Chii chinonzi junk bonds uye iwe unofanirwa kuisa mari mazviri?

Junk bond (yepamusoro-goho bhondi, isiri-investment-giredhi bond, fungidziro-giredhi bond, junk bond) zvibatiso zvekufungidzira zvine mwero wakaderera wechikwereti. Ivo vanoratidzirwa nemukurumbira wakashata wemari uye njodzi huru. Nekudaro, ichi chishandiso chinobatsira zvakanyanya, kutengesa mairi chinokutendera kuti uwane purofiti yakakura. Mabond anopihwa nemhindu yakakwira, achikwezva vezvemabhizimisi vanoda kutenga makambani avo anenge ava kuda kukundikana.
Vanoisa mari vanosarudza chiridzwa ichi nekuda kwegoho rayo repamusoro zvichienzaniswa nekuchengetedzwa kwechinyakare. Kubatsira pamabhondi akachengeteka kunovimbiswa kuve 10% pagore. Nepo goho pazvibatiso zvisina basa rinogona kusvika 200%, zvisinei, mukana wekuti uyo aripa achabhadhara zvikwereti zvake mudiki zvakanyanya. Zvisinei neizvi, pane chikamu chemainshurensi vanodyara mune ichi chiridzwa chine njodzi. Junk bonds inopihwa nemakambani ane mukurumbira wakaderera kuitira kuti akurumidze kukwidza mari yekushanda yekuita bhizinesi kana kubhadhara zvikwereti. Uye zvakare, ivo vanopihwa panguva yekutorwa kwemabhizinesi kutsiva mari kune vanoisa mari.

Kuti nhoroondo yemusika wejunk bond yakatanga sei

Nhoroondo yemusika wejunk bond yakatanga muma1970s. Michael Milken aiita zvekuongorora zvidzidzo zvezvibatiso zvisina chiyero. Akakwanisa kuratidza kuti kuumbwa kwepodfolio yakasiyana-siyana yezvisungo zvepasi-giredhi munguva refu, kunounza purofiti yakawanda mukuenzanisa nezviridzwa zvine chiyero chepamusoro. Zvisinei, munyaya iyi, mukana wekusagadzikana unowedzera zvakanyanya. Michael Milken akacherekedza cyclicality yemusika, iyo inosanganisira kuderera nguva nenguva muzvibatiso zvakavimbika, panguva ino ndipo panotanga kusimuka kwejunk bond.
Kune marudzi akawanda emapepa akadaro:

• ngirozi dzakawa – makambani aimbove ane chiyero chepamusoro, asi zvino akatarisana nemamwe matambudziko;
• kusimuka nyeredzi – makambani ekutanga ane midziyo midiki uye kusakwana kwemari kugadzikana, ayo ane chiyero chakaderera;
• Makambani ane zvikwereti zvakakura anenge akabhuroka kana kuti mafemu akatengwa ane zvikwereti zvakakura;
• Makambani ane capital-intensive mafemu asina mari yakakwana kana mabhizinesi asingakwanise kuwana zvikwereti, pamwe neavo vanoda kukwezva vanoisa mari kubva pakati pevanhu uye masangano emutemo.

Maitiro ekudyara mujunk bond

Usati waisa mari muchiridzwa ichi, zvinodikanwa kuverenga kuti zvakafanira sei uye kuongorora njodzi dziripo. Pakutanga, musika unoongororwa kuti udzidze nhoroondo yemakambani anopa. Tsvagiridzo yemusika inoitwa kuti uwane pfungwa yezvino chiitiko chehupfumi uye zvimwe zvinhu zvinokanganisa solvency yemafemu. Iwe unozofanirwa kutarisira kusiyanisa kwekudyara uye kutenga zvibatiso zvevakawanda vanopa. Zvichienderana nekuongorora kwakaitwa, fungidziro yenguva refu yemitengo yemubereko uye simba rekuchinja kwavo kunoitwa. Kubatsira kwechiridzwa uye maitiro ayo mumusika kunoratidzwa nehuwandu hwezvinhu:

• kushingaira kushandisa zvisungo zvechikwereti pamusika negoho ravo chairo rinopfuura purofiti pamitengo yezvinhu;
• kuwedzera kana kuderera kwemubereko hakukanganise mutengo wechiridzwa, izvo zvisingagoni kutaurwa pamusoro pezvisungo zvakajairika zvechikwereti. Izvi zvinokonzerwa nemazwi asingakoshi kune nguva yekukura uye purofiti yakakura yeasset;
• purofiti pane junk bond zvakananga zvinoenderana nemamiriro ehupfumi.

