Ngaphakathi kwamasu okutshalwa kwezimali zebhondi, kufanele kuqashelwe ukuthi indlela otshala ngayo imali kumabhondi amafushane noma wesikhathi eside incike ezinhlosweni nasemigomeni yakho yokutshala imali, inani lobungozi ozimisele ukulithatha nesimo sakho sentela.
Lapho ucabanga isu lokutshala imali ngezibopho, khumbula ukubaluleka kokuhlukahluka. Njengomthetho ojwayelekile, akuwona neze umqondo omuhle ukubeka zonke izimpahla zakho nayo yonke ingozi yakho esigabeni esisodwa sempahla noma ekutshalweni kwemali. Uzofuna ukwehlukanisa izingozi ezingaphakathi kwezimali zakho zebhondi ngokwakha iphothifoliyo yamabhondi amaningi, ngayinye enezimpawu ezihlukile.
Ukukhetha amabhondi kubanikezeli abahlukahlukene kukuvikela ekutheni kungenzeka ukuthi umhlinzeki oyedwa angakwazi ukuhlangabezana nezibopho zakhe zokukhokha eziyinhloko nezenzalo. Ukukhetha amabhondi ezinhlobo ezahlukahlukene (uhulumeni, i-ejensi, inkampani, izinkampani zikamasipala, izibambiso ezibanjiswa ngempahla ebanjiswayo, njll.) Kudala ukuvikelwa ekulahlekelweni okungenzeka kunoma yimuphi umkhakha wemakethe. Ukukhetha amabhondi wokuvuthwa okuhlukile kukusiza ukuphatha ubungozi besilinganiso senzalo.
Ukutshala imali kumali engenayo engaguquki: izinhloso
Unalokhu engqondweni, cabanga ngalezi zinhloso namasu ahlukahlukene wokuzifeza. Owokuqala wukugcina imali bese uthola inzalo. Uma inhloso yakho ukugcina imali yakho iqinile futhi uthole inzalo, cabanga isu lokuthi "thenga ubambe". Uma utshala imali ebhondini futhi uyibamba ivuthwa, uzothola izinkokhelo zenzalo, imvamisa kabili ngonyaka, futhi uzothola inani lesibopho sesibopho lapho usuvuthiwe. Uma ibhondi oyikhethayo ithengiswa ngemali ekhokhwayo ngenxa yokuthi isigqebhezana sayo siphezulu kunezilinganiso zamanje zenzalo, khumbula ukuthi inani olitholayo lapho selivuthiwe lizoba ngaphansi kwenani olikhokhela ibhondi.
Uma uthenga futhi ubamba, akudingeki ukhathazeke kakhulu ngomphumela wamazinga wenzalo entengo noma inani lemakethe lesibambiso. Uma amanani enzalo ekhuphuka futhi inani lemakethe lesibambiso sakho liwa, ngeke ube nomuzwa ngaphandle kokuthi ushintshe isu lakho bese uzama ukuthengisa ibhondi. Kodwa-ke, ukubamba ibhondi kusho ukuthi ngeke ukwazi ukutshala leyo mali ngamazinga aphezulu emakethe.
Uma ibhondi oyikhethayo ingahlawuleka, ubeke engozini yokuthi uthishanhloko wakho abuyiselwe kuwe ngaphambi kokuthi iphelelwe yisikhathi. Amabhondi ngokuvamile "ahlengiwe", noma ahlengwe kusenesikhathi ngumnikeli wawo, lapho amanani enzalo ehla, okusho ukuthi uzophoqeleka ukuthi utshale imali oyibuyisile kunhloko oyibuyisile ngamanani aphansi kakhulu akhona.
Izinga lenzalo lisetshenzisiwe
Lapho utshala imali ukuthenga nokubamba, qiniseka ukuthi ubheka: isilinganiso senzalo sesigqebhezana sebhondi (siphindaphindwe ngesilinganiso sebhondi noma senani lobuso ukunquma inani ledola lezinkokhelo zakho zenzalo zonyaka). "Isivuno sokuvuthwa" noma "isivuno kukholi." Ukusebenza okuphezulu kungasho izingozi eziphakeme.
