy mohu samostatn\u011b zobrazit v\u00fdsledek aukce pro \u201enesout\u011b\u017en\u00ed nab\u00eddky\u201c, tedy pro Noncompetitive bids a pot\u00e9 cel\u00fd v\u00fdsledek aukce t\u011bchto vl\u00e1dn\u00edch dluhopis\u016f pro v\u0161echny nab\u00eddky. Zobrazen\u00ed v\u00fdsledku<\/strong> pro Noncompetitive Bids<\/strong> vypad\u00e1 n\u00e1sledovn\u011b: \u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0 Noncompetitive bids, tedy v\u00fdsledek popt\u00e1vky \u201eberu mnou popt\u00e1van\u00e9 mno\u017estv\u00ed za jakoukoliv vysout\u011b\u017eenou cenu\u201c dopadl tak, \u017ee tato nab\u00eddka byla uspokojena pro 133,873.900 USD (1)<\/span><\/strong>. Je tak\u00e9 patrn\u00e9, \u017ee \u00fa\u010dty s\u00a0ozna\u010den\u00edm FIMA (Foreign and International Monetary Authorities)<\/strong> nepodaly \u017e\u00e1dnou nesout\u011b\u017en\u00ed nab\u00eddku a nebyly tak v t\u00e9to aukci uspokojeny\u00a0(2)<\/strong><\/span>. Jedn\u00e1 se o \u00fa\u010dty, kter\u00e9 maj\u00ed u americk\u00e9 centr\u00e1ln\u00ed banky z\u0159\u00edzen\u00e9 v\u00fdznamn\u00e9 zahrani\u010dn\u00ed finan\u010dn\u00ed instituce (nap\u0159\u00edklad centr\u00e1ln\u00ed banky jin\u00fdch st\u00e1t\u016f). V\u00fdsledek nesout\u011b\u017en\u00edch nab\u00eddek tak\u00e9 konstatuje, kolik pen\u011bz ze zam\u00fd\u0161len\u00e9 emise z\u016fst\u00e1v\u00e1<\/strong> a p\u0159ipad\u00e1 na Competitive Bids<\/strong>, tedy podan\u00e9 sout\u011b\u017en\u00ed nab\u00eddky s\u00a0vyzna\u010den\u00fdm po\u017eadovan\u00fdm v\u00fdnosem pro po\u017eadovan\u00fd objem popt\u00e1van\u00fdch dluhopis\u016f jednotliv\u00fdch \u00fa\u010dastn\u00edk\u016f aukce (3)<\/strong><\/span>. V\u00fdsledek cel\u00e9 aukce je pak shrnut do v\u00fdsledku, kter\u00fd je mo\u017en\u00e9 pozorovat na n\u00ed\u017ee uveden\u00e9m obr\u00e1zku:<\/span><\/p>\n

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\u00a0\u00a0 St\u011b\u017eejn\u00edm ukazatelem v\u00fdsledn\u00e9 aukce je dluhopisov\u00fd v\u00fdnos<\/strong>. Motivac\u00ed emitenta (americk\u00e9 vl\u00e1dy) je v aukci dos\u00e1hnout co nejvy\u0161\u0161\u00ed alokace dluhopis\u016f za co nejni\u017e\u0161\u00ed v\u00fdnos, touha \u00fa\u010dastn\u00edk\u016f aukce je pak opa\u010dn\u00e1, z\u00edskat popt\u00e1van\u00e9 dluhopisy v po\u017eadovan\u00e9m objemu s co nejvy\u0161\u0161\u00edm v\u00fdnosem. V\u00fdsledek aukce je pak se\u0159azen\u00edm jednotliv\u00fdch popt\u00e1van\u00fdch v\u00fdnos\u016f od nejni\u017e\u0161\u00edho a\u017e po nejvy\u0161\u0161\u00ed a uspokojov\u00e1n\u00ed \u00fa\u010dastn\u00edk\u016f podle t\u00e9to posloupnosti. High Yield (1)<\/span><\/strong> je pak dosa\u017een\u00fd v\u00fdnos, do kter\u00e9ho<\/strong> jsou uspokojeny v\u0161echny podan\u00e9 sout\u011b\u017en\u00ed nab\u00eddky<\/strong>, v p\u0159\u00edpad\u011b t\u00e9to aukce je to pak v\u00fdnos ve v\u00fd\u0161i 3.999% p.a.<\/strong>, a p\u0159edstavuje nejvy\u0161\u0161\u00ed v\u00fdnos, kter\u00fd organiz\u00e1tor aukce akceptuje pro nab\u00edzen\u00e9 dluhopisy. Znamen\u00e1 to, \u017ee v\u0161ichni \u00fa\u010dastn\u00edci aukce, kte\u0159\u00ed podali nab\u00eddku ni\u017e\u0161\u00ed ne\u017e je High Yield, budou uspokojeni a obdr\u017e\u00ed desetilet\u00e9 dluhopisy s v\u00fdnosem, kter\u00fd reprezentuje 3.999 % p.a.. Aukce americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f jsou tzv. single-price aukce<\/strong>, kdy v\u0161ichni \u00fasp\u011b\u0161n\u00ed \u00fa\u010dastn\u00edci obdr\u017e\u00ed nab\u00edzen\u00fd p\u0159edm\u011bt aukce za stejn\u00fdch podm\u00ednek, tedy i ti co nab\u00eddli ni\u017e\u0161\u00ed v\u00fdnos, obdr\u017e\u00ed v\u00fdnos 3.999% p.a.. \u00da\u010dastn\u00edci aukce, kte\u0159\u00ed podali nab\u00eddky vy\u0161\u0161\u00ed ne\u017e je High Yield<\/strong>, nebudou v aukci uspokojeni v\u016fbec<\/strong>. V\u00fdnos v aukci je pak vt\u011blen do v\u00fd\u0161e kup\u00f3nu (2) <\/span><\/strong><\/span>ve v\u00fd\u0161i 3.875%<\/strong>, aby tato v\u00fd\u0161e kup\u00f3nu pro desetilet\u00fd dluhopis p\u0159edstavovala pr\u00e1v\u011b v\u00fdnos z dr\u017een\u00ed desetilet\u00e9ho dluhopisu ve v\u00fd\u0161i 3.999% p.a. (kup\u00f3n mus\u00ed b\u00fdt stanoven pouze v osmin\u00e1ch k celku, v dan\u00e9m p\u0159\u00edpad\u011b tedy na hodnotu 3-7\/8%). Vysout\u011b\u017een\u00fd v\u00fdnos a jemu odpov\u00eddaj\u00edc\u00ed kup\u00f3n (3.875%) pak generuje aktu\u00e1ln\u00ed cenu dluhopisu, kter\u00e1 \u010din\u00ed 98.986162 %<\/strong> z Face Value (3)<\/span><\/strong>, \u00fasp\u011b\u0161n\u00ed \u00fa\u010dastn\u00edci aukce jej tak po\u0159izuj\u00ed za 98.986162% Face Value. Z v\u00fdsledku aukce pak mohu vy\u010d\u00edst, \u017ee Median Yield<\/strong> byl 3.922% (4)<\/span><\/strong>, tedy 50% sumy popt\u00e1van\u00fdch a p\u0159ijat\u00fdch sout\u011b\u017en\u00edch nab\u00eddek bylo za tento nebo ni\u017e\u0161\u00ed v\u00fdnos a ve stejn\u00e9m smyslu Low Yield (5)<\/span><\/strong> ve v\u00fd\u0161i 3.880% ukazuje, \u017ee 5% sumy popt\u00e1van\u00fdch a p\u0159ijat\u00fdch sout\u011b\u017en\u00edch nab\u00eddek bylo pod\u00e1no za tento nebo ni\u017e\u0161\u00ed v\u00fdnos. Dal\u0161\u00ed pas\u00e1\u017e\u00ed zobrazen\u00e9ho v\u00fdsledku aukce jsou pak sumy spln\u011bn\u00fdch a nevypln\u011bn\u00fdch po\u017eadavk\u016f \u00fa\u010dastn\u00edk\u016f aukce, ve sloupci Tendered<\/strong> jsou sumarizace podan\u00fdch nab\u00eddek, ve sloupci Accepted<\/strong> je pak bilance uspokojen\u00fdch nab\u00eddek. Mohu vypozorovat, \u017ee byly uspokojeny <\/strong>sout\u011b\u017en\u00ed nab\u00eddky<\/strong> ve v\u00fd\u0161i 37,866.146.900 USD (6)<\/span><\/strong> a nesout\u011b\u017en\u00ed nab\u00eddky<\/strong> dle p\u0159edchoz\u00edho obr\u00e1zku ve v\u00fd\u0161i 133,873.900 USD (7)<\/span><\/strong>. Mohu tak\u00e9 zjistit, \u017ee byly pod\u00e1ny nab\u00eddky za celkem zhruba 98 miliard dolar\u016f (8)<\/span><\/strong> a uspokojeny byly nab\u00eddky v objemu p\u0159ibli\u017en\u011b 38 miliard dolar\u016f (9)<\/span><\/strong>. Pom\u011bru t\u011bchto \u010d\u00edsel podan\u00fdch a uspokojen\u00fdch nab\u00eddek se \u0159\u00edk\u00e1 Bid-To-Cover Ratio<\/strong>, v p\u0159\u00edpad\u011b t\u00e9to aukce m\u00e1 hodnotu (98\/38) ve v\u00fd\u0161i 2.57<\/strong>. Hodnota Bid-To-Cover Ratio je indik\u00e1torem z\u00e1jmu o americk\u00e9 vl\u00e1dn\u00ed dluhopisy, \u010d\u00edm je vy\u0161\u0161\u00ed, t\u00edm ukazuje na men\u0161\u00ed sumu uspokojen\u00fdch po\u017eadavk\u016f v aukci, a toto je odrazem vy\u0161\u0161\u00ed popt\u00e1vky po t\u011bchto dluhov\u00fdch cenn\u00fdch pap\u00edrech. V\u0161eobecn\u00e9 vn\u00edm\u00e1n\u00ed tohoto indik\u00e1toru je takov\u00e9, \u017ee jeho hodnota p\u0159evy\u0161uj\u00edc\u00ed \u00farove\u0148 2 je spojen\u00e1 s \u00fasp\u011b\u0161n\u00fdm pohledem na konanou aukci. SOMA<\/strong> nab\u00eddka uspokojen\u00e1 v \u010d\u00e1stce v\u00edce ne\u017e 14 miliard USD (10)<\/strong><\/span> znamen\u00e1, \u017ee se do aukce zapojila tak\u00e9 americk\u00e1 centr\u00e1ln\u00ed banka, kter\u00e9 prost\u0159ednictv\u00edm mechanismu System Open Market Account (SOMA) vyu\u017eila mo\u017enost po\u0159\u00eddit do sv\u00e9 rozvahy tyto dluhopisy v takto definovan\u00e9m objemu. Na zb\u00fdvaj\u00edc\u00edch \u0159\u00e1dc\u00edch (11)<\/strong><\/span> je rozebr\u00e1no, jak\u00e9 byly nab\u00eddky a kone\u010dn\u00e9 uspokojen\u00ed podle skupin subjekt\u016f, kte\u0159\u00ed se do aukce zapojily. \u00a0<\/span><\/p>\n

