Ziziphi iibhondi ezingafunekiyo kwaye kufuneka utyale imali kuzo?

Iibhondi eziyinkunkuma (ibhondi enesivuno esikhulu, ibhondi engatyali-mali, ibhondi eqikelelwayo, i-junk bond) zizibambiso eziqikelelwayo ezinezinga letyala eliphantsi kakhulu. Zibonakaliswa ngodumo olubi lwezemali kunye nemingcipheko ephezulu. Nangona kunjalo, esi sisixhobo esinenzuzo kakhulu, ukurhweba apho kukuvumela ukuba ufumane inzuzo enkulu. Iibhondi zikhutshwa ngenzala ephezulu, zitsala oosomashishini abafuna ukuthenga iinkampani zabo eziza kusilela.
Abatyalomali bakhetha esi sixhobo ngenxa yesivuno esiphezulu xa kuthelekiswa nezibambiso zemveli. Inzuzo kwiibhondi ezikhuselekileyo ziqinisekisiwe ukuba zibe yi-10% ngonyaka. Ngelixa isivuno kwii-junk securities singafikelela kwi-200%, nangona kunjalo, amathuba okuba umniki-mali ahlawule amatyala akhe mancinci kakhulu. Ngaphandle koku, kukho udidi lwabatyali-mali abatyala imali kwesi sixhobo siyingozi kakhulu. Iibhondi zeJunk zikhutshwa ziinkampani ezinegama eliphantsi ukwenzela ukuba zikhawuleze zinyuse imali yokwenza ishishini okanye ukuhlawula amatyala. Ukongeza, zikhutshwa ngexesha lokuthatyathwa kwamashishini ukuze kuthathelwe indawo imali kubatyali-mali.

Yaqala njani imbali yentengiso ye-junk bond

Imbali yentengiso ye-junk bond yaqala ngo-1970s. UMichael Milken wayebandakanyeka kwizifundo zohlalutyo lwezibambiso ezingenalo umlinganiselo. Wayekwazi ukubonisa ukuba ukubunjwa kwepotfoliyo ehlukeneyo yeebhondi eziphantsi kwexesha elide, kuzisa inzuzo eninzi xa kuthelekiswa nezixhobo ezinomlinganiselo ophezulu. Nangona kunjalo, kulo mzekelo, amathuba okusilela ayanda kakhulu. UMichael Milken uchonge umjikelo wentengiso, obandakanya ukuhla ngamaxesha athile kwizibambiso ezithembekileyo, ngeli xesha ke ukuqala kokunyuka kweebhondi ezingafunekiyo.
Kukho iindidi ezininzi zamaphepha anjalo:

• izithunywa zezulu eziwileyo – iifemu ezazikade zinezinga eliphezulu, kodwa ngoku zijongene nobunzima obuthile;
• ukunyuka kweenkwenkwezi – iinkampani zokuqala ezinempahla encinci kunye nokungonelanga kozinzo lwemali, ezinomlinganiselo ophantsi;
• Iinkampani ezinamatyala aphezulu zitshone mpela okanye zithengwe iifemu ezinamatyala amakhulu;
• Iinkampani ezinemali eninzi yimizi-mveliso engenamali eyaneleyo okanye amashishini angakwaziyo ukufumana imali-mboleko, kunye nalawo anqwenela ukutsala abatyali-mali phakathi kwabantu kunye namaqumrhu asemthethweni.

Indlela yokutyala imali kwi-junk bonds

Ngaphambi kokutyala imali kwesi sixhobo, kuyimfuneko ukubala ukuba luncedo kangakanani kwaye uhlalutye umngcipheko okhoyo. Ekuqaleni, imarike ihlalutywa ukufunda imbali yeenkampani ezikhuphayo. Uphando lwentengiso lwenziwa ukufumana umbono womsebenzi wezoqoqosho wangoku kunye nezinye izinto ezichaphazela ukusombuluka kweefemu. Kuya kufuneka ukuba unakekele ukwahluka kotyalo-mali kwaye uthenge izibambiso zabakhuphi abaninzi. Ngokusekelwe kuhlalutyo olwenziwayo, uqikelelo lwexesha elide lwezinga lenzala kunye nokuguquguquka kotshintsho lwabo lwenziwa. Inzuzo yesixhobo kunye nokuziphatha kwaso kwimarike luphawulwa ngenani leempawu:

• usetyenziso olusebenzayo lwezibophelelo zetyala kwimarike kunye nesivuno sazo sokwenyani esidlula inzuzo kwii-asethi zokulinganisa;
• ukunyuka okanye ukuhla kwexabiso lenzala akuchaphazeli ixabiso lesixhobo, elingenakuthethwa malunga nezibophelelo zetyala eziqhelekileyo. Oku kungenxa yemiqathango engabalulekanga kwixesha lokuvuthwa kunye nenzuzo ephezulu ye-asethi;
• inzuzo kwi-junk bonds ngokuthe ngqo kuxhomekeke kwimeko yezoqoqosho.