Ikhwalithi yekhredithi yomkhiphi. Ibhondi enesilinganiso esiphansi sesikweletu inganikela ngesivuno esiphezulu, kodwa futhi iba nobungozi obuphakeme ukuthi lowo okhiphe imali ngeke akwazi ukufeza izethembiso zakhe.
Khulisa imali engenayo
Uma inhloso yakho ukukhulisa inzuzo yakho yenzalo, ngokujwayelekile uzothola amakhuphoni aphezulu kwizibopho zesikhathi eside. Ngesikhathi esiningi sokuvuthwa, izibopho zesikhathi eside zisengozini enkulu ekushintsheni kwamazinga wenzalo. Kodwa-ke, uma ungumtshalimali othengayo futhi obambile, lezi zinguquko ngeke zikuthinte ngaphandle kokuthi ushintshe isu lakho bese unquma ukuthengisa amabhondi akho.
Uzothola amazinga aphezulu amakhuphoni kumabhondi ezinkampani kunakuMgcinimafa wase-US anokuvuthwa okufana nalokhu. Emakethe yezinkampani, amabhondi anezilinganiso eziphansi zezikweletu avame ukukhokha imbuyiselo ephezulu kunemali ebolekiwe ephakeme enokuvuthwa okuqhathaniswayo.
Amabhondi akhiqiza kakhulu (kwesinye isikhathi abizwa ngokuthi ama-junk bond) avame ukunikela ngamanani amakhuphoni angenhla nemakethe ngoba abakhiphi bawo banezilinganiso zesikweletu ezingaphansi kwesilinganiso sesikweletu: i-BB noma yehle isuka kwa-Standard & Poor's; Ba noma yehle kusuka kuMoody's. Ukwehla kwesilinganiso sesikweletu, kukhulu ubungozi bokuthi onikelayo angahlehlisa izibopho zakhe noma angakwazi ukukhokha inzalo noma ukubuyisa inhloko uma kufanele.
Uma ucabanga ukutshala imali kwizibopho ezinenzuzo ephezulu, uzophinde ufune ukwehlukanisa utshalomali lwakho lwebhondi phakathi kwabanikezeli abahlukahlukene ukuze unciphise umthelela ongaba khona wokungakhokhi komhlinzeki oyedwa. Izintengo eziphakeme zebhondi nazo zisengozini kakhulu kunezinye izintengo zebhondi ezishaqisweni zezomnotho, lapho ubungozi bokwehluleka ukukhokha kubonakala ukuthi buphakeme.
Ukuphathwa kobungozi
Ukuphathwa kwezinga lenzalo: Izitebhisi namabha. Abatshalizimali bokuthenga nokubamba bangaphatha ubungozi besilinganiso senzalo ngokwakha iphothifoliyo "eboshiwe" yezibopho ezinokuvuthwa okuhlukile, isibonelo, unyaka owodwa, emithathu, emihlanu, kanye neyishumi. Iphothifoliyo enezitezi inenhloko etholwayo ibuyiselwa ngezikhathi ezichaziwe. Lapho ibhondi iphela, unethuba lokuphinda utshale imali etholwayo ekugcineni kwesitebhisi uma ufuna ukuqhubeka nayo. Uma amazinga ekhuphuka, leyo mali ekhulayo ingatshalwa kumazinga aphezulu. Uma behla, iphothifoliyo yakho iyaqhubeka nokuthola inzalo ephezulu ekubanjweni kwesikhathi eside.
Ngecebo lebha, utshala imali kuphela kwizibopho zesikhashana nezesikhathi eside, hhayi ama-broker. Ukubamba isikhathi eside kufanele kunikeze ngamanani amakhuphoni akhangayo. Ukuba nemali ethile yokuvuthwa esikhathini esifushane kudala ithuba lokutshala imali kuyo
Isivuno kuMgcinimafa wase-US sikhuphuke ngoLwesihlanu, ngemuva kokuthi umbiko wokuqashwa kuka-Ephreli ubungemuhle njengoba bekulindelekile. Ngokwengeziwe, ikusasa lezimali ezondliwe selivele lehlisa amathuba okuba namanani wenzalo engemihle kulo nyaka, futhi abatshalizimali bahlala bekhathazekile ngokuthi umnotho ungabuyela nini ekunciphiseni komnotho okwenziwe yi-coronavirus. Isilinganiso seminyaka eyi-10 yesibambiso sesibopho sikhuphuka safinyelela ku-0,6688% ngenkathi isivuno sesikweletu seminyaka emibili sifinyelela ku-0,1329%. Lesi yisimo izimakethe zezimali ezihleliwe ezethula ngaso njengenye indlela yezimakethe zamasheya ngonyaka onzima kakhulu njengalona okhona manje.