\u00a0\u00a0 Zaj\u00edmav\u00fd by pak mohl b\u00fdt pohled na tento vysout\u011b\u017een\u00fd dluhopis z\u00a0aktu\u00e1ln\u00edho pohledu, \u00a0v\u00a0platform\u011b TWS jeho z\u00e1kladn\u00ed specifikace ke dni, kdy p\u00ed\u0161u tyto \u0159\u00e1dky, vypad\u00e1 n\u00e1sledovn\u011b:<\/span><\/p>\n

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

\u00a0\u00a0 Desetilet\u00fd<\/strong> dluhopis s\u00a0expirac\u00ed 15.8.2033<\/strong> s\u00a0kup\u00f3nem 3.875%<\/strong> a s\u00a0CUSIP 91282CHT1 (1)<\/span><\/strong>, tedy mnou popisovan\u00fd dluhopis v\u00a0aukci, je dnes k\u00a0m\u00e1n\u00ed za 97.61328 (2)<\/span><\/strong> a jeho cena tak oproti auk\u010dn\u00ed cen\u011b 98.986162 klesla, tento pokles je odrazem r\u016fstu jeho v\u00fdnosu, kter\u00fd z\u00a0vysout\u011b\u017een\u00e9 \u00farovn\u011b 3.999% p.a. nyn\u00ed \u010din\u00ed 4.169% p.a. (3)<\/span><\/strong>. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\n

\u00a0\u00a0 Americk\u00e9 vl\u00e1dn\u00ed dluhopisy jsou tedy prod\u00e1v\u00e1ny na prim\u00e1rn\u00edm trhu \u00fa\u010dastn\u00edk\u016fm aukc\u00ed za podm\u00ednek popsan\u00fdch v p\u0159edchoz\u00edm odd\u00edle. V p\u0159ehledu v\u00fdsledk\u016f t\u011bchto jednotliv\u00fdch aukc\u00ed na obr\u00e1zku n\u00ed\u017ee mohu vypozorovat, \u017ee na tomto prim\u00e1rn\u00edm trhu nach\u00e1z\u00ed vlastn\u00edky aktu\u00e1ln\u011b tyto typy vl\u00e1dn\u00edch dluhopis\u016f:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Prost\u0159ednictv\u00edm aukc\u00ed jsou na trz\u00edch um\u00eds\u0165ov\u00e1ny TIPS<\/strong> (infla\u010dn\u00ed dluhopisy), Bonds<\/strong> (dluhopisy se splatnost\u00ed del\u0161\u00ed ne\u017e 10 let), FRNs<\/strong> (dluhopisy s\u00a0plovouc\u00edm kup\u00f3nem), CMB<\/strong> (Cash Management dluhopisy neur\u010den\u00e9 investi\u010dn\u00ed ve\u0159ejnosti), Bills<\/strong> (dluhopisy se splatnost\u00ed nejd\u00e9le jeden rok) a Notes<\/strong> (dluhopisy se splatnost\u00ed jeden a\u017e deset let). P\u0159esto\u017ee jsem se v p\u0159edchoz\u00edch \u010dl\u00e1nc\u00edch velmi obecn\u011b americk\u00fdmi vl\u00e1dn\u00edmi dluhopisy zab\u00fdval, cht\u011bl bych nyn\u00ed n\u011bkter\u00e9 typy t\u011bchto dluhopis\u016f z nadepsan\u00e9ho p\u0159ehledu v\u00edce popsat k pochopen\u00ed jejich struktury a fungov\u00e1n\u00ed.<\/span><\/p>\n

\n

Cash Management Bills (CMB)<\/span><\/strong><\/h1>\n

\u00a0\u00a0 P\u0159esto\u017ee se nerad zab\u00fdv\u00e1m v\u011bcmi, kter\u00e9 nemohu obchodovat, pro celistvost t\u00e9matu je stru\u010dn\u00e1 charakteristika t\u011bchto dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f nezbytn\u00e1. Pro pot\u0159eby americk\u00e9 vl\u00e1dy financovat zejm\u00e9na neobvykl\u00e9 v\u00fddaje nebo kr\u00e1tkodob\u00e9 v\u00fdpadky v p\u0159\u00edjmech slou\u017e\u00ed pr\u00e1v\u011b tyto Cash Management Bills. Tyto americk\u00e9 vl\u00e1dn\u00ed dluhopisy maj\u00ed r\u016fzn\u011b dlouhou dobu do splatnosti, kter\u00e1 odr\u00e1\u017e\u00ed pr\u00e1v\u011b aktu\u00e1ln\u00ed pot\u0159ebu pen\u011bz americk\u00e9 vl\u00e1dy. Na obr\u00e1zku n\u00ed\u017ee je p\u0159ehled emis\u00ed CMB, tak jak prob\u011bhly v\u00a0nejbli\u017e\u0161\u00ed historii:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Z\u00a0obr\u00e1zku vypl\u00fdv\u00e1, \u017ee tyto dluhopisy mohou m\u00edt splatnost<\/strong> v\u00edce ne\u017e m\u011bs\u00edc<\/strong>, ale tak\u00e9 pouze jen jeden den<\/strong>. Tyto typy dluhopis\u016f nejsou ur\u010deny pro investi\u010dn\u00ed ve\u0159ejnost \u2013 drobn\u00e9 investory do americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f, co\u017e je patrn\u00e9 z \u201eauk\u010dn\u00ed vyhl\u00e1\u0161ky\u201c jedn\u00e9 z\u00a0vybran\u00fdch aukc\u00ed.\u00a8<\/span><\/p>\n

\"\"<\/p>\n

\n

T-Bills<\/span><\/strong><\/h1>\n

\u00a0 Treasury Bills (T-Bills)<\/strong>, jsou kr\u00e1tkodob\u00e9 cenn\u00e9 pap\u00edry<\/strong>, kter\u00e9 nenesou kup\u00f3n<\/strong>, ale prod\u00e1vaj\u00ed se s\u00a0diskontem<\/strong> z Face Value. Aktu\u00e1ln\u011b se nab\u00edz\u00ed T-Bills se splatnost\u00ed 4, 8, 13, 17, 26 a 52 t\u00fddn\u016f.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Aukce t\u011bchto kr\u00e1tkodob\u00fdch dluhopis\u016f, d\u00edky neexistenci kup\u00f3nu, ve v\u00fdsledku zobrazuje pouze dosa\u017een\u00fd v\u00fdnos dluhopisu v\u00a0aukci.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Na p\u0159\u00edkladu v\u00fdsledku posledn\u00ed aukce T-Bills mohu vypozorovat, \u017ee dosa\u017een\u00fd v\u00fdnos v\u00a0t\u00e9to aukci \u010dinil 5.280 % p.a. (1)<\/span><\/strong>, co\u017e p\u0159edstavuje vysout\u011b\u017eenou cenu dluhopisu ve v\u00fd\u0161i 99.589333% (2)<\/span><\/strong> z hodnoty Face Value, za tuto cenu bude doru\u010den v\u00edt\u011bzn\u00fdm nab\u00edzej\u00edc\u00edm v aukci, jin\u00fdmi slovy a s odkazem na p\u0159edchoz\u00ed text, v\u0161ichni \u00fa\u010dastn\u00edci s nab\u00eddkou v\u00fdnosu ve v\u00fd\u0161i maxim\u00e1ln\u011b 5.280% p.a. budou v t\u00e9to aukci zcela uspokojeni. Jak je z dosa\u017een\u00e9ho auk\u010dn\u00edho v\u00fdnosu vypo\u010d\u00edt\u00e1na cena je patrn\u00e9 z n\u00ed\u017ee uveden\u00e9ho v\u00fdpo\u010dtu:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Proto\u017ee tento typ dluhopisu nenese \u017e\u00e1dn\u00fd kup\u00f3n<\/strong>, je pak informace z\u00a0v\u00fdsledku aukce Investment Rate (3)<\/span><\/strong> vypo\u010d\u00edtanou informac\u00ed vych\u00e1zej\u00edc\u00ed z\u00a0p\u0159edpokladu, \u017ee pokud by tento dluhopis nesl kup\u00f3n a dluhopis by byl prod\u00e1v\u00e1n za Face Value, m\u011bl by takto vyzna\u010denou v\u00fd\u0161i (5.390%), takto vypo\u010d\u00edtan\u00e9 hodnot\u011b se \u0159\u00edk\u00e1 Coupon Equivalent Rate<\/strong> (CER)<\/strong>. Na z\u00e1klad\u011b t\u00e9to informace pak mohu u t\u011bchto bezkup\u00f3nov\u00fdch dluhopis\u016f prov\u00e1d\u011bt srovn\u00e1n\u00ed s\u00a0dluhopisy, kter\u00e9 nesou kup\u00f3n. Jak byl tento kup\u00f3nov\u00fd v\u00fdnos vypo\u010d\u00edt\u00e1n, je uvedeno na obr\u00e1zku n\u00ed\u017ee:<\/span><\/p>\n