Ukuziphatha kwezi asethi kuthelekiswa nokuguqulwa kwezabelo, ekubeni inzuzo yabo ixhomekeke ekuzinzeni kwemeko yomniki kunye namandla ayo. Ukuba uqoqosho lungena kwimeko yokudodobala koqoqosho, ixabiso lephepha lenkunkuma lehla kakhulu, njengoko umvuzo womniki wehla. Ukuba isivuno senkampani sinyuka, ngoko ixabiso leebhondi landa kakhulu. Ukuzinza koqoqosho kurhulumente kunciphisa umngcipheko wokusebenza kunye nezibophelelo zetyala. Iibhondi eziphezulu ze-high-yield (HDO), imbali yokwakheka, imeko yangoku, ngaba kufanelekile ukutyalomali kwiibhondi ze-junk kunye nendlela yokungalahlekelwa yimali, imarike ye-junk bond eRashiya: https://youtu.be/j8FsQKE2l84

Indlela yokukhetha umntu okhuphayo

Abatyali-mali bacebisa ukuba ungatyali imali engaphezu kwekota yogcino lwakho kwiibhondi eziyinkunkuma. Ukunciphisa umngcipheko, isabelo somkhuphi omnye kwipotfoliyo akufanele sidlule i-5%. Abatyali-mali abanamava abafane batyale imali engaphezulu kwe-10% yeemali zabo ezifumanekayo kolu hlobo lwee-asethi. Xa ukhetha iibhondi zokuthenga, kuyimfuneko ukufunda imisebenzi yomnikeli, ngokukodwa, ukufumanisa ukuba unezinye izibambiso kunye nezibophelelo zetyala. Banikela ingqalelo kumatyala oluntu enkampani kunye nomthwalo wetyala lilonke, elimisela ithuba lokuboleka-mboleko kwimeko yokwanda komngcipheko wokusilela. Bakwathathela ingqalelo amathuba eshishini eliqhagamshelwe nalo. Amathemba embono yeshishini aya kunceda kakhulu inkampani ukuba ihlawule abatyalwayo.
Ukunciphisa imingcipheko, kufuneka utyale imali kwiibhondi ezikhutshwe ziinkampani ezisebenza kwicandelo lokwenyani loqoqosho. Bangabanini bee-asethi zemveliso kwaye bavelise ukuhamba kwemali. Kuyacetyiswa ukuba uzikhwebule kwii-asethi ezithenjiswe ngemali-mboleko. Oku kubalulekile kuba eyona meko imbi yenza lula inkqubo yothethathethwano ngohlengahlengiso lwemali-mboleko. Iingcali zicebisa ukuba ziyeke ukutyalomali kwii-junk bonds zeenkampani ze-IT, njengoko izibophelelo zabo zamatyala zidlula isixa se-asethi abanayo kwiphepha labo lomncono. Xa utyalo-mali kwiibhondi ze-junk, abakhuphi bamazwe angaphandle kufuneka babeke phambili i-indices ye-bond yesivuno esiphezulu. Oku kuya kwenza ukuba kube nokwenzeka ukwenza ngcono ukwahlukana kwepotfoliyo kunye nokunciphisa imingcipheko ebangelwa kukusilela okunokwenzeka komniki. Ngaba kufanelekile ukutyalomali kwiibhondi ze-junk kunye nokuba yintoni isivuno se-junk bond: https://youtu.be/4Rfas4RGSEM Abatyalomali emhlabeni jikelele bakhetha iibhondi ze-junk, njengoko izixhobo eziphezulu zingakuvumeli ukubala kwimbuyekezo ephezulu. Umzekelo, iibhondi zikaNondyebo wase-US zeminyaka elishumi zinika imbuyekezo yonyaka kuphela ye-2.1%. Kwaye inzuzo eqhelekileyo ye-junk bonds yase-US ifikelela kwi-5.8% ngonyaka.