Ama-bond amazwe angaphandle
Abekho abahlaziyi abambalwa ezimakethe zezimali abalinganisela ukuthi kuzoba nzima kakhulu ukutshala imali engenayo engaguquki kunamanani ezimali. Ngoba baveza ubungozi obuningi ezimweni zamanje nalapho imikhiqizo eyahlukene ivezwe kakhulu ekukhubazekeni okufakwa kuphothifoliyo yengxenye enhle yabatshalizimali abancane nabaphakathi. Ikakhulu, ngemodeli yotshalo-mali efana nezimali zokutshala imali ezisuselwa kule mpahla yezezimali. Ikakhulukazi kwezinye izinhlobo zemali engenayo engaguquki, njengezibopho ezivela emazweni angaphandle kanye nesivuno esikhulu. Yibo abanokuziphatha okubi kakhulu kusukela kulo mzuzu kuqhubeke.
"I-euro iyabuya ukubuyisa ukulahleka kwezinsuku ezimbili ezedlule, ngemuva kwesitatimende esigcizelelayo sikaChristine Lagarde on the ultimatum of the German Constitutional against the quantitative programmension programmes. Umengameli we-ECB izolo uthe lesi sikhungo ngeke sesatshiswe isinqumo senkantolo kazwelonke nokuthi sizoqhubeka nokwenza noma yini edingekayo ukufeza igunya laso lokuqina kwentengo. Izikhala emakethe yezikweletu zomphakathi zibonakala zisabele kahle kulesi simo, yize i-Italy isabalale kwijika lesivuno sezibopho zaseJalimane isasebenza ngasekupheleni kuka-Ephreli, icindezela umfutho wemali eyodwa.
Ilondolozela umgomo ozayo
Uma uneminyaka emithathu ubudala, ungahle ubhekane nemali yakho yokuqala yasekolishi eminyakeni eyi-15. Ungahle wazi ukuthi eminyakeni engama-22 uzodinga imali ekhokhelwa phansi ekhaya lakho lomhlalaphansi. Ngoba amabhondi anosuku lokuphelelwa isikhathi oluchaziwe, angasiza ekuqinisekiseni ukuthi imali ikhona uma uyidinga.
Izibopho zamakhuphoni eZero zithengiswa ngesaphulelo esikhulu kunani lobuso elibuyiselwa ekuvuthweni. Inzalo ikhonjelwe esibophweni sempilo yaso. Esikhundleni sokukhokhelwa kumnikazi wesibambiso, kufakwa umehluko phakathi kwentengo yokuthenga nenani lobuso ekuvuthweni.
Ungatshala ku-zero coupon bond ngamadethi wokuvuthwa ahleliwe ngokususelwe kuzidingo zakho. Ukuxhasa ngemali imfundo yasekolishi yeminyaka emine, ungatshala imali kuphothifoliyo eboshwe ngamaziro amane, ngakunye kukhula komunye weminyaka emine elandelanayo okufanele kukhokhwe. Kodwa-ke, inani lamabhondi we-zero coupon lizwela kakhulu ekushintsheni kwamazinga wenzalo, ngakho-ke kukhona ingozi uma udinga ukuwathengisa ngaphambi kosuku lwawo lokuvuthwa. Kungcono futhi ukuthenga amaqanda angakhokhiswa intela (ngokungafani nomasipala) ekolishi elichazwe intela noma i-akhawunti yokulondolozwa komhlalaphansi ngoba inzalo etholwa yisibopho iyakhokhiswa njalo ngonyaka noma ngabe ungayitholi uze uvuthwe.