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

\u00a0\u00a0 Podstatn\u00e9 pak pro m\u011b je, \u017ee se tyto dluhopisy daj\u00ed po\u0159\u00eddit v platform\u011b TWS m\u00e9ho brokera Intreactive Brokers a mohu je velmi efektivn\u011b obchodovat. Popis v\u00fdpo\u010dtu jejich v\u00fdnosu jsem pak popisoval v \u010dl\u00e1nku Dluhopisy \u2013 V..<\/a><\/strong><\/span><\/span><\/p>\n

\n

T-Notes a T-Bonds<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Popis uveden\u00ed na prim\u00e1rn\u00ed trh pro dluhopisy se splatnost\u00ed 2, 3, 5, 7 a 10 let (Notes) nebo pro dluhopisy se splatnost\u00ed 20 a 30 let (Bonds) jsem popsal v \u00favodu \u010dl\u00e1nku p\u0159i rozboru auk\u010dn\u00edho procesu. Tyto vl\u00e1dn\u00ed dluhopisy po proveden\u00e9 aukci putuj\u00ed k ruk\u00e1m jejich \u00fa\u010dastn\u00edk\u016f, aby je tito posl\u00e9ze dr\u017eeli nebo prod\u00e1vali investorsk\u00e9 ve\u0159ejnosti na sekund\u00e1rn\u00edm trhu. Tyto dluhopisy nesou vyzna\u010den\u00fd kup\u00f3n, kdy\u017e zp\u016fsobem v\u00fdpo\u010dtu v\u00fdnosu jsem se zab\u00fdval op\u011bt v \u010dl\u00e1nku Dluhopisy \u2013 V.<\/a><\/strong><\/span>. Popisov\u00e1n\u00ed vlastnost\u00ed v\u00fdnosov\u00e9 k\u0159ivky kup\u00f3nov\u00fdch dluhopis\u016f, vlivu v\u00fd\u0161e kup\u00f3nu a doby do splatnosti na tvar v\u00fdnosov\u00e9 k\u0159ivky a durac\u00ed t\u011bchto dluhopis\u016f jsem se ji\u017e v\u011bnoval v \u010dl\u00e1nku Dluhopisy \u2013 VIII.<\/a><\/strong><\/span>, nebudu zde ji\u017e tyto vlastnosti d\u00e1le popisovat, zastav\u00edm se ale u jin\u00e9 d\u016fle\u017eit\u00e9 vlastnosti t\u011bchto dluhopis\u016f, kter\u00e1 je odrazem operace tzv. strippingu.<\/span><\/p>\n

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

\u00a0\u00a0\u00a0 Vlastnit bezrizikov\u00fd bezkup\u00f3nov\u00fd<\/strong> americk\u00fd vl\u00e1dn\u00ed dluhopis mi neumo\u017e\u0148uje pouze po\u0159\u00edzen\u00ed T-Bills<\/strong>, tedy kr\u00e1tkodob\u00fdch dluhopis\u016f se splatnost\u00ed do jednoho roku. Popt\u00e1vka po bezkup\u00f3nov\u00fdch dluhopisech s del\u0161\u00ed dobou splatnost\u00ed ne\u017e T-Bills, kter\u00e9 bych mohl po\u0159\u00eddit s diskontem k jejich Face Value, vedla k procesu, kdy se dr\u017eitel\u00e9 kup\u00f3nov\u00fdch dluhopis\u016f po\u0159\u00edzen\u00fdch na prim\u00e1rn\u00edm trhu mohou rozhodnout po\u0159\u00edzen\u00e9 Notes, Bills a TIPs rozd\u011blit \u201ena n\u011bkolik \u010d\u00e1sti\u201c a tyto d\u00e1le samostatn\u011b umis\u0165ovat na sekund\u00e1rn\u00edm trhu jako bezkup\u00f3nov\u00e9 dluhopisy (\u201ezerobonds\u201c, \u201ezeroes\u201c\u2026). Jak tato v\u011bc funguje a jak si ji mohu p\u0159edstavit v m\u00edrn\u011b upraven\u00e9 realit\u011b?<\/span><\/p>\n

\u00a0\u00a0 Dluhopisov\u00fd dealer po\u0159\u00edd\u00ed v aukci desetilet\u00fdch dluhopis\u016f popisovan\u00fdch v prvn\u00ed \u010d\u00e1sti \u010dl\u00e1nku popt\u00e1van\u00e9 dluhopisy v objemu 100 milion\u016f USD. Bude se jednat o dluhopisy, kter\u00e9 mu budou emitov\u00e1ny 15.8.2023 se splatnost\u00ed 15.8.2033. Dluhopisy v tomto objemu nabude s kup\u00f3nem ve v\u00fd\u0161i 4% p.a. (zaokrouhlil jsem pro jednoduchost vysout\u011b\u017eenou v\u00fd\u0161i kup\u00f3nu ve v\u00fd\u0161i 3.875% p.a.), tyto kup\u00f3ny jsou splatn\u00e9 v\u017edy k 15.2. a 15.8 dan\u00e9ho roku dr\u017een\u00ed dluhopisu, 15.8.2033 dostane dr\u017eitel dluhopisu krom\u011b posledn\u00ed spl\u00e1tky kup\u00f3nu tak\u00e9 zp\u011bt Face Value ve v\u00fd\u0161i 100 mil USD. Pro zp\u0159ehledn\u011bn\u00ed je\u0161t\u011b jedou v\u00fd\u0159ez z Announcement, kter\u00e9 p\u0159\u00edslu\u0161nou aukci ohla\u0161uje:<\/span><\/p>\n

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\u00a0\u00a0 Dr\u017eitel dluhopis\u016f obdr\u017e\u00ed do splatnosti za deset let celkem 21 pen\u011b\u017en\u00edch tok\u016f<\/strong>, kter\u00e9 p\u0159edstavuj\u00ed jednotliv\u00e9 kup\u00f3nov\u00e9 platby<\/strong> a z\u00e1v\u011bre\u010dnou spl\u00e1tku Face Value<\/strong>. Konkr\u00e9tn\u011b obdr\u017e\u00ed 20-kr\u00e1t 2,000.000,- USD, v\u017edy 15.2. a 15.8. p\u0159\u00edslu\u0161n\u00e9ho roku dr\u017een\u00ed dluhopisu jako pololetn\u00ed spl\u00e1tku kup\u00f3nu (4%\/2 = 2%) a jedenkr\u00e1t 100,000.000 USD u splatnosti 15.8.2033. Dr\u017eitel takto nabyt\u00e9ho dluhopisu pak m\u016f\u017ee na ka\u017edou takovou platbu nahl\u00ed\u017eet jako na samostatn\u00fd bezkup\u00f3nov\u00fd dluhopis (zerobond), kter\u00fd m\u00e1 svou p\u0159esnou cenu v\u00a0dob\u011b jeho splatnosti (podle term\u00ednu spl\u00e1tek jednotliv\u00fdch kup\u00f3n\u016f a splatnosti Face Value) a t\u011bchto 21 zerobond\u016f m\u016f\u017ee za diskontovanou cenu aktu\u00e1ln\u011b nab\u00edzet k\u00a0prodeji. P\u016fvodn\u00ed kup\u00f3nov\u00fd dluhopis se tak rozpadne na 21 zerobond\u016f:<\/span><\/p>\n

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\u00a0\u00a0 Od roku 1984 spustilo americk\u00e9 ministerstvo financ\u00ed program Separate Trading of Registered Interest and Principal of Securities (STRIPS)<\/strong>, kter\u00fd usnad\u0148uje pr\u00e1v\u011b toto rozd\u011blov\u00e1n\u00ed kup\u00f3nov\u00fdch dluhopis\u016f<\/strong> na zerobondy<\/strong>. Touto procedurou tak vznikaj\u00ed kup\u00f3nov\u00e9 STRIPS (nebo tak\u00e9 Coupon Strips, Interest Strips\u2026), tedy zerobondy vznikl\u00e9 z\u00a0kup\u00f3nov\u00e9 \u010d\u00e1sti p\u016fvodn\u00edho kup\u00f3nov\u00e9ho dluhopisu a corpus STRIPS (nebo tak\u00e9 Principal STRIPS), co\u017e jsou zerobondy vznikl\u00e9 z\u00a0Face Value (corpusu, principal) p\u016fvodn\u00edho kup\u00f3nov\u00e9ho dluhopisu. Mohu tak prozkoumat, pohledem do auk\u010dn\u00ed vyhl\u00e1\u0161ky (Announcementu) desetilet\u00e9ho dluhopisu, jak je to s\u00a0mo\u017en\u00fdm rozd\u011blov\u00e1n\u00edm tohoto dluhopisu:<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0dokumentu z\u00a0vyhl\u00e1\u0161ky avizovan\u00e9 aukce mohu vyhodnotit, \u017ee kup\u00f3nov\u00fd desetilet\u00fd dluhopis<\/strong> bude m\u00edt CUSIP 91282CHT1<\/strong> a zerobond<\/strong> vytvo\u0159en\u00fd z\u00a0korpusu<\/strong> tohoto dluhopisu bude m\u00edt CUSIP 912821LW3<\/strong>. Mohu se pak pokusit tyto dluhopisy vyhledat v\u00a0platform\u011b TWS, toto na obr\u00e1zku n\u00ed\u017ee.<\/span><\/p>\n

