Ayini ama-junk bond futhi kufanele utshale kuwo?

Amabhondi ayimfucumfucu (ibhondi enesivuno esikhulu, ibhondi yebanga elingatshaliwe, ibhondi yebanga lokuqagela, ibhondi engafuneki) ayizibambiso eziqagelwayo ezinesilinganiso sesikweletu esiphansi kakhulu. Zibonakala ngedumela elibi lezezimali kanye nezingozi ezinkulu. Kodwa-ke, lokhu kuyithuluzi elinenzuzo enkulu, ukuhweba okukuvumela ukuthi uthole inzuzo enkulu. Amabhondi akhishwa ngenzalo enkulu, eheha osomabhizinisi abafuna ukuthenga izinkampani zabo ezizowa.
Abatshalizimali bakhetha leli thuluzi ngenxa yenzuzo yalo ephezulu uma liqhathaniswa nezibambiso ezivamile. Inzuzo kumabhondi aphephile iqinisekisiwe ukuthi izoba ngu-10% ngonyaka. Nakuba isivuno sezibambiso ezingafuneki zingafinyelela ku-200%, nokho, amathuba okuthi okhiphayo azokhokha izikweletu zawo mancane kakhulu.

Naphezu kwalokhu, kukhona isigaba sabatshalizimali abatshala imali kuleli thuluzi eliyingozi kakhulu. Amabhondi ayimfucumfucu akhishwa izinkampani ezinedumela eliphansi ukuze zikhuphule ngokushesha imali yokusebenza ngokwenza ibhizinisi noma ukukhokha izikweletu. Ngaphezu kwalokho, zikhishwa ngesikhathi sokuthathwa kwamabhizinisi ukuze kushintshwe imali yabatshalizimali.

Waqala kanjani umlando wemakethe yamabhondi ayimfucumfucu

Umlando wemakethe ye-junk bond waqala ngeminyaka yawo-1970. U-Michael Milken wayehlanganyele ocwaningweni lokuhlaziya lwezibambiso ezingenaso isilinganiso. Wakwazi ukufakazela ukuthi ukwakheka kwephothifoliyo ehlukahlukene yamabhondi asezingeni eliphansi ngokuhamba kwesikhathi, kuletha inzuzo eyengeziwe uma kuqhathaniswa nezinsimbi ezinezinga eliphezulu. Kodwa-ke, kulokhu, amathuba okuzenzakalelayo akhula kakhulu. UMichael Milken ukhombe ukujikeleza kwemakethe, okubandakanya ukwehla ngezikhathi ezithile kwezibambiso ezithembekile, kungalesi sikhathi lapho kuqala khona ukukhuphuka kwamabhondi angafuneki.
Kunezinhlobo eziningana zamaphepha anjalo:

• izingelosi eziwile – amafemu ngaphambili ayenesilinganiso esiphezulu, kodwa manje abhekene nobunzima obuthile;
• izinkanyezi ezikhulayo – izinkampani zokuqala ezinempahla encane kanye nokuzinza kwezezimali okwanele, ezinesilinganiso esiphansi;
• Izinkampani ezinezikweletu ezinkulu cishe azikhohliwe noma ziyifemu etholwe enezikweletu ezinkulu;
• Izinkampani ezidinga imali enkulu ziyizinkampani ezinemali enganele noma amabhizinisi angakwazi ukuthola imali ebolekiwe, kanye nalawo afisa ukuheha abatshalizimali phakathi kwabantu ngabanye nezinhlangano ezisemthethweni.

Ungatshala kanjani kuma-junk bond

Ngaphambi kokutshala imali kuleli thuluzi, kuyadingeka ukubala ukuthi lifaneleka kangakanani futhi uhlaziye ubungozi obukhona. Ekuqaleni, imakethe ihlaziywa ukuze kufundwe umlando wezinkampani ezikhiphayo. Ucwaningo lwemakethe lwenziwa ukuthola umbono womsebenzi wezomnotho wamanje kanye nezinye izinto ezithinta i-solvency yamafemu. Uzodinga ukunakekela ukuhlukahluka kokutshalwa kwezimali futhi uthenge izibambiso zabakhiphile abambalwa. Ngokusekelwe ekuhlaziyweni okwenziwayo, isibikezelo sesikhathi eside samazinga enzalo kanye nokuguquguquka koshintsho lwawo kuyenziwa. Inzuzo yensimbi nokuziphatha kwayo emakethe ibonakala ngezici ezimbalwa:

• ukusetshenziswa okusebenzayo kwezibopho zezikweletu emakethe nesivuno sazo sangempela esidlula inzuzo yezimpahla zokulinganisa;
• ukwenyuka noma ukwehla kwezinga lenzalo akuthinti intengo yethuluzi, okungenakushiwo mayelana nezibopho zesikweletu ezivamile. Lokhu kungenxa yemigomo engabalulekile yesikhathi sokuvuthwa kanye nenzuzo ephezulu yempahla;
• inzuzo kumabhondi odoti ngokuqondile incike esimweni somnotho.

