Iibhondi zentsebenziswano zichaphazeleka ngengozi yemboleko , okanye umngcipheko wokungagqibekanga phakathi kwabakhuphayo, kunye nomngcipheko wezinga lentengo, okanye umphumo werhafu ekhoyo.
Iingozi kunye neBondary Bonds
Umngcipheko ongekho ngokukhawuleza ungancikiyo kwiibhondi zenkampani, ngakumbi kwimibandela ephakamileyo.
Ngokomsebenzi oqhutywe ngumphathi otyalo-mali we-Asset Dedication LLC, ingozi yeebhanki zenkampani ifanele isivuno esongezelelweyo sabathengi bexesha elide. Kwiminyaka engama-40 (iphelile ngo-2009), i-98.96% epheleleyo yee-Aaa kunye ne-Aa-valuated bond bonds ziye zahambisa zonke iimfuno ezilindelekileyo kunye neentlawulo eziyinhloko kubatyalomali. I-Aaa kunye neAA yizona zimbini eziphezulu zokulinganiswa kweentengo zemboleko. Izibophelelo ezisemgangathweni zivame ukwenza ngcono kunezobambiso eziphantsi kweemeko nakwixesha loxinzelelo lwezoqoqosho, kuba abaxhasi beemali banamandla okwaneleyo okugcina iimali zabo phantsi kweemeko ezimbi.
Nangona kunjalo, okufanayo akunakutsholwa kubaxhasi abaphantsi. Ngezantsi ireyibhile ibonisa ipesenti yemiba engagqibekanga (kwakhona, ebonisa ukungaphumeleli ukwenza inzala okanye inkokhelo yenqununu) ngabakhuphayo ngaphakathi kwenyanga nganye yeebhanki kwiminyaka yokuqala elishumi emva kokukhutshwa, ngexesha elivela ngo-1970-2009.
I-Aaa, Aaa, ne-A zibhekwa njengebakala lotyalo-mali, ngelixa iinqanaba ezisele ziphantsi kwebakala lotyalo-mali, okanye isivuno esiphezulu. Gcinani engqondweni, isibophelelo esingagqibekanga asiyi kufikelela kwi-zero - abatyala-mali abanokulindela ukulinganiswa okuthile.
- Aaa: 0.50%
- Aa: 0.54%
- A: 2.05%
- Baa: 4.85%
- Ba: 19.96%
- B: 44.38%
- Caa-C: 71.38%
Ukujonga emva koko, le tafile ibonisa umlinganiselo ofanayo, kodwa kwithuba ukususela ngo-1920 ukuya ku-2009:
- Aaa: 0.9%
- Aa: 2.2%
- A: 3.3%
- Baa: 7.2%
- Ba: 19.2%
- B: 36.4%
- I-Caa-C: 52.8%
Ukususwa kwile datha kukuba umnini-zimali kwiibhondi ngamnye unokunciphisa kakhulu amathuba okungagqibekanga ngokugxila ekukhetheni komntu ngamnye. Kwisifundo sawo, i-Asset Dedication iphawula malunga nemiba ephakamileyo ephakanyisiweyo, "Utyalo-mali kuphela kunye namaxabiso angagqithanga alindelekileyo aphantsi koNondyebo, iiCD kunye kunye (kunye nee-securities agencies), ezikwazisa abatyala-mali."
Hlalani nikhumbule, kwakhona, ukuba ukutshintsha kweemeko zoqoqosho kudala isethi esongeziweyo. Izibophelelo zentsebenziswano zivame ukukhawuleza xa uqoqosho luba buthathaka, kuba abatyalomali bakhula ngakumbi malunga nokuba amashishini aphantsi kwabathengi aya kuhlala beqinile ngokwaneleyo ukuba bavumeleke ukuba benze yonke inzala yabo kunye neentlawulo eziyinhloko.
Ekugqibeleni, kubalulekile ukugcina engqondweni ukuba abatyali-mali kwiibhanki zenkampani zenkampani banomngcipheko omncinci. Kule meko, umngcipheko wokungagqibekanga okona ungakhange ucinge, kuba iipolfoliyo ezininzi zihlala zihlukeneyo phakathi kwamakhulu emininzi. Ngenxa yoko, ukungatshintshwa komntu omnye kunomphumo omncinci kuphela.
Umngcipheko weNzala
Ngaphandle kwanokungagqibekanga, izinto ezininzi ziyakwazi ukudlala.
Iingozi ezimbini ezibalulekileyo ezinokunyanzelisa ukusebenza kweebhanki zenkampani kungakhathaliseki ukuba ngabaniki bamandla ngabani:
- Izithintelo zenzalo ezithintekayo : Kuba iibhondi zentsebenziswano zithengwa "kwiintengiso" ezichasene noNondyebo base- US - okanye ngamanye amazwi, ukuxhamla kwemveliso enikezelayo ngokumalunga noxanduva lweburhulumenteni - ukunyuka kwintengiso yeburhulumenteni kunomthelela othe ngqo kwizivuno zemicimbi yenkampani. Ububambiswano bexesha elide bubona banobuchule obunomngcipheko wezinga lentengo kunemiba yesikhashana.
- Abanini-mali bajonga ingozi : ngelixa iindaba ezifanelekileyo zibeka abatshali-mali ukuba bazimisele ngakumbi ukuthatha ingozi yokubambisa izibophelelo zenkampani, ukuphazamiseka koqoqosho lwehlabathi kungabangela ukuba abathathi-nxaxheba beemarike babe mngcipheko omkhulu kwaye bafune ukuba bafumane utyalo-mali olukhuselekileyo.
Iimali zeBond zithintela ingozi yenzalo ukususela ngoku, ngokungafani nezibophelelo zabanye, abanalo usuku lokukhula .
Ngale ndlela, imali ilahlekelwa yintengo kwaye abatyali-mali abanakho ukuqinisekiswa kokufumana yonke inqununu yabo emva kwexesha elizayo.
Funda kabanzi malunga nezinto ezichaphazela ukusebenza kweebhondi zenkampani.
Ungaphila Kangakanani?
Ekubeni iimali ziii-portfoliyo ezininzi zeemali ezizimeleyo ezithengiswa ngamanani ngokusekelwe kwiimeko zemarike ezixhaphakileyo, ixabiso labo liyakwazi ukuphazamiseka okukhulu. Ngo-2008, i-ETF - iShares iBoxx ye-InvesTop Investment yeBakala yeBhanki ye-ETF (i-ticker: i-LQD) - yaba ngama-15% kwimiba yeeveki ngexesha lokuphakama kweengxaki zemali. Lo mzekelo ogqithiseleyo kunomlando wamva nje, kodwa ubonisa ukuba kunokuba kubekho umgangatho ongezantsi kumabhondi.
Ngaphantsi
Umngcipheko wokuthi nayiphi na ibhondi ebambisene nomlinganiselo ophezulu wokuthenga ngetyala, iya kuba yinto engeyiyo, nangona kunjalo, nabani na obeka imali kwiinkampani ezithile kufuneka benze uphando olunzulu. Nangona kuluncedo ukwazi ulwazi olungagqibekanga oluxutywe ngasentla, ungakulibali ukuba imali yeekhonkco kunye ne-ETFs zinikela ngeengozi ezingahambelani nomlinganiselo wokukhupha.