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

\u00a0\u00a0 Mohu vypozorovat, \u017ee pokud bych se rozhodl po\u0159\u00eddit kup\u00f3nov\u00fd desetilet\u00fd dluhopis (1)<\/span><\/strong>, kter\u00fd byl na prim\u00e1rn\u00ed trh uveden ve v\u00fd\u0161e popisovan\u00e9 aukci, tedy dluhopis s kup\u00f3nem 3.875% p.a. a se splatnost\u00ed 15.3.2033 (CUSIP 91282CHT1), tak by tento nyn\u00ed st\u00e1l 96.35742 USD a p\u0159edstavoval by tak v\u00fdnos ve v\u00fd\u0161i 4.328% p.a.<\/strong> podle v\u00fdpo\u010dtu m\u00e9ho brokera. Pokud bych se ale rozhodl tento desetilet\u00fd dluhopis zobchodovat ve form\u011b zerobondu<\/strong> vznikl\u00e9ho z korpusu<\/strong> tohoto kup\u00f3nov\u00e9ho dluhopisu (2)<\/strong><\/span>, potom bych mohl vypozorovat, \u017ee tento zerobond se splatnost\u00ed 15.3.2033 (CUSIP 912821LW3) se nyn\u00ed nab\u00edz\u00ed s diskontem za cenu 65.36262 USD. Tato cena pak po v\u00fdpo\u010dtu p\u0159edstavuje n\u00ed\u017ee uveden\u00fd v\u00fdnos:<\/span><\/p>\n

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\u00a0\u00a0 Investice do tohoto desetilet\u00e9ho zerobondu<\/strong> by p\u0159edstavovala v\u00fdnos ve v\u00fd\u0161i 4.349% p.a.<\/strong>. Mohu pak dal\u0161\u00edm vyhled\u00e1v\u00e1n\u00edm v obchodn\u00ed platform\u011b zjistit, \u017ee investice do zerobond\u016f nen\u00ed nic nemo\u017en\u00e9ho a lze z \u010deho vyb\u00edrat. V aplikaci Treasuries, kterou jsem popisoval v \u010dl\u00e1nku Dluhopisy \u2013 IX.<\/a><\/strong><\/span>, pak mohu nap\u0159\u00edklad cht\u00edt koupit zerobond se splatnost\u00ed v\u00a0listopadu 2026, toto vyhled\u00e1v\u00e1n\u00ed pak m\u016f\u017ee p\u0159in\u00e9st tento v\u00fdsledek:<\/span><\/p>\n

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\u00a0\u00a0 Volbou data splatnosti<\/strong> dluhopisu (1)<\/strong><\/span>, v\u00fdb\u011brem bezkup\u00f3nov\u00e9ho typu<\/strong> dluhopisu (2)<\/strong><\/span> a po\u017eadavkem na zobrazen\u00ed pouze<\/strong> obchodovateln\u00fdch<\/strong> dluhopis\u016f (3)<\/strong><\/span> mohu ve v\u00fdsledku vypozorovat aktu\u00e1ln\u011b 3 nab\u00edzen\u00e9 formy zerobond\u016f (4)<\/strong><\/span>. Je patrn\u00e9, \u017ee dluhopisy vznikly strippingem r\u016fzn\u00fdch typ\u016f Notes a Bonds a p\u0159edstavuj\u00ed oba typy v\u00fd\u0161e popisovan\u00fdch dluhopis\u016f \u2013 kup\u00f3nov\u00fdch strips a strips vznikl\u00fdch z\u00a0dluhopisov\u00e9ho corpusu.<\/span><\/p>\n

Pro\u010d zerobond?<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Obliba zerobond\u016f je zna\u010dn\u00e1. P\u0159esto\u017ee jsem tuto v\u00fdhodu nazna\u010dil v \u010dl\u00e1nku Dluhopisy \u2013 V.<\/a><\/strong><\/span>, kdy jsem popisoval, jak se vypo\u010d\u00edt\u00e1 v\u00fdnos dluhopisu do splatnosti (YTM), mohu z textu v\u00fd\u0161e odvodit, \u017ee desetiletou investici do dluhopisu mohu prov\u00e9st n\u00e1kupem klasick\u00e9ho kup\u00f3nov\u00e9ho dluhopisu nebo investic\u00ed do desetilet\u00e9ho zerobondu vznikl\u00e9ho strippingem tohoto kup\u00f3nov\u00e9ho dluhopisu. Oba tyto dluhopisy pak p\u0159in\u00e1\u0161ej\u00ed t\u00e9m\u011b\u0159 toto\u017en\u00fd v\u00fdnos (YTM), aktu\u00e1ln\u011b kolem 4.3% p.a. V\u00fdnos klasick\u00e9ho kup\u00f3nov\u00e9ho dluhopisu ale bude dosa\u017een v po\u017eadovan\u00e9 v\u00fd\u0161i pouze za jedn\u00e9 podm\u00ednky, a to, \u017ee budu inkasovan\u00e9 kup\u00f3ny za celou dobu dr\u017een\u00ed reinvestovat nejm\u00e9n\u011b za tuto \u00farokovou sazbu 4.3% p.a. (nebo vy\u0161\u0161\u00ed). Potom, p\u0159i efektu slo\u017een\u00e9ho \u00faro\u010den\u00ed, mohu po\u010d\u00edtat s vypo\u010d\u00edtan\u00fdm v\u00fdnosem 4.3% p.a.. Do budoucnosti nevid\u00edm, je ale pravd\u011bpodobn\u00e9, \u017ee b\u011bhem desetilet\u00e9ho obdob\u00ed nebudu moci tuto podm\u00ednku reinvestov\u00e1n\u00ed dodr\u017eet, jednodu\u0161e proto, \u017ee takto vysok\u00e9 \u00faroky se v n\u011bjak\u00e9m obdob\u00ed v budoucnosti ji\u017e na trz\u00edch nebudou nab\u00edzet. Po\u0159\u00edzen\u00ed zerobondu s diskontem p\u0159edstavuj\u00edc\u00ed vypo\u010d\u00edtan\u00fd v\u00fdnos 4.3% p.a. je v\u0161ak zcela jin\u00fd p\u0159\u00edb\u011bh, kdy mohu s takto stanoven\u00fdm v\u00fdnosem po\u010d\u00edtat. Dr\u017een\u00ed desetilet\u00e9ho dluhopisu do jeho splatnosti mi takov\u00fd v\u00fdnos zaru\u010duje, diskont z Face Value ji\u017e m\u00e1 v sob\u011b zakomponov\u00e1n efekt slo\u017een\u00e9ho \u00faro\u010den\u00ed a nemus\u00edm m\u00edt obavu, \u017ee po\u017eadovan\u00e9ho v\u00fdnosu nakonec nedos\u00e1hnu.<\/span><\/p>\n

\n

Treasury Inflation Protection Securities \u2013 TIPS<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Protiinfla\u010dn\u00ed dluhopisy s\u00a05, 10 a 30-ti letou dobou do splatnosti vyd\u00e1van\u00e9 americkou vl\u00e1dou maj\u00ed jedin\u00fd c\u00edl \u2013 chr\u00e1nit investory p\u0159ed eroz\u00ed sv\u00e9 investice p\u016fsoben\u00edm inflace, my\u0161leno americk\u00e9 inflace. Konstrukce TIPS je zalo\u017eena na pravideln\u00e9 \u00faprav\u011b hodnoty Face Value<\/strong> dluhopisu o aktu\u00e1ln\u00ed m\u00edru inflace<\/strong>, kter\u00e1 je zachycena v\u00a0americk\u00e9m indexu spot\u0159ebitelsk\u00fdch cen, konkr\u00e9tn\u011b v\u00a0CPI-U (Consumer Price Index for All Urban Consumers)<\/strong>, kter\u00fd si mohu zobrazovat na str\u00e1nk\u00e1ch U.S. Bureau of Labour Statistics na tomto odkazu<\/a><\/strong><\/span>. Mohu tak m\u00edt k\u00a0dispozici tento n\u00e1hled:<\/span><\/p>\n

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\u00a0\u00a0 Proto\u017ee \u010dl\u00e1nek p\u00ed\u0161u na konci m\u011bs\u00edce srpna 2023, je posledn\u00edm zn\u00e1m\u00fdm \u010d\u00edslem m\u011bs\u00ed\u010dn\u00edho CPI-U hodnota pro \u010dervenec 2023<\/strong> a \u010din\u00ed 305.691 bod\u016f<\/strong>. Jak mohu s\u00a0touto hodnotou nalo\u017eit a jak je pou\u017eita v\u00a0souvislosti s\u00a0protiinfla\u010dn\u00edmi dluhopisy? Z\u00e1kladn\u00ed vyu\u017eit\u00ed t\u00e9to hodnoty bude jej\u00ed aplikace na \u00fapravu hodnoty Face Value protiinfla\u010dn\u00edho dluhopisu, tedy hodnota aktu\u00e1ln\u00ed inflace vyj\u00e1d\u0159en\u00e1 v\u00a0CPI-U se bude propisovat do hodnoty Face Value dluhopisu a nikoliv do jej\u00ed \u00farokov\u00e9 slo\u017eky (kup\u00f3nu), to je nyn\u00ed z\u00e1kladn\u00ed zji\u0161t\u011bn\u00ed, kter\u00e9 bude d\u00e1le rozvinuto.<\/span><\/p>\n

\u00a0\u00a0 Stejn\u011b jako d\u0159\u00edve popsan\u00e9 americk\u00e9 vl\u00e1dn\u00ed dluhopisy, jsou i TIPS nab\u00edzeny na prim\u00e1rn\u00edm trhu formou aukc\u00ed. Mohu tak vypozorovat aktu\u00e1ln\u00ed nab\u00eddku TIPS podle doby do splatnosti v tomto rozsahu zde<\/a><\/strong><\/span>:<\/span><\/p>\n

