CHNG 4: H THNG TRI PHIU CHU U NI DUNG: I. Khi nim II.

Nguyn nhn hnh thnh v pht trin h thng tri phiuchuu III. c im ca tri phiu chu u IV. C ch kim sot v pht trin tri phiu chu u ca chnhph cc nc trn th gii v Vit Nam V.nh hng ca tri phiu chu u ti ti chnh quc t II. Nguyn nhn hnh thnh v pht trin h thng tri phiu chu u Cc Eurobonds u tin c giao dch trong nm 1963 v ban uc pht hnh bi Autostrade, mt cng ty xy dng ng cao tc , kthp vi SG Warburg & Co. Autostrade ban hnh $15.000.000 Eurobondsthng qua cc t chc ngn hng London. V sau th trng ny phttrin mt cch nhanh chng mt, c bit trong nhng nm 1980 v 1990. Nguyn nhn chnh lm pht sinh th trng Eurobonds l do Chnh ph M nh thu thu nhp li sut i vi cng dn M nm gi tri phiu USD pht hnh ti M. Chnh ph M nh thu thu nhp li sut v h lo lng v s di chuyn vn di hn ra nc ngoi lm cho cn cn thanh ton tr nnxu i. Do b nh thu nn cc tri phiu nc ngoi ti M tr nn kmhp dn nh u t M, iu ny kch thch ngi nc ngoi pht hnh triphiu bng USD bn ngoi nc M hn ch tc ng ca thu thu nhp li sut Mt ng lc na lm pht sinh v thc y s pht trin ca th trngtri phiu chu u l vic M nh thu thu nhp li sut i vi ngi ncngoi mua tri phiu ni a ca M, iu ny khuyn khch ngi ncngoi (khng phi cng dn M) nm gi tri phiu chu u, bi v triphiu ny c pht hnh nc ngoi nc M nn khng thuc i tng b M nh thu. III. c im ca tri phiu chu u: Tri phiu chu u ghi bng USD l hnh thc pht hnh ph bin. Xuhng t l pht hnh tri phiu chu u bng USD gim v nhiu tri phiu chu u bng ng tin khc ngy cng hp dn 1-Li sut: Mc li sut ca Eurobonds ph thuc vo 2 yu t:

+iu kin th trng+ h s tn nhim ca nh pht hnh.Tuy nhin nu cng h s pht hnh th chnh ph pht hnh Eurobonds s c li sut thp hn so vi cng ty So vi li sut kho bc M th Eurobonds c mc li sut cao hn vph thuc vo tn nhim nh sau: +AAA chnh ph trong khong 10-20 im +AAA cng ty trong khong 30-40 im +AA chnh ph trong khong 30-50 im +AA cng ty trong khong 50-80 im +A chnh ph trong khong 60-100 im +A cng ty trong khong 90-110 im +BBB t 120 tr ln Phn loi tri phiu chu u theo li sut: +Tri phiu c li sut c nh (straights), li v gc c thanh tonmt ln ti thi im n hn +Tri phiu c li sut th ni (floating rate notes), l Eurobonds cmc li sut iu chnh nh k 3 hay 6 thng mt ln trn c s thayi mc li sut c bn, v d nh li sut LIBOR Cc ngn hng u tin u t vn nhn ri vo tri phiu li sut thni do ti sn n ca ngn hng c c trng k hn ngn, cho nnu t vo loi tri phiu ny s trnh c hu ht ri ro t s bin ng li sut +Tri phiu chuyn i (convertible bond) cho php ngi nm gitri phiu quyn chuyn i thnh c phiu thng theo mc gi cn nh trc ti mt thi im nht nh trong tng lai Thng thng li sut ca loi tri phiu ny thp hn li sut thtrng. i khi vic pht hnh tri phiu ny cn i km vi quynmua c phiu. 2-K hn: Tr trng tri phiu chu u ch yu l th trng cho vay v i vayvn trung di hn, chim 80% cc t pht hnh c k hn di 10 nm, chyu l 5-7 nm. Tri vi tri phiu ni a c trng l th trng vn dihn, hu ht c k hn 10-30 nm 3 -Ngi pht hnh: Chnh ph , t chc quc t nh World Bank, ngn hng u t chu u,ngn hng v cc cng ty c h s tn nhim AAA v AA. 4 -c im c bit: Tri phiu chu u c th l tri phiu v danh, do n hp dn nh ut quc t khng mun bc l bn thn mnh.Ngi s hu tri phiu chu u khng phi tr thu thu nhp t li sut.Mnh gi

