Ziziphi izibonda zeMongami?

Konke Okufuneka Ukwazi Ngezibonda Zomlawuli

Ngaba wake wakha wazibuza ukuba urhulumente uphakamisa njani imali yokuxhasa iiprojekthi zeziseko, iinkqubo zentlalo, okanye amanye amanyathelo okuchitha imali xa ingeniso yerhafu ayaneleyo?

Oorhulumente belizwe bakhupha izibambiso zetyala ezibizwa ngokuba yizibophelelo ezizimeleyo , ezinokuthi zihlawulwe kwiimali zengingqi okanye kwii-currencies zelizwe jikelele, njenge-dollar yase-US okanye i-euro. Ukongezelela ekuxhaseni iiprogram zenkcitho karhulumente, ezi ntlawulo zingasetyenziselwa ukuhlawula amatyala adala angase akhule okanye afunyanise iintlawulo zenzalo ezizayo.

Kule nqaku, siza kujonga ezinye iingqiqo ezibalulekileyo ukuba ziyazi xa kuziwa kwiibhanki ezizimeleyo (ezifana nezivuno, ukulinganisa, kunye neengozi zemboleko), kunye nendlela abatyali-mali abangayithenga ngayo.

I-Sovereign Bond Ivelisa

Ukuveliswa kwebhondi yoMongami inzala yenzalo oorhulumente abahlawula ngayo amatyala abo. Njengezibophelelwano zenkampani, ezi zibophelelo zixhomekeke kwingozi ebandakanyekayo kubathengi. Ngokungafani nezibophelelwano zenkampani, le mingcipheko ibandakanya ngokutsha inani lokutshintshiselana (ukuba iibhondi zithengwa ngemali yendawo), izingozi zezoqoqosho, kunye neengozi zezopolitiko ezingakhokelela ekungenakwenzeka kwiintlawulo zenzalo okanye inqununu.

Nantsi isishwankathelo esiphuthumayo sesithathu esinqununu seemveliso ezibophelelweyo:

• Ukuthenga ngemboleko - Ukuboleka ngemali kukubona ukuba ilizwe libuyisela amatyala alo anikezelweyo ngoku. Amaxesha amaninzi, abatyali-mali baxhomekeke kwii-arhente zee-arhente ukuze bancede banqume ukuthengwa kweentengo zelizwe ngokusekelwe kumazinga okukhula kunye nezinye izinto.

• Iengozi yelizwe - ingozi enguMongameli yimiba yangaphandle engase ivele kwaye ibeka ingozi kwilizwe elikwazi ukubuyisela amatyala alo. Ngokomzekelo, iipolitiki ezithintekayo zingaba nendima ekuphakeni umngcipheko wokungagqibekanga kwezinye iimeko xa inkokeli engenakuziphendulela ithatha isikhundla.
• Izinga lokuShintshana - Izinga lokutshintshela linomphumo omkhulu kwiibhondi ezilawulwayo kwiinkcitho zendawo. Enyanisweni, amanye amazwe aye ahlutha indlela yokuphuma kwamatyala ngokukhawuleza ukukhupha imali eyongezelelweyo, okwenza ukuba ityala libe lincinci.

Izilinganiso zeMongameli

I-Standard & Poor's, i-Moody's and Fitch ngaba bathathu ababonelelekileyo ababonelela ngokubaluleka kwebhondi . Nangona kukho ezinye iindibano ze-boutique, i-arhente "ezinkulu ezintathu" zithwala ubunzima kakhulu kubatyalomali behlabathi. Ukuphuculwa kunye neendleko ezenziwe yi-arhente zingakhokelela ekutshintsheni okukhulu kwiintlawulo ezizibopheleleyo zonyaka.

Ukulinganiswa kwezibophelelo zoMongameli kusekelwe kwiimeko eziliqela, kubandakanya:

• Inkcitho yePapita
• Ukukhula kweMveliso yaseKhaya
• I xabiso
• Amatyala angaphandle
• Imbali yokuPhepha
• Phuhliso lo qoqosho

I-Sovereign Bond ayifanelekanga

Izibhengezo zoBukumkani eziMveli aziqhelekanga, kodwa zenzeke ezininzi kwixesha elidlulileyo. Enye yezinto ezingaphaya kwelokugqibela zenzeke ngo-2002, xa iArgentina yayingenakho ukubuyisela ityala layo emva kokunciphisa ngokwemali ekupheleni kwee-1990. Ekubeni imali yelizwe yayigxininise kwi-dollar yase-US, urhulumente akakwazanga ukukhupha indlela yayo yokuphuma kwiingxaki zayo kwaye ekugqibeleni ayikho.

Eminye imimiselo emibili eyaziwayo yayiseRashiya naseNyakatho Korea. IRashiya yayinganyanzelwanga kwiibhondi zayo eziphambili ngo-1998 kwaye zatshitshisa uluntu lwamazwe ngamazwe, ocinga ukuba amagunya amakhulu ehlabathi ayengeke athathwe ngamatyala abo. Kwaye ngo-1987, iNorth Korea yazihlawula amatyala ayo emva kokuphathwa kakubi kwicandelo lezoshishino kunye nokuchitha imali emininzi yokwandiswa kwayo kwempi.

Ukuthenga iBond Sovereign

Abatyalomali banokuthenga izibophelelo ezizimeleyo ngeendlela ezahlukeneyo. Iibhondi ze-Nondyebo zase-US zingathengwa ngqo kwi-Treasury yase-US, nge-TreasuryDirect.gov, okanye kwi-akhawunti enkulu ye-akhawunti ye-broker. Nangona kunjalo, ukuthenga amabhondi angaphandle kwamanye amazwe kunokuba nzima kakhulu kubatyalomali base-US, ngakumbi ukuba bafuna ukusebenzisa i-US exchange.

Izibophelelo ezizimeleyo ezivela ngaphandle zizithengwa ngokulula ngezimali zokuthengisa-ntengiso (ETFs). I-ETF ye-bond edidiyelweyo yenza ukuba abatyali-mali bathenge iintlawulo ezizimeleyo kwifom ye-equity ezingathengiswa ngokulula kwi-stock exchange yase-US. Ezi zi-ETF ezihlukeneyo zibamba inani leebhondi kwiimfuno ezihlukeneyo kwaye zinike utyalo-mali oluzinzileyo kunezibophelelo ezizimeleyo.

Amaphuzu athathweyo

• Izibophelelo zoMongameli zibophelelo zetyala ezikhutshwa nguorhulumente karhulumente kwimali yendawo okanye ngemali yelizwe lonke, njenge-dollar yase-US okanye i-euro.

• Izivuno zezibophelelo zikaMongameli zichaphazeleka ngokukodwa ngetyala lokuthenga imali, ingozi yelizwe kunye namazinga okutshintsha.
• Ukulinganiswa kwezibhengezo zoMongameli ngokuqhelekileyo kukhutshwa yi-Standard & Poor's, Moody's, kunye ne-Fitch, kwaye unikezela abatyala-mali ingcamango yomngcipheko wokubambisana.
• Abatyalomali banokuthenga izibophelelo ezizimeleyo ngokulula ngemali yokuthengiselana ngeemali ezithengiswa kwi-US exchange.