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\u00a0\u00a0 Je pak mo\u017en\u00e9 vypozorovat, \u017ee jsou opravdu nab\u00edzeny TIPS se splatnost\u00ed 5, 10 a 30 let. Nyn\u00ed, se znalost\u00ed auk\u010dn\u00edho procesu, vyberu ke sv\u00e9mu pozorov\u00e1n\u00ed jeden z dluhopis\u016f a pokus\u00edm se jej analyzovat:<\/span><\/p>\n

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\u00a0\u00a0 Vybral jsem si aktu\u00e1ln\u011b posledn\u00ed aukci 10-ti let\u00e9ho dluhopisu<\/strong> s\u00a0aukc\u00ed konanou 20.7.2023<\/strong>. Mohu pak st\u00e1hnout Announcement t\u00e9to aukce a pozorovat jej\u00ed z\u00e1kladn\u00ed parametry:<\/span><\/p>\n

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\u00a0\u00a0 Nebudu popisovat ji\u017e vysv\u011btlen\u00e9 pojmy z\u00a0\u00favodu \u010dl\u00e1nku, nicm\u00e9n\u011b mohu ze t\u0159\u00ed prvn\u00edch \u0159\u00e1dk\u016f zjistit, \u017ee jde o 10-Years TIPS<\/strong> v\u00a0nab\u00edzen\u00e9m objemu 17 miliard USD<\/strong> a neexistuj\u00ed \u017e\u00e1dn\u00e9 d\u0159\u00edve vydan\u00e9 dluhopisy, jedn\u00e1 se tak o zbrusu novou emisi<\/strong> a nikoliv o \u201ereopening\u201c d\u0159\u00edve proveden\u00e9 emise. Ozna\u010den\u00ed CUSIP s hodnotou 91282CHP9 (1)<\/span><\/strong> je unik\u00e1tn\u00ed identifik\u00e1tor, podle kter\u00e9ho mohu tento kup\u00f3nov\u00fd dluhopis hledat nap\u0159\u00edklad v\u00a0obchodn\u00edch a analytick\u00fdch platform\u00e1ch. Emise bude spu\u0161t\u011bna v\u00a0Issue Date<\/strong>, kter\u00fdm je 31.7.2023 (2)<\/span><\/strong> a doba splatnosti je za deset let dne\u00a0 31.7.2033 (3)<\/span><\/strong>. Mohu vypozorovat, \u017ee Dated Day<\/strong>, tedy den, od kter\u00e9ho ji\u017e b\u011b\u017e\u00ed \u00farok, je stanoven na 15.7.2023 (4)<\/span><\/strong> a je tak o patn\u00e1ct dn\u016f d\u0159\u00edve, ne\u017e je spu\u0161t\u011bna emise (tato je 30.7.2023). Z\u00a0tohoto d\u016fvodu pak mohu v\u00a0\u0159\u00e1dku Accrued Interest from 07\/15\/2023 to 07\/31\/2023 (8)<\/span><\/strong> n\u00e1sledn\u011b po aukci zjistit, kolik obdr\u017e\u00ed \u00fasp\u011b\u0161n\u00fd \u00fa\u010dastn\u00edk aukce \u00farok\u016f za dobu ode dne, kdy tento \u00farok nab\u00edh\u00e1 do doby emise t\u011bchto dluhopis\u016f. Real Yield (5)<\/span><\/strong> a Interest Rate (6)<\/span><\/strong> jsou patrn\u011b nejd\u016fle\u017eit\u011bj\u0161\u00ed \u00fadaje aukce, bude toti\u017e p\u0159edstavovat, jak\u00fd vysout\u011b\u017een\u00fd kup\u00f3n tento protiinfla\u010dn\u00ed dluhopis ponese do doby splatnosti a bude charakterizovat, kolik vyd\u011bl\u00e1m na dluhopisu nad r\u00e1mec zapo\u010d\u00edt\u00e1van\u00e9 inflace. Mohu pak tak\u00e9 vid\u011bt informaci, \u017ee spl\u00e1tky kup\u00f3n\u016f budou v p\u016flro\u010dn\u00edch intervalech a bude se tak d\u00edt v\u017edy 15. ledna a 15. \u010dervence ka\u017ed\u00e9ho roku do splatnosti. Z auk\u010dn\u00ed vyhl\u00e1\u0161ky tak\u00e9 mohu vy\u010d\u00edst, \u017ee tento dluhopis m\u016f\u017ee b\u00fdt p\u0159edm\u011btem dal\u0161\u00edho rozd\u011blen\u00ed<\/strong> (strippingu) na zerobondy<\/strong>. Potom zerobondy na b\u00e1zi corpusu<\/strong> budou m\u00edt CUSIP 912821LR4 (9)<\/span><\/strong> a zerobondy<\/strong> p\u0159edstavuj\u00edc\u00ed kup\u00f3novou slo\u017eku<\/strong> protiinfla\u010dn\u00edho dluhopisu budou m\u00edt CUSIP 912834H68 (10)<\/span><\/strong>. \u00dadaje ozna\u010den\u00e9 (11)<\/span><\/strong> budou p\u0159edm\u011btem n\u00e1sleduj\u00edc\u00edch \u0159\u00e1dk\u016f. V\u00fdsledek t\u00e9to aukce je pak na obr\u00e1zku n\u00ed\u017ee:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 V\u00fdsledek je zaj\u00edmav\u00fd zejm\u00e9na dosa\u017eenou v\u00fd\u0161i kup\u00f3nu<\/strong>, kter\u00fd \u010din\u00ed 1.375% p.a.<\/strong>. Vysout\u011b\u017een\u00fd v\u00fdnos znamen\u00e1 cenu dluhopisu ve v\u00fd\u0161i 99.021857%<\/strong> z\u00a0Face Value (1)<\/strong><\/span>, kter\u00e1 je ji\u017e p\u0159\u00edslu\u0161n\u011b upravena o inflaci, proto ozna\u010den\u00ed ve v\u00fdsledku aukce jako Adjusted Price. Pro zaj\u00edmavost obdr\u017e\u00ed ka\u017ed\u00fd dr\u017eitel dluhopisu 0.59861 USD na ka\u017ed\u00fdch 1000 USD Face Value jako u\u0161lou \u010d\u00e1stku \u00faroku od doby, kdy nab\u00edh\u00e1 do doby emise (2)<\/strong><\/span>, ostatn\u00ed \u00fadaje z\u00a0v\u00fdsledku aukce jsem ji\u017e popisoval v\u00a0\u00favodu \u010dl\u00e1nku nebo vyplynou z\u00a0dal\u0161\u00edch \u0159\u00e1dk\u016f. D\u016fle\u017eit\u00e1 by mohla b\u00fdt informace o garanci emitenta, \u017ee \u00farok v\u00a0aukci nesm\u00ed b\u00fdt ni\u017e\u0161\u00ed ne\u017e 0.125%.<\/span><\/p>\n

\u00a0\u00a0 Popisovan\u00fd protiinfla\u010dn\u00ed dluhopis mohu samoz\u0159ejm\u011b obchodovat u Interactive Brokers. Na obr\u00e1zku n\u00ed\u017ee je vid\u011bt kup\u00f3nov\u00fd dluhopis vze\u0161l\u00fd z\u00a0popisovan\u00e9 aukce a tak\u00e9 oba zerobondy, kter\u00e9 jsou v\u00fdsledkem strippingu.<\/span><\/p>\n

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

\u00a0\u00a0\u00a0Z\u00e1kladn\u00edm probl\u00e9mem spojen\u00fdm s\u00a0TIPS je pochopit, jak\u00fdm zp\u016fsobem<\/strong> je do n\u011bj vt\u011bleno \u201eprotiinfla\u010dn\u00ed opat\u0159en\u00ed\u201c<\/strong>. Pokud ji\u017e v\u00edm, \u017ee se upravuje Face Value tohoto dluhopisu a nikoliv kup\u00f3n, kter\u00fd z\u016fst\u00e1v\u00e1 nem\u011bnn\u00fd do splatnosti a tyto \u00fapravy jsou nav\u00e1z\u00e1ny na aktu\u00e1ln\u00ed hodnotu CPI-U, mus\u00ed b\u00fdt vy\u0159e\u0161eny dva z\u00e1kladn\u00ed technick\u00e9 probl\u00e9my. Za prv\u00e9 je jist\u00e9, \u017ee CPI-U<\/strong> je zve\u0159ej\u0148ov\u00e1no pouze jedenkr\u00e1t m\u011bs\u00ed\u010dn\u011b<\/strong> a za druh\u00e9 mus\u00ed existovat v\u00fdpo\u010det<\/strong>, kter\u00fd stanov\u00ed mo\u017enost ur\u010dit hodnotu<\/strong> p\u0159ij\u00edman\u00e9ho \u00faroku pro jak\u00fdkoliv den<\/strong> v roce. Nemohu se tak spokojit se z\u00e1kladn\u00edm objasn\u011bn\u00edm principu zapojen\u00ed hodnoty inflace do v\u00fdpo\u010dtu v\u00fdnosu protiinfla\u010dn\u00edch dluhopis\u016f, kter\u00fd je obecn\u011b popisov\u00e1n takto:<\/span><\/p>\n