tri phiu: 1000, 5000, 10000 USD (nu l dollar Eurobonds)S lng: 100 1000 triu USD IV. C ch kim sot v pht trin th trng Eurobond 1-C ch kim sot: Nhng quy tc vaquy ch iu chinh phat hanh ni ia va trai phiu nc ngoai khng c ap dung i vi trai phiu Chu u. Tuynhin no cung phai ap ng nhng yu cu nht inh va tun thu nhng quy tc va tiu chun cua Hip Hi nhng nha Kinh doanh trai phiu quc t Lydo cac chinh phu sdung cac bin phap kim soat thi trng vn ni ia : + Chinh phu la ngi i vay trn thitrng nhiu hn ai ht . +Chinh phukhuyn khich phat huy ni lc thng qua u t ngun vnni ia khan him vao cac trai phiu ni ia. + Chinh phuquan tm n nhng khanng trn thu. + Chinh phuquan tm n sbin ng ty gia. Nhng cng cuchinh phukim soat phat hanh trai phiu chu u bng ng tin cua nc minh: +Ngn hang TW cm phat hanh Eurobonds bng ng tin cua minh numun. +Gy ap lc ln cac ngn hang u t ni ia vacac ngn hang u tnc ngoai bng cach ngm hm doa bng ngng sdung cac dich vu cua ngn hang hay rut giy phep hoat ng khoi lanh th nc nay->cac ngn hang phai tham gia cac t phat hanh Eurobonds. V d: Chinh phuThuy Sy a ngn can hiu qua vic phat hanh Eurobonds bng ng franc Thuy Sy phai c thc hin tai Thuy Sy. Chinh phu Nht cung co nhng bin phap cng rn i vi vic phat hanh Eurobonds bng ng yen.Chinh phu My cung quan tm nhng vi quan im tha long. 2-Qun l pht hnh Eurobond : Gm 3 nhom: a.Nhom quan ly: ngn hang quan ly ai din cho khach hang hoc nha ng quan ly (t phat hanh ln )->nha quan ly chinh cungnha ng quan ly tao nn nhom quan ly. b.Nhom bao tiu : gm 10 n 200 ngn hang va cng ty chng khoan ng ra bao tiu t phat hanh->ngi phat hanh c bao am ban ht trai phiu. Tr giup phn b t phat hanh n nhng nha u t.

c.Nhom ban trai phiu: gm nhom quan ly; nhom bao tiu vanhngngn hang khac->ban trai phiu cho nhau t t phat hanh : + Mt phn ( ) ban cho nhau t cotchc . + Mt phn ( ) ban cho nhau t t nhn. Cac giai oan phat hanh trai phiu: + Cao bach (trc 1 hoc vai tun) : c im trai phiu , nhom ban PR. + iu chinh ni dung vaiu kin cho phuhp tin hiu cua thi trng. + Nhom ban cam kt mua toan bmnh giat phat tai mc chit khucua giaban ra. + Ban cao bach cui cung c in n 3-S pht trin ca th trng Eurobond: - Eurobonds c phat hanh di hinh thc thani chim tytrongkhoang 25%. - Cac t phat hanh comnh gia ghi bng EURO ngay cang tng. - Phat hanh Eurobonds chuyn i->nhau t coquyn chuyn itrai phiu thanh cphiu tai 1 mc giac n inh tai 1 thi im nhtinh trong tng lai. - Nhiu t phat hanh bao gm iu khoan cho phep ngi phat hanhmua lai trai phiu trc han->iu khoan mua lai (call back) ->hu ich cho nhaphat hanh khi lai sut giam hay nhaphat hanh d tha vn. - Eurobonds mca cho nhng thi trng mi ni nh Argentina,Mexico,Venezuela, South Korea, South Africa,China,Poland V. nh hng ca Eurobond n th trng ti chnh quc t Nh chng ta u bit, trong mi quc gia, th trng ti chnh tnti nhm mc ch to thun li cho vic chun chuyn vn gia nhng nv thngd (nhng ngicho vay ) n nhng n v thm ht( nhng ngi i vay ). Nhng cng vi s m rng giao lu hp tctrn phm vi quc t, cc nc khng nhng ch c th tn dng nhngngun vn t trong ni abn thn ca nc mnh m cn c th tndng c ngun vn nhn ri n t cc nc bn ngoi thng qua thtrng vn quc t m y chng ta cp n th trng tri phiuChu u. 1.Nu nh phn trn chng ta va bit n t h t r n g Eurocurrency nh l mt b phn ca th trng tin