Maitiro ezvinhu izvi anofananidzwa nekuchinja kwezvikamu, sezvo purofiti yavo inoenderana nekugadzikana kwemamiriro emupi uye simba rayo. Kana hupfumi hukapinda mukuderera, mutengo wepepa rejunk unodonha zvakanyanya, sezvo muhoro weanopa unoderera. Kana chibereko chekambani chichiwedzera, ipapo kukosha kwezvisungo kunowedzera zvakanyanya. Kugadzikana kwehupfumi muhurumende kunoderedza njodzi dzekushanda nezvikwereti zvezvikwereti. High-yield bonds (HDO), nhoroondo yekuumbwa, ikozvino mamiriro, zvakakosha here kuisa mari mujunk bond uye kuti usarasikirwa sei nemari, junk bond market muRussia: https://youtu.be/j8FsQKE2l84

Nzira yekusarudza munhu anopa

Vagadziri vemari vanokurudzira kusaisa mari inopfuura chikamu chimwe muzvina chemari yako yawakachengeta mujunk bond. Kuti uderedze njodzi, mugove wemupi mumwe mupodfolio haufanire kudarika 5%. Vane ruzivo vanoita mari havawanzoisa mari inodarika gumi muzana yemari yavo iripo mumhando iyi yemidziyo. Paunosarudza zvisungo zvekutenga, zvakakosha kudzidza mabasa emupi, kunyanya, kuti aone kana ane zvimwe zvisungo uye zvisungo zvechikwereti. Vanoteerera kune zvikwereti zvehurumende zvekambani uye mutoro wose wechikwereti, izvo zvinotarisa mukana wekukweretesa mumamiriro ezvinhu nekuwedzera kwengozi yekutadza. Ivo zvakare vanofunga nezve tarisiro yebhizinesi iro bhizinesi rakabatana naro. Matarisiro ezano rebhizinesi angangobatsira kambani kubhadhara vanokwereta.
Kuti uderedze njodzi, unofanirwa kuisa mari muzvisungo zvakaburitswa nemakambani anoshanda muchikamu chaicho chehupfumi. Ndivo varidzi vezvigadzirwa zvekugadzira uye vanogadzira mafambiro emari. Zvinokurudzirwa kurega zvinhu zvakatsidzirwa zvikwereti. Izvi zvakakosha nekuti iyo yakaipisisa mamiriro inorerutsa maitiro ekutaurirana kugadzirisazve chikwereti. Vanamazvikokota vanokurudzira kusadyara mari muzvisungo zvemakambani eIT, sezvo zvisungo zvavo zvechikwereti zvichidarika huwandu hwezvinhu zvavanazvo pamapepa avo emari. Paunenge uchidyara mari mujunk bond, vanopa kunze kwenyika vanofanirwa kukoshesa ma bond indices epamusoro-goho. Izvi zvinozoita kuti zvikwanise kusiyanisa zviri nani podfolio uye kuderedza njodzi dzinokonzerwa nekusavapo kweanopa. Zvakakosha here kuisa mari muzvisungo zvejunk uye chii chibereko chejunk bond: https://youtu.be/4Rfas4RGSEM Investors kutenderera pasirese vanosarudza junk bond, sezvo zviridzwa zvakakwirira zvisingakubvumidze kuti uverenge pakudzoka kwakakwirira. Semuenzaniso, makore gumi eUS Treasury bond anopa kudzoka kwepagore kwe2.1% chete. Uye avhareji purofiti yeUS junk bond inosvika 5.8% pagore.