\u00a0 \u00a0„Po\u0159\u00eddil jsem za 10.000 USD protiinfla\u010dn\u00ed dluhopis, kter\u00fd m\u00e1 kup\u00f3n 1.50% p.a. vypl\u00e1cen\u00fd jedenkr\u00e1t za p\u016fl roku. Po \u0161esti m\u011bs\u00edc\u00edch chci zjistit, jakou v\u00fd\u0161i p\u0159ij\u00edman\u00e9ho kup\u00f3nu obdr\u017e\u00edm, kdy\u017e aktu\u00e1ln\u00ed m\u00edra ro\u010dn\u00ed inflace je 3%. Z\u00e1kladem v\u00fdpo\u010dtu je \u00faprava hodnoty m\u00e9 investice o p\u016flro\u010dn\u00ed inflaci (3%\/2 = 1.5%), tedy 10.000*(1+0.015%) = 10.150 USD. Takto upraven\u00e1 hodnota m\u00e9 investice je pak p\u0159edm\u011btem v\u00fdpo\u010dtu p\u016flro\u010dn\u00edho kup\u00f3nu (1.50% p.a.\/2 = 0.75%), kter\u00fd je vypo\u010d\u00edt\u00e1n z infla\u010dn\u011b upraven\u00e9 hodnoty m\u00e9 investice, tedy 10.150 USD*0,75% = 76.125 USD. Neobdr\u017e\u00edm tak 75 USD, na kter\u00e9 bych m\u011bl n\u00e1rok z m\u00e9 Face Value 10.000 u b\u011b\u017en\u00e9ho kup\u00f3nov\u00e9ho dluhopisu, ale \u00fapravou m\u00e9 investice o inflaci obdr\u017e\u00edm vy\u0161\u0161\u00ed kup\u00f3novou platbu v \u010d\u00e1stce 76.125 USD<\/em>„.<\/span><\/p>\n

\u00a0\u00a0 P\u0159esto\u017ee je jasn\u00e9, \u017ee takto popsan\u00e1 mechanika v\u00fdpo\u010dtu nepot\u0159ebuje dal\u0161\u00ed vysv\u011btlen\u00ed, pro aktu\u00e1ln\u00ed pot\u0159eby nakl\u00e1d\u00e1n\u00ed s dluhopisem je nedostate\u010dn\u00e1. Nejen\u017ee se tedy aktu\u00e1ln\u00ed m\u00edra inflace zve\u0159ej\u0148uje pouze jednou m\u011bs\u00ed\u010dn\u011b prost\u0159ednictv\u00edm CPI-U, ale kup\u00f3nov\u00e1 platba zcela jist\u011b neprob\u00edh\u00e1 p\u0159esn\u011b ke dni jeho vyhl\u00e1\u0161en\u00ed. Nav\u00edc, pro pot\u0159eby oce\u0148ov\u00e1n\u00ed t\u011bchto dluhopis\u016f, mus\u00ed b\u00fdt pro jeho vypo\u0159\u00e1d\u00e1v\u00e1n\u00ed zn\u00e1ma jeho hodnota v\u010detn\u011b p\u0159ijat\u00fdch \u00farok\u016f pro ka\u017ed\u00fd obchodn\u00ed den, nesta\u010d\u00ed tedy prov\u00e1d\u011bt ocen\u011bn\u00ed pouze ke dni vyhl\u00e1\u0161en\u00ed indexu spot\u0159ebitelsk\u00fdch cen. Tento v\u00fdpo\u010det je zalo\u017een na tzv. Index Ratio<\/strong>, tedy \u00fapravou vyhla\u0161ovan\u00e9ho m\u011bs\u00ed\u010dn\u00edho CPI-U. Jak to funguje uvedu na praktick\u00e9m p\u0159\u00edkladu.<\/span><\/p>\n

\u00a0\u00a0 M\u00e1m po\u0159\u00edzen protiinfla\u010dn\u00ed dluhopis, kter\u00fd vze\u0161el z\u00a0n\u00ed\u017ee uveden\u00e9 aukce:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 CUSIP<\/strong> toho dluhopisu je 91282CGK1<\/strong> a z jeho charakteristiky mohu zjistit, \u017ee tento dluhopis m\u00e1 kup\u00f3n vysout\u011b\u017een\u00fd v aukci ve v\u00fd\u0161i 1.125% p.a.<\/strong><\/span><\/p>\n

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\u00a0\u00a0 Tak\u00e9 mohu zjistit, \u017ee tento dluhopis vypl\u00e1c\u00ed<\/strong> tento kup\u00f3n<\/strong> v\u017edy 15.1.<\/strong> a 15.7.<\/strong> ka\u017ed\u00e9ho roku do splatnosti. Zaj\u00edm\u00e1 m\u011b nyn\u00ed, jak\u00fd kup\u00f3n jsem mohl obdr\u017eet dne 15.7.2023<\/strong> a jak\u00fdm zp\u016fsobem jej mohu pomoc\u00ed Index Ratio ur\u010dit. Tento postup je k nalezen\u00ed na str\u00e1nk\u00e1ch Treasurydirect.gov na tomto odkazu<\/a><\/strong><\/span>. Po n\u00e1v\u0161t\u011bv\u011b t\u00e9to str\u00e1nky m\u00e1m mo\u017enost vyhledat sv\u016fj dluhopis:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Mohu pou\u017e\u00edt vyhled\u00e1n\u00ed pomoc\u00ed vyhled\u00e1vac\u00edho pole nap\u0159\u00edklad pro zad\u00e1n\u00ed CUSIP, nebo rolov\u00e1n\u00edm v tabulce, na\u0161t\u011bst\u00ed je m\u016fj protiinfla\u010dn\u00ed dluhopis \u201emlad\u00fd\u201c a j\u00e1 m\u00e1m mo\u017enost jej vid\u011bt v aktu\u00e1ln\u00ed nab\u00eddce (\u010derven\u00fd r\u00e1me\u010dek). Kliknut\u00edm iniciuji zobrazen\u00ed m\u00e9ho dluhopisu:<\/span><\/p>\n

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

\u00a0\u00a0\u00a0\u00a0 Souhrnn\u00e9 \u00fadaje<\/strong> o spr\u00e1vnosti vybran\u00e9ho dluhopisu (1)<\/strong><\/span> s\u00a0popisem z\u00e1kladn\u00edch vlastnost\u00ed emise a s\u00a0potvrzen\u00edm, \u017ee tento nese kup\u00f3n 1.125% p.a. (2) <\/span><\/strong>jsou uvedeny v z\u00e1hlav\u00ed p\u0159ehledu. Mohu pak vyhled\u00e1n\u00edm po\u017eadovan\u00e9ho dne 15.7.2023 (3)<\/span><\/strong>, tedy dne, kdy byl vypl\u00e1cen kup\u00f3n, zjistit, \u017ee hodnota Consumer Price Indexu (CPI)<\/strong> \u201en\u011bjak\u00fdm zp\u016fsobem upraven\u00e1\u201c pro tento den \u010din\u00ed 303.70803 (4)<\/span><\/strong> a hodnota v\u00fd\u0161e zmi\u0148ovan\u00e9ho Index Ratio<\/strong> je na \u00farovni 1.01958 (5)<\/span><\/strong>. Mohu pak tak\u00e9 m\u00edt mo\u017enost zobrazit PDF soubor (6)<\/span><\/strong>, kter\u00fd je podkladem pro v\u00fdpo\u010det t\u011bchto hodnot. V\u00a0danou chv\u00edli ji\u017e nepot\u0159ebuji pro sv\u016fj v\u00fdpo\u010det kup\u00f3nu nic dal\u0161\u00edho. Zji\u0161t\u011bn\u00e9 Index Ratio ve v\u00fd\u0161i 1.01958 je toti\u017e koeficientem, kter\u00fdm uprav\u00edm hodnotu sv\u00e9 investice do dluhopis\u016f a z\u00a0takto upraven\u00e9 \u010d\u00e1stky pak vypo\u010d\u00edt\u00e1m sv\u016fj p\u016flro\u010dn\u00ed kup\u00f3nov\u00fd n\u00e1rok. Pokud jsem tedy investoval 1.000 USD do tohoto dluhopisu, je jeho upraven\u00e1 hodnota ke dni v\u00fdplaty kup\u00f3nu 1.000*1.01958 = 1019.58 USD a j\u00e1 obdr\u017e\u00edm pololetn\u00ed kup\u00f3n (1.125%\/2 = 0,5625% p.a.) ve v\u00fd\u0161i 1019.58 USD*0.5625% = 5.735 USD.<\/span><\/p>\n

