Ezi zilinganiso zibandakanya iintlobo ezahlukeneyo, ezifana nobugorha bemali yomthengisi kunye nethemba labo elizayo, kwaye bavumela abatyali-mali ukuba baqonde ukuba kwenzeka njani ukuba isibophelelo sikholele okanye siphumelele ukwenza inzala kunye neentlawulo eziphambili ngexesha.
Izinto zokubala
Ii-arhente zee-bond zikhangele kwiimeko ezithile ezibandakanya:
Amandla ebhalansi yomrhumo. Kwinkampani, oku kuya kubandakanya amandla olawulo lwalo kunye netyala layo elipheleleyo. Kula mazwe, kubandakanya inani labo lilonke lamatyala , uhlawulelo lwetyala ukuya ku-GDP , kunye nobukhulu nokunyanzeliswa kohlahlo lwabiwo-mali.
Amandla omniki-mali wokuhlawula iitaliti zalo kunye nemali eseleyo emva kokuba iindleko zisuswe kwiimali.
Imeko yemisebenzi yomthumeli. Kwinkampani, ukulinganisa kusekelwe kwiimeko zoshishino zangoku zibandakanya umyinge weenzuzo kunye nokukhula kwempumelelo, ngelixa iiprogram zikaRhulumente zilinganiswa kwinqanaba elisekelwe ngamandla aboqoqosho.
Umbono wezoqoqosho wexesha elizayo, kubandakanywa impembelelo enokuthi utshintshe kwimimandla yayo yolawulo, imboni, ukukwazi ukujamelana nobunzima bezoqoqosho, umthwalo werhafu, njl., Okanye kwimeko yelizwe, ukukhula kwembono kunye nemeko yezopolitiko.
I-Standard & Poor's bonds bonds by placing them in 22 categories, ukusuka ku-AAA ukuya kwi-D. I-Fitch ihambelana kakhulu nale milinganiselo yekhredithi, kodwa u-Moody uqeshe iindibano ezahlukeneyo.
Ngokuqhelekileyo, i-low-rating rating, isivuno esiphakamileyo ukususela ekubeni abatyali-mali kufuneka bahlawulelwe ingozi eyongeziweyo. Kwakhona, xa kunomlinganiselo ogqithisiweyo kakhulu ubophelelo olungenakwenzeka ukuba ungagqibekanga.
Ukutolika ukulinganisa
Isilinganiselo esiphakamileyo asisususi ezinye izingozi ukusuka kwi-equation, ingakumbi inzala yengozi . Ngenxa yoko, inokunika ulwazi malunga nomkhupheli kodwa ayikwazi ukuba isetyenziswe ukuqikelela ukuba i-bond iya kuyenza njani. Nangona kunjalo, iibhondi zivame ukuphakama kwixabiso xa ukulinganiswa kwekhredithi zabo kuphuculwe kwaye ziwela kwixabiso xa ukulinganiswa kwehlelwa.
Ingakanani ukulinganisa kuthini? Ngoxa bekunika isikhokelo esiqhelekileyo, akufanele baxhomekeke kakhulu. Cinga le ngcaciso evela kumaphephancwadi ePeritus Asset Management, iNew New Case for High Yield , epapashwe ngo-Apreli 2012:
"Abatyalo-mali kufuneka baqonde ukuba i-arhente yokulinganisa ngokwabo zithini ngokubaluleka kwazo, i-arhente zokulinganisa ziqaphele ukuba ukulinganisa kwazo ziyizimvo kwaye akufanele zithembeke yodwa ukwenza isigqibo sokutshala imali, ungalindelekanga ukunyuka kwexabiso lentengiso, kwaye aziyiziphakamiso zokuthenga, ukuthengisa okanye ukugcina ukhuseleko.
Ngoko ukuba ezi ngcamango zingenanzuzo ekuqikeleleni apho ixabiso lokukhusela liza khona kwaye akuyiziphakamiso zentengiso, ziziphi izinto ezilungileyo? Kukhethiwe lo mbuzo esiwucelile iminyaka engama-25+ edlulileyo. Siyabona i-arhente yokulinganisa njengento esebenzayo, engenzi kakuhle, kodwa abatyali-mali abaninzi kwiingeniso ezingenakuthembela bathembele ngokubanzi kulezi zilinganiso ngokwenza izigqibo zotyalo-mali. "
I-Bond Credit Rating Categories
Ngesilumkiso esingasentla engqondweni, nantsi inkcazo yeentlobo zenkxaso-mboleko yeentengo zemboleko ezisetyenziswe ngu-S & P, kunye nexabiso elilinganayo le-Moody's ratingingsheses:
I-AAA (Aaa): Oku kukulinganisa okuphezulu, ukubonisa "amandla amakhulu kakhulu okuhlangabezana nokuzibophelela kwezemali," ngamazwi e-S & P. Urhulumente wase-US unikezelwa lo mgangatho ophezulu ngu-Fitch no-Moody, ngoxa i-S & P ihlawula ityala layo inotshi ephantsi. Iinkampani ezine ze-US, iMicrosoft, i-Exxon Mobil, i-Automated Data Processing, kunye no-Johnson & Johnson, i-AAA izilinganiso, ngoxa i-S & P ibeka i-10 kumazwe angama-59 AAA ngo-Oktobha 2017.