t quc t, bao gm cc hot ng i vay v cho vay vi thi hn ngn ch n 1 nm, th th trng tri phiu Chu u tr thnh mt b phn ca th trng vn quc t, vi cc hot ng i vay v cho vay vi thi hn trn 1nm. iu nay gip gii quyt vn kht vn trong di hn ca mt schnh ph, cc t chc ti chnh, hay cc cng ty a quc gia trong dihn. V tht s, cho n ngy hm nay, th trng tri phiu Chu ung mt vai tr ln v lm phong ph thm v mt hnh thc cho thtrng ti chnh quc t. Cc cng ty khng phi ca M nh Guinnesshay Volvo cng s dng th trng ny nh l mt ngun ti tr chonhng hot ng trong di hn ca mnh. 2. c im ca eurobonds lm gim chi ph pht hnh.Khc vi tri phiu nc ngoi , li nhun thu c t tri phiu Chuu khng phi chu thu. Hu ht cc Eurobonds thuc loi v danh,iu ny to nn ni tr n tt cho vic chn thu. Mt khc, ngha vcng b bn co bch i vi tri phiu Chu u l khng cn thit. c tnh ny lm cho Eurobonds tr nn hp dn cc nh u t. c im khng cng b bn co bch chi tit, v danh, t chu s qun l cachnh ph, li nhun khng chi thu gp phn vo vic to ra 1 nguncung cp vn di hn cho th trng ti chnh quc t, trong trng hpchnh ph cc nc nh thu vo thu nhp ca tri phiu ni a ; haycc nh u t e ngi vic cng b thng tin ca cng ty. 3.Tng v th ca nc pht hnh i vi cng ng u t ton cu.Mc li sut ca eurobonds th ph thuc vo (1) iu kin th trng v( 2) mc tn nhim ca nc pht hnh. Nhng nc c mc tncng cao th cng d bn c eurobonds do nc pht hnh. V vym nh u t lun a chung eurobonds ca nhng nc pht hnh c th trng ti chnh pht trin hay mc tit kim cao. Hn na, ccnh u t thng c xu hng mua eurobonds pht hnh bng ngtin nc h trnh ri ro t gi, cc nh u t l cc t chc ti chnhln. Do , pht hnh eurobonds l tin cc cng ty nghin cu thtrng ti chnh, quy m kinh t nc pht hnh. Khng nhng tng vth quc gia m cn to c hi u t, giao thng cho cc t chc kinht ca nc pht hnh. 4.Khch l u t ca nc ngoi vo nc pht hnh:

Khi t l pht hnh eurobonds ca nc pht hnh cao, chng t nc c th trng ti chnh lin kt cht ch vi th trng ti chnh quct. Cc phng thc v th tc thanh ton c thc hin 1 cch ddng. Mt khc, nc pht hnh eurobonds u c xem xt v mc tn nhim, to iu kin cng ty ln tm kim c hi lm n kinhdoanh ti nc pht hnh. Vai tr ny c bit quan trng i vi nhngth trng ti chnh cn non tr nh Vit Nam. Pht hnh eurobondsnh 1 cch thc qung b tim nng kinh t ca Vit Nam cho ton th gii 5.Ngy nay vi th trng ti chnh quc t ang ngy cng cm rng, khng ch nhng nc c nn ti chnh ln mnh mi c thpht hnh tri phiu Chu u, m nhng nc thuc nhm th trngmi ni nh Argentina, Venezuela, China v South Korea cng tndng ngun vn thng qua th trng ny. Trong nhiu trng hp, thtrng tri phiu Chu u c kh nng cung cp nhng ngun vn gi tr cho chnh ph cc nc mi ni, cho d cc nc ny c th bc lri ro ln hn so vi nhng nh pht hnh c uy tn truyn thng .6.i vi mt s nc, qu trnh pht hnh tri phiu Chu u s lmt c hi tt gip cho bn thn nc pht hnh c th tip cn vi nhng nghip v chuyn ngnh thng qua nhng hot ng bo lnhbi mt nhm cc tp on hay ngn hng c ting trn th trng vnquc t. 7.Thm vo , vic mt s nhng doanh nghip cng ty ln tinhnh pht hnh tri phiu Chu u s gp phn vo qu trnh cn bng cung cu ngoi t khi cn thit. Tuy nhin ch l s cn bng mngmanh gia mt bn l yu t ma v, cc khon vay USD o hn vtm l th trng vi mt bn l lung vn ngoi t cao hn d kin tu t gin tip nc ngoi, kiu hi v vn ODA