Kutheni Ubantu Bokuba Utyalole kwiiNgxowa Zobunzima?
I-market ye-bond e-junk ikunika inkcazo yexesha elidala lokuba abatshali-mali abanomdla ozimisele ukuthatha.
Ukuba abatyali-mali bephuma ngaphandle kwee-bonds ezingenayo i-junk bonds, oko kuthetha ukuba baya kuba mngcipheko ophezulu kwaye abaziveki benethemba ngoqoqosho. Oko kuqikelela ukulungiswa kwemarike , imarike yeebhere okanye ukusikwa kumjikelezo wezoshishino.
Ngakolunye uhlangothi, ukuba kuthengwa izibopho ezingenanto, kuthetha ukuba abatyali-mali bathembela ngakumbi ngoqoqosho kwaye bazimisele ukuthatha ingozi enkulu. Oko kuchaza ukunyuka kweemakethi, imarike yenkomo okanye ukwanda kwezoqoqosho. (Umthombo: Umrhwebi oguqulwayo, Ziziphi iimpahla ezingenazo iimpawu ezizama ukusixelela, uAgasti 21, 2013)
Ukulinganisa
Izibophelelo ze-Junk zilinganiswa yi-Moody's and Standard & Poor's njengento yokuqikelela. Oko kuthetha ukuba ubuchule benkampani yokugwema ukungagqibekanga bugqithiswe ngokungaqiniseki. Oko kubandakanya ukutyhila kwenkampani kwiimeko ezibi okanye kwiimeko zezoqoqosho.
Isilinganiselo seBa okanye iBB sinokucingwa ngaphantsi kwesilinganisi C. Uninzi lwezibophelelo ze-junk zilinganisiwe B. Nazi izilinganiso ezahlukeneyo:
- Umngcipheko ophezulu - Ulinganiswa nguBa okanye uB ngeMoody's, kunye neBB okanye iB by Standard & Poor's. Ikhampani ngoku iyakwazi ukuhlangabezana neentlawulo, kodwa mhlawumbi ayiyi kuba ngaba imeko yezoqoqosho okanye yezoshishino zibuhlungu. Kungenxa yokuba kungasemngciphekweni engaqhelekanga kwiimeko ezimbi.
- I-Risk ephakamileyo - I-Caa, i-Ca okanye i-C yi-Moody's, neCCC, iCC okanye i-C nge-Standard & Poor's. Iimeko zoshishino kunye nezoqoqosho kufuneka zithandeke ukuba inkampani iphephe ukusilela.
- Kwi-Default - Ulinganiswe ngu-C ngu-Moody kunye no-D nge-Standard & Poor's. Oku okwangoku kungagqibekanga.
Abatyalomali bahlukanisa izibophelelo ezingekho phantsi kwezinto ezinjenge "Iingelosi Eziwa" okanye "Ukunyuka Kweenkwenkwezi." I yangaphambili ibhondi eyayiqala kwibakala lotyalo-mali.
I-arhente yemboleko inciphisa ukulinganiswa xa i-kredithi yenkampani ibuhlungu. "Ukunyuka kweenkwenkwezi" zizibophelelo ezingenazo iimpawu eziye zaphakanyiswa ngenxa yokuba ikhredithi yenkampani iphuculwe. Ekugqibeleni banokubakho utyalo-mali.