I-AA +, AA, AA- (Aa1, Aa2, Aa3): Eli candelo lenkalo libonisa ukuba umniki "unamandla kakhulu ukuhlangabezana nezibophelelo zalo zezimali." Ukwahlukana okuvela kwiAAA kuncinci kakhulu, kwaye kunqabile ukuba izibophelelo kwezi Iikhredithi zetyala ziza kufezeka.
Ukususela ngo-1981 ukuya ku-2010, kuphela i-1.3 ekhulwini yeebhondi zenkampani yehlabathi jikelele ezaqalwa i-AA ekugqibeleni zahluleka. Qaphela ukuba iibhondi zivame ukufumana ukulahla kwezinto ezidlulileyo ngaphambi kokungagqibekanga.
I-A +, A, A- (A1, A2, A3): I-S & P ithi ngale ndlela: "Amandla amakhulu ukuhlangabezana nezibophelelo zezemali, kodwa mhlawumbi iyakhathazeka kwiimeko zezoqoqosho ezibi kunye nezinguqu kwiimeko." Ngamanye amagama, ngelixa iMicrosoft okanye i-AAA umrhumeli kaRhulumente onokumelana nomgaqo-mali angamelana nokukhula kwexesha elingapheliyo ngaphandle kokulahlekelwa yikhono lokwenza iintlawulo zetyala lalo, oku kubaluleke kakhulu xa kufikelele kwii-securities kwi-"A".
BBB +, BBB, BBB- (Baa1, Baa2, Baa3): Ezi zibophelelo "zinamandla okwaneleyo ukuhlangabezana nezibophelelo zezemali, kodwa zingaphantsi kweemeko zezoqoqosho ezibi okanye iimeko eziguqukayo." Ukunyuka ukusuka kwi-A rating tier, i-BBB- umgca wokugqibela apho utywala luyaqwalaselwa "kwibakala lokutshala imali." Iibhondi ezilinganiswe ngaphantsi kweli nqanaba zibhekwa "ngaphantsi kwebakala lotyalo-mali" okanye, ngokuqhelekileyo, "umvuno ophezulu," inxalenye eyingozi kakhulu kwimarike.
BB +, BB, BB- (Ba1, Ba2, Ba3): Le yona mgangatho ophezulu kakhulu kwizinga eliphezulu lokuvelisa, kodwa ibhondi yeB BB ibonisa izinga eliphezulu lokuxhalabisa imeko yezoqoqosho kunye / okanye ukuphuhliswa kwenkampani ethile kungathiyisela amandla okukhupha ukuhlangabezana neembopheleleko zalo.
B +, B, B- (B1, B2, B3): Iibhondi ezilinganisiweyo ezi-B zinokuhlangabezana nezibophelelo zabo zemali zangoku, kodwa iinjongo zabo zephambili zijongene nengozi kwimpumelelo. Oku kunceda ukubonisa ukuba ukulinganiswa kwemali-mboleko kuthathelwa ingqalelo kungekhona nje ngeemeko zangoku, kodwa nakwixesha elizayo.
CCC +, CCC, CCC- (Caa1, Caa2, Caa3): Izibondlo kule ndawo ziyakhathazeka kwangoku kwaye, ngamazwi ka-S & P, "axhomekeke kwiimeko ezifanelekileyo, ezoqoqosho kunye nezoqoqosho ukuhlangabezana nezibophelelo zemali". I-Fitch isebenzisa isilinganiselo esisodwa seCCC, ngaphandle kokuyiphumela ngaphandle kunye nokunciphisa ukwahlukana njengoko i-S & P yenzayo.
I-CC (Ca): Njengeenkani ezibalwe yiCCC, izibophelelo kule ndawo ziyakhathazeka kwangoku kodwa zijongene nezinga eliphakamileyo lokungaqiniseki.
C : Iibhondi ezilinganiselweyo zeC zicatshangelwa ukuba zisengozini kakhulu. Ngokuqhelekileyo, eli candelo lugcinelwe iibhondi kwiimeko ezizodwa, njengalezo apho umkhupheli ehlawula imali kodwa iintlawulo ziyaqhubeka ngoku.
D (C): Isilinganisi esibi kunazo zonke, esabelwe kwiibhondi ezisele zikho phantsi.
Indawo yokutshintsha
Kwiminyaka yakutshanje, iinkampani ezinkulu ziye zavuma ukufumana ityala njengenxalenye yomzamo wokwandisa ixabiso elibonakalayo ngabanini-zimali. Ngowe-1992, iikhampani ze-98 zase-US zabamba i-AAA ukulinganiswa kweentengo ezivela kwi-Standard & Poor's. Ngama-2016, kuphela iinkampani ezimbini ezigcine ukulinganiswa kwazo kwe-AAA.