Isu elinamachashazi lingakusiza futhi ukuthi utshale imali ngosuku oluchaziwe lwesikhathi esizayo. Uma uneminyaka engama-50 futhi ufuna ukongela iminyaka yobudala yokuthatha umhlalaphansi engama-65, ngecebo lamaphoyinti ezinhlamvu ungathenga isibopho seminyaka engu-15 manje, isibopho seminyaka eyishumi eminyakeni emihlanu, nesibopho seminyaka emihlanu eminyakeni eyishumi. Ukutshalwa kwemali okumangazayo ngale ndlela kungakusiza ukuthi usizakale kumijikelezo yamazinga wenzalo ehlukene.
Ngaphambi kokuphelelwa yisikhathi
Izizathu zokuthi ungathengisa ibhondi ngaphambi kokuvuthwa. Abatshalizimali abalandela isu lokuthenga nokubamba bangahlangabezana nezimo ezidinga ukuthi bathengise ibhondi ngaphambi kokuvuthwa ngenxa yezizathu ezilandelayo:
Badinga inhlokodolobha. Yize ukuthenga nokubamba ngokuvamile kusetshenziswa kangcono njengecebo lesikhathi eside, impilo ayihlali isebenza njengokuhleliwe. Lapho uthengisa ibhondi ngaphambi kokuvuthwa, ungathola okungaphezulu noma okuncane kunalokho okukhokhelwe ngakho. Uma amazinga wenzalo enyukile selokhu kuthengwe ibhondi, inani layo lizokwehla. Uma amazinga ehlile, inani lebhondi lizobe lenyukile.
Bafuna ukwenza inzuzo enkulu. Uma amanani ewile futhi inani lebhondi liye laziswa, umtshali-zimali anganquma ukuthi kungcono ukuthengisa ngaphambi kokuvuthwa bese wenza inzuzo kunokuba aqhubeke nokukhokhisa inzalo. Lesi sinqumo kufanele senziwe ngokucophelela, njengoba imali etholwayo kungadingeka ukuthi ibuyiswe ngamanani wenzalo ephansi.
Badinga ukubona ukulahleka ngezinjongo zentela. Ukuthengisa utshalomali ngokulahlekelwa kungaba isu lokuqeda umthelela wentela wemali etholwe utshalomali. Ukushintshaniswa kwebhondi kungakusiza ukuthi ufeze inhloso yezimali ngaphandle kokushintsha iphrofayili eyisisekelo yephothifoliyo yakho. Bayifezile inhloso yabo yokubuya. Abanye abatshalizimali batshala imali kumabhondi ngenhloso yokuthola imbuyiselo ephelele, noma imali engenayo kanye nokwazisa ngemali enkulu noma ukukhula. Ukufeza ukwazisa ngezimali kudinga ukuthi umtshalizimali athengise utshalomali ngenani elingaphezu kwentengo yokuthenga lapho imakethe iveza ithuba.
Ingqikithi yesivuno
Ukusebenzisa amabhondi ukutshala imali ekubuyiseleni okuphelele, noma inhlanganisela yokwazisa ngezimali (ukukhula) nemali engenayo, kudinga isu elisebenzayo lebhizinisi nokuqonda ekuqondeni komnotho namazinga wenzalo. Abatshali bezimali ababuyayo bafuna ukuthenga isibopho lapho inani laso liphansi futhi balithengise lapho inani selikhuphukile, kunokuba babambe isibopho kuze kube sekuvuthweni.
Amanani ebhondi ehla lapho amanani enzalo ekhuphuka, imvamisa lapho umnotho ushesha. Ngokuvamile ziyakhuphuka lapho amanani enzalo ehla, imvamisa lapho iFederal Reserve izama ukukhuthaza ukukhula komnotho ngemuva kokuwohloka komnotho. Emikhakheni eyehlukene yemakethe yezibopho, ukwehluka kokutholakala kanye nokufunwayo kungadala amathuba ebhizinisi esikhashana.
Ikusasa elihlukahlukene, okukhethwa kukho kanye nokuphuma nakho kungasetshenziswa ukwenza ukubukwa okuhlukile kwemakethe noma ukuvimba ubungozi ekutshalweni kwebhizinisi okuhlukile. Abatshalizimali kufanele baqaphele ukuqonda izindleko nezingozi zalawa masu ngaphambi kokuzibophezela kwizimali.