\u00a0\u00a0\u00a0 Podstata v\u00fdpo\u010dtu hodnot CPI a z\u00a0n\u011bj odvozen\u00e9ho Index Ratio vypl\u00fdv\u00e1 z\u00a0PDF<\/strong> souboru (6)<\/strong><\/span> z\u00a0obr\u00e1zku v\u00fd\u0161e. Po jeho sta\u017een\u00ed mohu zobrazit tabulku, ve kter\u00e9 vyhled\u00e1m sv\u016fj protiinfla\u010dn\u00ed dluhopis:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a0Dokument obsahuje v\u0161echny aktu\u00e1ln\u011b emitovan\u00e9 TIPS, mus\u00edm proto mezi nimi vybrat mnou pozorovan\u00fd dluhopis. V\u00fdsledkem hled\u00e1n\u00ed je zji\u0161t\u011bn\u00ed, \u017ee m\u00e9mu dluhopisu s CUSIP 91282CGK1<\/strong> odpov\u00edd\u00e1 sloupec ozna\u010den\u00fd (1)<\/span><\/strong>. V\u00a0z\u00e1pat\u00ed dokumentu (2)<\/span><\/strong> mohu vypozorovat jednotliv\u00e9 posledn\u00ed zn\u00e1m\u00e9 m\u011bs\u00ed\u010dn\u00ed CPI-U pro ub\u011bhl\u00e1 obdob\u00ed. Mohu tak zjistit, \u017ee v\u00fdchoz\u00edm CPI-U pro v\u00fdpo\u010det upraven\u00e9ho Ref CPI pro dan\u00fd den v kalend\u00e1\u0159n\u00edm m\u011bs\u00edci je dubnov\u00e9 CPI-U<\/strong> s hodnotou 303.363 (3)<\/span><\/strong>. Zji\u0161\u0165uji pak, \u017ee n\u00e1sleduje \u0159ada upraven\u00e9ho CPI (5) <\/strong><\/span>pro ka\u017ed\u00fd n\u00e1sleduj\u00edc\u00ed kalend\u00e1\u0159n\u00ed den, kde ka\u017ed\u00fd z jdouc\u00edch po sob\u011b \u00fadaj\u016f je vy\u0161\u0161\u00ed o stejnou \u201ed\u00e9lku kroku\u201c, konkr\u00e9tn\u011b pro prvn\u00ed dv\u011b hodnoty 303.363 \u2013 303.38765 = +0.02465<\/strong>, stejn\u011b tak to plat\u00ed pro ka\u017edou dal\u0161\u00ed hodnotu, kter\u00e1 je o tuto \u010d\u00e1stku vy\u0161\u0161\u00ed. Tato interpolace CPI-U pak vych\u00e1z\u00ed z jednodenn\u00edho rozd\u00edlu<\/strong> mezi posledn\u00edmi zn\u00e1m\u00fdmi CPI-U, tedy hodnotou za duben 2023<\/strong> ve v\u00fd\u0161i 303.363 (3)<\/span><\/strong> a hodnotou za kv\u011bten 2023<\/strong> ve v\u00fd\u0161i 304.127 (6)<\/span><\/strong>. Krok pro interpolaci je pak (304.127 \u2013 303.363)\/31 dn\u016f za kv\u011bten s ji\u017e zn\u00e1m\u00fdm v\u00fdsledkem +0.2465. Takto upraven\u00e9 CPI pro ka\u017ed\u00fd kalend\u00e1\u0159n\u00ed den je pak p\u0159edm\u011btem v\u00fdpo\u010dtu pom\u011brov\u00e9ho indexu Index Ratio<\/strong> takto:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Index Ratio<\/strong> je pom\u011br<\/strong> mezi aktu\u00e1ln\u00ed hodnotou CPI-U<\/strong> interpolovanou pro dan\u00fd den s hodnotou CPI-U v den<\/strong>, kdy za\u010daly pro dan\u00fd dluhopis nab\u00edhat \u00faroky<\/strong> po proveden\u00e9 aukci, tedy Dated Day (1)<\/span><\/strong>, kter\u00fd p\u0159ipadl pro tento konkr\u00e9tn\u00ed dluhopis na den 15.1.2023. Z obr\u00e1zku pak zji\u0161\u0165uji, \u017ee hodnota CPI pro tento Dated Day je 297.87606 (2)<\/span><\/strong>. Pom\u011b\u0159en\u00edm aktu\u00e1ln\u00edho CPI pro den v\u00fdplaty kup\u00f3nu 15.7.2023<\/strong> ve v\u00fd\u0161i 303.70803 (3)<\/span><\/strong> s hodnotou CPI pro Dated Day (2)<\/span><\/strong> (303.70803\/297.87606) pak mohu obdr\u017eet hodnotu Index Ratio<\/strong> ve v\u00fd\u0161i 1.01958 (4)<\/span><\/strong>, co\u017e je pr\u00e1v\u011b hodnota z odstavce v\u00fd\u0161e, kterou jsem upravil hodnotu m\u00e9 investice do protiinfla\u010dn\u00edho dluhopisu pro den v\u00fdplaty kup\u00f3nu. Z v\u00fdpo\u010dtu a pozorov\u00e1n\u00ed \u00fadaj\u016f o Index Ratio podle v\u00fd\u0161e uveden\u00e9ho zdroje je pak patrn\u00e9, \u017ee mohu zji\u0161\u0165ovat Index Ratio nejen zp\u011btn\u011b, ale i do bli\u017e\u0161\u00ed budoucnosti, pr\u00e1v\u011b d\u00edky interpolaci posledn\u011b zn\u00e1m\u00fdch m\u011bs\u00ed\u010dn\u00edch \u00fadaj\u016f o CPI-U.<\/span><\/p>\n

\u00a0\u00a0 Podle struktury v\u00fdpo\u010dtu je jasn\u00e9, \u017ee pokud inflace roste, cena m\u00e9 investice (Face Value) roste, pokud inflace kles\u00e1, cena m\u00e9 investice kles\u00e1 tak\u00e9. D\u016fle\u017eit\u00e9 je pak m\u00edt pov\u011bdom\u00ed o garanci emitenta (americk\u00e9 vl\u00e1dy), \u017ee pokud by u splatnosti byla Face Value m\u00e9 investice ni\u017e\u0161\u00ed ne\u017e 1000 USD, obdr\u017e\u00edm hodnotu Face Value. Samoz\u0159ejm\u011b, \u017ee pokud bude hodnota Face Value vy\u0161\u0161\u00ed, obdr\u017e\u00edm tuto vy\u0161\u0161\u00ed \u010d\u00e1stku. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\n

Floating Rate Notes (FRN)<\/strong><\/span><\/h1>\n

\u00a0 \u00a0Dluhopisy s\u00a0plovouc\u00ed sazbou<\/strong> jsou emitov\u00e1ny americk\u00fdm ministerstvem financ\u00ed jako dluhopisy s\u00a0dvouletou splatnost\u00ed<\/strong>. Variabilita v\u00fdnosu ale nen\u00ed definov\u00e1na \u00fapravou Face Value dluhopisu jako u TIPS popisovan\u00fdch v\u00a0odstavci v\u00fd\u0161e, ale \u00fapravou kup\u00f3nu<\/strong> tohoto dluhopisu. Mohu si tak jeho po\u0159\u00edzen\u00edm za\u0159\u00eddit, aby m\u00e1 investice co nejv\u011brn\u011bji kop\u00edrovala aktu\u00e1ln\u00ed sazby kr\u00e1tkodob\u00fdch vl\u00e1dn\u00edch dluhopis\u016f a k\u00a0tomu z\u00edskal je\u0161t\u011b \u201en\u011bco nav\u00edc\u201c, pro\u010d tomu tak je, vyplyne z\u00a0n\u00e1sleduj\u00edc\u00edch \u0159\u00e1dk\u016f.\u00a0<\/span><\/p>\n

\u00a0\u00a0 Konstrukce kup\u00f3nu FRN je zalo\u017eena na kombinaci<\/strong> v\u00a0aukci stanoven\u00e9m Spreadu<\/strong>, kter\u00fd je pevn\u011b stanoven<\/strong> do doby splatnosti dluhopisu a Index Rate<\/strong>, kter\u00e1 odr\u00e1\u017e\u00ed v\u00fdnos aktu\u00e1ln\u011b nejmlad\u0161\u00edch 13-ti t\u00fddenn\u00edch T-Bills<\/strong>. Celkov\u00fd kup\u00f3nov\u00fd v\u00fdnos s FRN je pak sou\u010dtem t\u011bchto dvou slo\u017eek, pevn\u011b stanoven\u00e9ho vysout\u011b\u017een\u00e9ho \u00faroku (Spreadu) a jak\u00e9hosi pomysln\u00e9ho \u201eplov\u00e1ku\u201c (floateru), kter\u00fd odr\u00e1\u017e\u00ed aktu\u00e1ln\u00ed sazby americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f s velmi kr\u00e1tkou dobou do splatnosti. Mohu tak, ve sv\u011btle \u010dl\u00e1nku Dluhopisy \u2013 X.<\/a><\/strong><\/span>, konstatovat, \u017ee v\u00fdnosy t\u011bchto kr\u00e1tkodob\u00fdch vl\u00e1dn\u00edch dluhopis\u016f velmi v\u011brn\u011b odr\u00e1\u017eej\u00ed aktu\u00e1ln\u00ed sazby americk\u00e9 centr\u00e1ln\u00ed banky, investice do t\u011bchto dluhopis\u016f plovouc\u00ed sazbou by pak m\u011bla zejm\u00e9na korespondovat s o\u010dek\u00e1v\u00e1n\u00edmi spojen\u00fdmi s politikou t\u011bchto sazeb.\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Z\u00e1kladn\u00ed vlastnosti tohoto typu dluhopisu mohu demonstrovat na emisi, jej\u00ed\u017e parametry \u201espat\u0159ily sv\u011btlo sv\u011bta\u201c na z\u00e1klad\u011b aukce konan\u00e9 dne 25.1.2023.<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0Announcement t\u00e9to aukce pak mohu vy\u010d\u00edst z\u00e1kladn\u00ed po\u017eadovan\u00e9 parametry budouc\u00ed emise FRN.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 \u00a0Jedn\u00e1 se o dvoulet\u00e9 dluhopisy<\/strong> s plovouc\u00ed sazbou (1)<\/span><\/strong>, zam\u00fd\u0161len\u00fd objem emise je a\u017e 24 miliard dolar\u016f (2)<\/span><\/strong> a identifik\u00e1tor CUSIP je 91282CGF2 (3)<\/span><\/strong>. Emise je napl\u00e1nov\u00e1na na den 31.1.2023 (4)<\/span><\/strong> a datum splatnosti<\/strong> dluhopisu je 31.1.2025 (5)<\/span><\/strong>. V aukci se sout\u011b\u017e\u00ed o v\u00fd\u0161i Spreadu (6)<\/span><\/strong> a velmi d\u016fle\u017eit\u00e9 je sd\u011blen\u00ed, \u017ee p\u0159ipisov\u00e1n\u00ed kup\u00f3n\u016f<\/strong> se d\u011bje ka\u017ed\u00e9 t\u0159i m\u011bs\u00edce<\/strong>, a to v\u017edy posledn\u00ed den v dubnu, \u010dervenci, \u0159\u00edjnu a lednu roku trv\u00e1n\u00ed dluhopisov\u00e9 emise. Z v\u00fdsledku aukce pak bude pro investora nejzaj\u00edmav\u011bj\u0161\u00ed \u00fadaj o dosa\u017een\u00e9 v\u00fd\u0161i spreadu:<\/span><\/p>\n