Ukuhlawulela umngcipheko ophezulu wokungagqibekanga, ukuveliswa kwezibopho ezingenayo i-junk ngokuqhelekileyo kukho ama-4-6 amanqaku angaphezulu kunezo zibophelelwane ezimalunga ne- US Treasury, ezixhaswa nguRhulumente wephondo. Iimbopheleleko ezingenamfutho zenza ityala lama-95% eenkampani zase-US ngemali engaphezulu kweerandi eziyizigidi ezingama-35, kunye ne-100% yetyala leenkampani ezinemali engaphantsi kwayo. Ngokomzekelo, iinkampani eziqhelekileyo ezinjenge-US Steel, Delta, kunye neDock Foods zikhupha izibopho ezingenanto. (Imithombo: i-NASDAQ, into efunekayo yokwazi malunga nezibonda ze-Junk. I-Creighton EDU, inkcazo ye-Junk Bond Ratings)
Inzuzo
Izibophelelo ze-Junk zingakhuphula ibuyiselo jikelele kwiipotifoliyo zakho ngelixa uphepha ukunyaniseka okuphezulu kwamasheya . Okokuqala, banikela isivuno esiphezulu kunezibhanki-mali. Okwesibini, banethuba lokwenza ngakumbi nangakumbi xa bephuculwe xa ishishini liphucula. Ngenxa yalokhu, izibopho ezingenanto zingabonakali kakhulu kwezinye iibhondi.
Izibophelelo ze-Junk zidibanisa kakhulu kwiimpahla kodwa zibonelela ngeentlawulo zenzalo. Abanini-mboleko bahlawulelwa phambi kwabanikazi bamashishini xa bebanjelwe.
Enye inzuzo kukuba bahlala bekhutshwa ngeminyaka eyi-10 (okanye ngaphantsi), kwaye bangabizwa emva kweminyaka emine ukuya kwemihlanu. Iimbopheleleko ezingenayo i-Junk zenza ngcono kwisigaba sokwandiswa komjikelo . Kungenxa yokuba iinkampani eziphantsi zingenakwenzeka ukuba zingagqibekanga xa amaxesha amnandi, okunciphisa umngcipheko. (Umthombo: i-PIMCO, i-Investments Basics)
Iingxaki
Ukuba ishishini lingafezekanga, uya kulahlekelwa ngu-100% wokutshala kwakho okuqala. Oko kuthetha ukuba kufuneka uhlalutye ingozi yemboleko yenkampani nganye. Ukuba utyalomali kwiimali eziphathekayo eziphathekayo kunoko, umphathi wenza oko ngaphambi kokuthenga naziphi na iibhondi.
Enye ingozi kukuba ukuba iinkampani ezifanelekileyo zekredithi ziyakwazi ukubanjwa ngendlala yezoqoqosho. Bakho ukuhamba kwemali ukuhlawula amatyala abo kwiingeniso ezikhoyo. Nangona kunjalo, abanye babo oogxa bahluleka kwiibhondi zabo.
Oku kuthumela izitya zentsingiselo kuzo zonke izibophelelo kwishishini labo. Xa kufika ixesha lokuhlaziya, abanakho ukufumana amaxabiso aphezulu.
Izibophelelo ze-Junk zisengozini yokunyuka kwezinga lentengo. Ukuba isivuno semvuno sihamba, iibhanki zizimisele ukuboleka. Kungenxa yokuba baboleka kwiimarike zeemali zexesha elifutshane kwaye babolekisa umxhelo wexesha elide kunye nemarike yempahla. Iinkampani ezicacileyo aziyi kukwazi ukuhlaziya okanye ukukhupha iintambo ezintsha. Ithemba lokunyuswa kwamazinga eFed ngoDisemba lwaphosa abatyali-mali ukuba babe yindlela yokutya. (Umthombo: "Okungagqibekanga akukho kwiinkwenkwezi," i -Economist , uEpreli 25, 2015.)
Kutheni Ubantu Bokuba Utyalole kwiiNgxowa Zobunzima?
Iimbopheleleko ezingenayo i-Junk yintengiso efanelekileyo kulabo abafuna ukubuyela okuphezulu, kwaye banakho ukufumana umngcipheko ophezulu. Nangona kunjalo, kucetyiswa ukuba uthenge kuphela kwisigaba sokwandiswa komjikelo wezoshishino . Ngoko unako ukuxhamla ngokubuya okuphezulu kunye nenani elincinci lomngcipheko. Nazi ezinye nge-Junk Bond Market.