Ezinye izimali zebhondi zinenhloso ephelele yokutshala imali, enikeza abatshalizimali ithuba lokuhlomula ngokunyakaza kwemakethe yezibopho nokushiya izinqumo zosuku nosuku zokutshalwa kwezimali ezandleni zabaphathi bephothifoliyo abangochwepheshe.
Imisebenzi yabatshalizimali
Imakethe yamasheya yaseSpain ithengiswa ngo-rokuguqukayo Ama-euro ayizigidi ezingama-30.607,2 ngo-Ephreli, 37,6% ngaphansi kwenyanga efanayo yonyaka odlule. Imali eqoqiwe ngonyaka ibimi kuma-euro ayizigidi ezingama-160.263,6, i-1,7% ngaphezulu konyaka odlule. Inani lezingxoxo ngo-Ephreli lalingu-3,4 million, 18,1% ngaphezu kuka-Ephreli 2019. Inani lezingxoxo eziqoqiwe ezinyangeni ezine zokuqala zonyaka lafinyelela ezigidini eziyi-18,6, ezimele ukwanda konyaka ngonyaka ngama-49,6%.
Ngo-Ephreli, iBME ithole isabelo semakethe esingu-77,97% kwezentengiselwano zezokuphepha zaseSpain. Ububanzi obumaphakathi ngo-Ephreli kwakungamaphuzu ayisisekelo ayi-10,20 ezingeni lentengo yokuqala (ama-7% angcono kunendawo elandelayo yokuhweba) namaphoyinti esisekelo ayi-15,42 ngokujula kwama-euro angama-25.000 encwadini yoku-oda (okungu-20% kangcono), ngokusho kombiko ozimele weLiquidMetrix . Ngakolunye uhlangothi, kufanele kuqashelwe ukuthi lezi zibalo zifaka phakathi ukuhweba okwenziwa ezikhungweni zokuhweba, zombili encwadini yokubonisa okusobala (i-LIT), kufaka phakathi indali, kanye nokuhweba okungekho obala (okumnyama) okwenziwa ngaphandle kwencwadi.
Ukuthengisa okufishane kusenqatshelwe
Ngenkathi ngakolunye uhlangothi, kufanele kuqashelwe ukuthi kusuka ngoMashi 17, i-CNMV yenqabela umthethosisekelo noma ukwenyusa izikhala ezimfishane ezimayelana nezokuphepha ezivunyelwe emakethe yaseSpain isikhathi esiyinyanga eyodwa ngemuva kokuvinjelwa kokuqala ngoMashi 13 Mashi. Ngo-Ephreli 15, 2020, i-CNMV yavuma ukwelula lesi silinganiso kuze kube uMeyi 18. Kubuye kwehla nemali etholwe ngamabhulokhi ngenyanga ka-Ephreli.
Ngomunye umqondo, kufanele kushiwo ukuthi inani eliphelele elitholwe ngo-Ephreli emholweni ongaguquguquki lalingama-euro ayizigidi ezingama-31.664,7, okusho ukukhula ngo-14% uma kuqhathaniswa nenyanga efanayo ngonyaka odlule. Ukwamukelwa kwezentengiselwano, kufaka phakathi izingqinamba zezikweletu zomphakathi kanye nemali engenayo yangasese, kube ngama-euro ayizigidi ezingama-56.271,6, okube ukwanda ngo-32% uma kuqhathaniswa noMashi no-154,4% uma kuqhathaniswa no-Ephreli 2019. ka-1,6% kuze kube manje kulo nyaka.
Imakethe ye Okuphuma kwezezimali I-BME igcine ukukhula kokuhweba ngonyaka onqwabelene, ngokunyuka okungu-20,2% no-55,9% ku-Futures ku-IBEX 35 naku-Mini IBEX 35, ngokulandelana. Umthamo wezinketho zesitoko ukhule wafika ku-Ephreli ngo-52,7%. Esikhathini esihlaziyiweyo, ukuhweba kwehle ngokuqhathaniswa nenyanga efanayo yonyaka odlule. Ngokuzayo ku-IBEX 35 yehle ngama-29%, ku-Izinketho ku-IBEX 35, 57% naku-Options on Shares, 48,8%.