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

\u00a0\u00a0 Mohu vypozorovat, \u017ee tento dluhopis ponese pevnou a jistou kup\u00f3novou slo\u017eku – Spread<\/strong> – ve v\u00fd\u0161i 0.200 % p.a.<\/strong>, ostatn\u00ed kup\u00f3nov\u00fd v\u00fdnos pak bude z\u00e1le\u017eet na Index Rate<\/strong>, tedy druh\u00e9 slo\u017ece tohoto v\u00fdnosu. Zji\u0161\u0165uji tak\u00e9, \u017ee tento dluhopis mohu obchodovat u m\u00e9ho brokera Interactive Brokers:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Z\u00a0obr\u00e1zku vypl\u00fdv\u00e1, \u017ee aktu\u00e1ln\u00ed kup\u00f3nov\u00fd v\u00fdnos<\/strong> \u010din\u00ed 5.5728% p.a<\/strong>., mohu tak odvodit, \u017ee slo\u017eka Index Rate<\/strong> je 5.3728%, <\/strong>kdy\u017e Spread<\/strong> vze\u0161l\u00fd z aukce \u010din\u00ed 0,200%<\/strong>. Index Rate vych\u00e1z\u00ed z nejv\u00fd\u0161e podan\u00e9 nab\u00eddky v\u00fdnosu p\u0159i v\u00fdpo\u010dtu diskontu 13-t\u00fddenn\u00edch T-Bills, kter\u00e9 se v aukci prod\u00e1vaj\u00ed ka\u017ed\u00fd t\u00fdden, a proto\u017ee tato nab\u00eddka se v jednotliv\u00fdch t\u00fddenn\u00edch aukc\u00edch samoz\u0159ejm\u011b m\u011bn\u00ed, m\u011bn\u00ed se tak\u00e9 p\u0159\u00edslu\u0161n\u00e1 sazba Index Rate, je proto dobr\u00e9 m\u00edt pov\u011bdom\u00ed, kde najdu informace o t\u011bchto sazb\u00e1ch. Na webu Treasurydirect.gov mohu z\u00edsk\u00e1vat aktu\u00e1ln\u00ed hodnoty Index Rate v tomto um\u00edst\u011bn\u00ed<\/strong><\/span><\/a>. Na uveden\u00e9m odkazu mohu vypozorovat n\u00e1sleduj\u00edc\u00ed nab\u00eddku informac\u00ed pro jednotliv\u00e9 FRN:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Podle CUSIP vyberu sv\u016fj dluhopis 91282CGF2 a mohu konstatovat, \u017ee tento nese opravdu Spread<\/strong> ve v\u00fd\u0161i 0.200 % p.a. (1)<\/span><\/strong>, pro dal\u0161\u00ed informaci o Index Rate<\/strong> klik\u00e1m na View (2)<\/span><\/strong>.<\/span><\/p>\n

\"\"<\/p>\n

\u00a0 Z\u00a0p\u0159ehledu pro po\u017eadovan\u00fd dluhopis vyb\u00edr\u00e1m den 26.8.2023 (1)<\/span><\/strong>, tedy den, kdy p\u00ed\u0161u tuto \u010d\u00e1st \u010dl\u00e1nku. Mohu pak pro zobrazen\u00fd den zjistit, \u017ee aktu\u00e1ln\u00ed hodnota Index Rate<\/strong> je 5.372771201% p.a.<\/strong> (2)<\/strong><\/span> a spole\u010dn\u011b s\u00a0hodnotou Spreadu (+0,200%) \u010din\u00ed kup\u00f3nov\u00fd v\u00fdnos z\u00a0FRN<\/strong> \u010d\u00e1stku odpov\u00eddaj\u00edc\u00ed 5.572771201% p.a. (3)<\/span><\/strong>. Tento kup\u00f3nov\u00fd v\u00fdnos pak nab\u00edz\u00ed v\u00a0tabulce jeho p\u0159epo\u010d\u00edt\u00e1n\u00ed na denn\u00ed v\u00fdnos<\/strong> v\u00a0USD p\u0159ipadaj\u00edc\u00ed na 100 USD investice do tohoto dluhopisu (4)<\/strong><\/span> a tak\u00e9 vyj\u00e1d\u0159en\u00ed souhrnn\u00e9ho p\u0159\u00edjmu<\/strong> z\u00a0jeho dr\u017een\u00ed za obdob\u00ed od jeho posledn\u00ed v\u00fdplaty (5)<\/strong><\/span> op\u011bt p\u0159ipadaj\u00edc\u00ed na \u010d\u00e1stku 100 USD. Mohu tak konstatovat, \u017ee zji\u0161t\u011bn\u00fd v\u00fdnos toho FRN p\u0159esn\u011b odpov\u00edd\u00e1 zobrazen\u00ed, kter\u00e9 nab\u00edz\u00ed platforma TWS m\u00e9ho brokera Interactive Brokers v\u00a0obr\u00e1zku v\u00fd\u0161e.<\/span><\/p>\n

\n

\u00a0\u00a0 C\u00edlem \u010dl\u00e1nku bylo popsat n\u011bkter\u00e9 z\u00a0vlastnost\u00ed americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f, kter\u00e9 mohu obchodovat u m\u00e9ho brokera Interactive Brokers. Auk\u010dn\u00ed proces a z\u00e1kladn\u00ed vlastnosti jednotliv\u00fdch typ\u016f dluhopis\u016f, zejm\u00e9na mechanika jejich fungov\u00e1n\u00ed, by pak mohly poslou\u017eit k\u00a0jejich lep\u0161\u00edmu porozum\u011bn\u00ed a p\u0159isp\u011bt ke kvalitn\u011bj\u0161\u00edmu obchodn\u00edmu rozhodnut\u00ed p\u0159i jejich po\u0159izov\u00e1n\u00ed. Nejlikvidn\u011bj\u0161\u00ed a nejrozs\u00e1hlej\u0161\u00ed segment dluhopisov\u00e9ho trhu si takovou pozornost podle m\u00e9ho ur\u010dit\u011b zasluhuje :c) \u00a0\u00a0<\/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> :c)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\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, Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":6562,"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-6561","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\/08\/main.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1HP","jetpack-related-posts":[{"id":6010,"url":"https:\/\/dobretrejdy.com\/?p=6010","url_meta":{"origin":6561,"position":0},"title":"Dluhopisy \u2013 III.","author":"dobretrejdy :c)","date":"14.12.2022","format":false,"excerpt":"\u00a0\u00a0N\u00e1kupem dluhopisu p\u016fj\u010duji pen\u00edze. Nejjednodu\u0161\u0161\u00ed definice, kterou by si mohla zaslou\u017eit odpov\u011b\u010f na ot\u00e1zku, co to vlastn\u011b dluhopis je. Emitent dluhopisu \u2013 dlu\u017en\u00edk - vstupuje do pr\u00e1vn\u00edho svazku s v\u011b\u0159itelem (t\u0159eba se mnou), kter\u00fd je zalo\u017een na z\u00e1vazku dlu\u017en\u00edka platit v\u011b\u0159iteli periodick\u00fd \u00farok ve form\u011b kup\u00f3nu a splatit celou p\u016fvodn\u011b\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/main.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6439,"url":"https:\/\/dobretrejdy.com\/?p=6439","url_meta":{"origin":6561,"position":1},"title":"Dluhopisy – X. \u00a0","author":"dobretrejdy :c)","date":"24.6.2023","format":false,"excerpt":"\u00a0 \u00a0Z\u00edskat z\u00e1kladn\u00ed p\u0159ehled o dluhopisov\u00fdch trz\u00edch, pochopit a popsat z\u00e1kladn\u00ed pojmy spojen\u00e9 s\u00a0dluhov\u00fdmi cenn\u00fdmi pap\u00edry, zamyslet se nad v\u00fdpo\u010dtem v\u00fdnosu dluhopisu nebo prozkoumat mo\u017enost obchodovat tyto cenn\u00e9 pap\u00edry u brokera Interactive Brokers bylo, mimo dal\u0161\u00ed drobnosti, p\u0159edm\u011btem p\u0159edch\u00e1zej\u00edc\u00edch text\u016f dluhopisov\u00e9ho seri\u00e1lu. Co se aktu\u00e1ln\u011b na dluhopisov\u00fdch trz\u00edch d\u011bje a\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\/06\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/06\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/06\/main.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6742,"url":"https:\/\/dobretrejdy.com\/?p=6742","url_meta":{"origin":6561,"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":7175,"url":"https:\/\/dobretrejdy.com\/?p=7175","url_meta":{"origin":6561,"position":3},"title":"Dluhopisy \u2013 XIX.","author":"dobretrejdy :c)","date":"10.7.2024","format":false,"excerpt":"\u00a0\u00a0 Dluhopisov\u00e1 deriv\u00e1tov\u00e1 j\u00edzda pokra\u010duje :c). V prvn\u00edm \u010dl\u00e1nku o dluhopisov\u00fdch futures Dluhopisy \u2013 XIV. jsem popisoval existenci a vlastnosti \u201evelk\u00fdch\u201c Treasury futures, kter\u00e9 p\u0159edstavovaly term\u00ednov\u00e9 kontrakty, jejich\u017e podkladov\u00fdmi aktivy byly dluhopisy se splatnost\u00ed 2 a v\u00edce let podle jednotliv\u00e9 specifikace pro ka\u017ed\u00fd typ tohoto futures kontraktu. Tyto \u201evelk\u00e9\u201c Treasury\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\/07\/Bill1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/07\/Bill1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/07\/Bill1.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":7097,"url":"https:\/\/dobretrejdy.com\/?p=7097","url_meta":{"origin":6561,"position":4},"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":6292,"url":"https:\/\/dobretrejdy.com\/?p=6292","url_meta":{"origin":6561,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6561","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=6561"}],"version-history":[{"count":26,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6561\/revisions"}],"predecessor-version":[{"id":7321,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6561\/revisions\/7321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/6562"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}