Ukuthengwa kweeNgxowa zeJunk
Unokuthenga izibophelelo ezingekho phantsi komntu ngokwazo okanye ngezimali eziphakamileyo zemali ngokusebenzisa umcebisi wakho wezemali. Iimali yindlela efanelekileyo yokuya kumtyalomali ngamnye ngenxa yokuba iqhutywa ngabaphathi abanolwazi olulodwa olufunekayo ukukhetha izibophelelo ezifanelekileyo. Gcina ukhumbule ukuba iimali ezininzi zikunqanda ukuba ukhuphe ukutshala imali yakho kunyaka wokuqala okanye ezimbini. (Umthombo: Ukutshala imali kwi-Bonds.com)
Enye indlela yokutyalomali i-cash exchange market. Ezi zibini zikhulu zi-HYG kunye ne-JNK.
Imbali
Ngama-1780, urhulumente omtsha wase-US kufuneka akhuphe izibophelelo ezingapheliyo ngenxa yokuba umngcipheko welizwe wokungagqibekanga wawuphezulu. Kwiminyaka yokuqala ye-1900, iimbopho ezingenayo i-junk zibuyiselwe ukuxhasa ukuqala kweenkampani ezaziwa namhlanje: GM, IBM, kunye ne-JP Morgan yase-US Steel. Emva koko, zonke izibophelelo zazingabonakaliswa kwibakala lotyalo-mali ukuya kuma-1970, ngaphandle kwalawo ayenjalo "ayingelosi ewileyo." Nayiphi na inkampani eyayizicingayo yayifuneka iboleke imali kwiibhanki okanye abatyale-mali.
Ngowe-1977, i-Bear Stearns yabhala i-bond yokuqala ye-junk kwiminyaka emashumi. UDrexel Burnham wathengisa izibophelelo ezingaphezulu kwee-7. Kwiminyaka emithandathu kuphela, izibophelelo ezingekho phantsi kweyesithathu kuzo zonke izibophelelo zenkampani.
Ngoba? Isizathu esiyinhloko sophando olushicilelwe nguW. W. Braddock Hickman, uTomas R. Atkinson, u-Orin K. Burrell, owabonisa ukugqithiswa kwe-junk kwanikezela ngokuphindaphindiweyo kunokuba kuyimfuneko engozini. U-Michael Milken u-Drexel Burnam wasebenzisa lo uphando ekwakheni i-market bond enkulu ye-junk, eyakhula ukusuka kwi-$ 10 yezigidigidi ngo-1979 ukuya kwi-189 billion yezigidigidi ngo-1989.
Nangona kunjalo, uMilken noDrexel Burnham bahlonywe nguRudolph Giuliani kunye nabaxhasi bezemali ababekade belawula iimarike zekhredithi zenkampani ngokubhekiselele kwimarike ephakamileyo, kwabangela ukuwa kweemakethe zesikhashana kunye nokuchithwa kweDrexel Burnham. Ngokukhawuleza, imarike yezibophelelo ezingasandulwanga zi-junk zanyamalala, kwaye akukho mveliso emitsha engenazo iimveliso ezithengiswa kwiimarike okungaphezulu konyaka. I-market bond ye-bonds ayizange ibuyele ngo-1991. (Umthombo: Glenn Yago, iThala leeNkcukacha zezoQoqosho kunye noKhuseleko, iIjunk Bonds)
Ukuthengwa kwembopheleleko ye-Junk kwanyuswa ehlobo le-2013 ekuphenduleni kwesaziso sika-Fed kuya kuqalisa ukutshintshisa i- Easing Quantity . Oko kwakuthetha ukuba iFed yayiza kuthengisa amanqaku angaphantsi koNondyebo, isiginci sokuthi yanciphisa umgaqo-nkqubo wezemali owandisiweyo kunye nokuba uqoqosho lwaluphucula. Ngenxa yoko, ixabiso lentengo kwiNondyebo kunye noxanduva lokutyalomali-mali lwavuswa, njengoko abatyala-mali bathengisa ukuthengisa kwabo phambi komntu wonke.