Ukuziphatha kwalezi zimpahla kuqhathaniswa nokuguquguquka kwamasheya, njengoba inzuzo yabo incike ekuzinzeni kwesimo somnikezi namandla ayo. Uma umnotho ungena ekuwohlokeni komnotho, intengo yephepha elingafunekiyo yehla kakhulu, njengoba imali etholwa ngumkhiphi yehla. Uma isivuno senkampani sikhula, khona-ke inani lezibopho likhuphuka kakhulu. Ukuzinza komnotho kuhulumeni kunciphisa izingozi zokusebenza ngezibopho zezikweletu. Amabhondi e-high-yield (HDO), umlando wokwakheka, isimo samanje, kufanelekile ukutshala imali kumabhondi angenamsebenzi nokuthi ungalahlekelwa kanjani yimali, imakethe yebhondi e-Russia: https://youtu.be/j8FsQKE2l84

Indlela yokukhetha okhiphayo

Abatshalizimali batusa ukuthi ungatshali imali engaphezu kwekota yokonga kwakho kumabhondi angenamsebenzi. Ukunciphisa ubungozi, isabelo somnikeli oyedwa kuphothifoliyo akufanele sidlule u-5%. Abatshalizimali abanolwazi abavamile ukutshala ngaphezu kuka-10% wezimali zabo ezitholakalayo kulolu hlobo lwezimpahla. Lapho ukhetha amabhondi okuthenga, kuyadingeka ukutadisha imisebenzi yokhiphayo, ikakhulukazi, ukuthola ukuthi unezinye izibambiso nezibopho zezikweletu. Banaka izikweletu zomphakathi zenkampani kanye nomthwalo wezikweletu ophelele, onquma ukuthi kungenzeka yini ukuboleka esimweni esinokwenyuka kwengozi yokungakhokhi. Baphinde bacabangele amathemba ebhizinisi ibhizinisi elixhumene nalo. Amathemba ombono webhizinisi cishe azosiza inkampani ukuthi ikhokhele ababolekisi.
Ukuze unciphise ubungozi, udinga ukutshala imali kumabhondi akhishwe izinkampani ezisebenza emkhakheni wangempela womnotho. Bangabanikazi bezimpahla zokukhiqiza futhi bakhiqize ukugeleza kwezimali. Kunconywa ukuthi uyeke izimpahla ezithenjiswe ukubolekwa. Lokhu kubalulekile ngoba isimo esibi kakhulu senza kube lula inqubo yokuxoxisana ngokuhlelwa kabusha kwemali mboleko. Ochwepheshe batusa ukuthi uyeke ukutshala imali kumabhondi angafuneki ezinkampanini ze-IT, njengoba izibopho zazo zezikweletu zeqa inani lezimpahla ezinazo emakhasini azo ebhalansi. Lapho utshala imali kumabhondi angenamsebenzi, abakhiphi bangaphandle kufanele babeke phambili izinkomba zebhondi enesivuno esikhulu. Lokhu kuzokwenza kube nokwenzeka ukuhlukanisa kangcono iphothifoliyo futhi kuncishiswe ubungozi obubangelwa ukuzenzakalelayo okungenzeka komnikezi. Ingabe kufanelekile ukutshala imali kumabhondi angafuneki kanye nokuthi iyini isivuno samabhondi angafuneki: https://youtu.be/4Rfas4RGSEM Abatshalizimali emhlabeni wonke bancamela amabhondi angafuneki, njengoba amathuluzi anesilinganiso esiphezulu angakuvumeli ukuthi ubale imbuyiselo ephezulu. Isibonelo, amabhondi e-US Treasury yeminyaka eyishumi anika imbuyiselo yonyaka engu-2.1% kuphela. Futhi inzuzo evamile yamabhondi angenamsebenzi ase-US ifinyelela ku-5.8% ngonyaka.