Yaya phi imali? Uninzi lwaya kwiimbopheleleko ezingenanto ngenxa yokuba abatyali-mali babona ukubuyiswa kwakufanelekile ingozi. Ekubeni uqoqosho lwaluphucula, lithetha ukuba iinkampani zazingekho phantsi.
Imfuno yayiphezulu kangangokuthi iibhanki zaqala ukupakisha ezi zibophelelo ezingenanto kwaye zithengisa njengezibophelelo zetyala . Ezi ziyimvelaphi ezixhaswa ngumthwalo wemboleko. Baye banceda kakhulu ukuxhatshazwa kweengxaki zezimali ngenxa ka - 2008 kuba iinkampani zazingekho phantsi kwemali mboleko xa uqoqosho luqala ukunyuka.
Ngenxa yoko, iibhanki ezimbalwa zathengisa ngo-2013 Amabhanki nawo afuna imali eyongezelelweyo ukuhlangabezana neemfuno zeDodd-Frank . (Umthombo: Izindlu ezixhomekekileyo, ii-Junk Bonds i-Penicillin ye-Fed Tapering, ngo-Agasti 19, 2013)
Phakathi kuka-2009 kunye no-2015, i-market ye-bond yangama-junk yase-United States yenyuka ngama-80% ukuya kuma-1.3 trillion. Izibophelelo ze-Junk zamandla zenyuka i-180% ngeli xesha ukuya kwizigidi ezingama-200. Abatyalomali baxhamla amaxabiso athile aphantsi ukuze bathululele imali kwi-teyile ye-oyile. Ngenxa yoko, iinkampani zamandla ziquka i-16% ukuya kwi-20% ye-market-bond bond bond.
Amaxabiso e-oyile anqamle ngo-2014, abamba amaninzi e-US shale oyile-drillers-guard. NgoSeptemba 2015, ngaphezu kwe-15% yezibophelelo eziphakamileyo eziphezulu "zazinzima". Oko kuthetha ukuba bangakwazi ukusilela kwiinyanga ezilisithoba ezalandelayo. Iinkampani ezizikhuphayo zinenkathazo yokufumana iimboleko okanye ukuhlaziywa kwezibophelelo. Ixabiso leebhondi liwile ngokude kangangokuthi abatyali-mali bafuna inzala ye-interest 10% ephezulu kunobuncwane base-US. (Umthombo: "Inkulu Inombolo," iWSJ, Septemba 29, 2015)
NgoDisemba 12, 2015, i-Third Avenue Focused Credit Fund ivalwe emva kokulahlekelwa ngu-27% ngonyaka. Yayimisa ukuhlengahlengiswa ukuphepha ukuthengiswa komlilo. Kunoko, wathembisa ukuhlawulela abanini-mali ngamanani angamaxabiso ngo-Disemba 16. Le marike ezatshitshisayo, njengoko kungenzeka nakwezinye iimali-mboleko zabatyalo-mali. Ukuthengiswa kweevenkile kuqhubekile. (Umthombo: "I-Third Avenue Credit Fund ivala," iBarron, ngoDisemba 12, 2015.)
Enye ingxaki kukuba iinkampani zoshishino ezikhulayo zikhupha izibophelelo eziphezulu ezivunayo kwiidola zase-US. Ukunyuka kwama-dollar ka-25% kuthetha ukuba iintlawulo zabo zetyala zibiza kakhulu. Le yingxaki enkulu kumazwe, njengesiTurkey, angenayo i-dollar eyaneleyo kwiindawo zokugcina utshintshiselwano lwangaphandle . Ukwenza izinto zibe zibi, amaninzi kula mazwe amazwe athengisa izinto. Lawo maxabiso ayehlile kakhulu kwiminyaka emibini edlulileyo. (Umthombo: "I-Fed ayikwazi ukunqanda amandla eBuck," iWSJ, ngoFebruwari 3, 2016.)