Nhungamiro yekutanga Bond Investors: Coupon vs. Kuzviisa Kukura
Muchidimbu, "chikwata" chinokuudza kuti chikwereti chaibhadhara kana chabudiswa.
Chibereko-kana "kukurira kukura" -kukuudza kuti uchabhadharwa zvakadini mune ramangwana. Heino nzira iyo inoshanda.
Coupon vs. Zvibereko Kukura
Bhandi ine zvinhu zvakasiyana-siyana pazvinotanga kubudiswa, kusanganisira ukuru hwebvunzo, zuva rekukura , uye chikwata chekutanga. Somuenzaniso, US Treasury inogona kutora musungo wemakore makumi matatu nemakumi matatu muna 2017 iyo inofanirwa muna 2047 ne "coupon" ye2 muzana. Izvi zvinoreva kuti muteresi anotenga bhandi uye anoitora kusvikira hutano hwepamusoro hunogona kutarisira kugamuchira 2 muzana yegore yehupenyu hwehutano, kana $ 20 yemari yega $ 1000 yakaisa mari.
Asi zvino hurumende inoshandiswa mumusika mushure mokunge yabudiswa. Izvi zvinoreva kuti mutengo wayo chaiyo uchachinja pane imwe nguva yebhizimisi zuva rose mumakore aro makumi matatu eupenyu. Saka ikozvino iwe unofanirwa kutsanya-mberi makore 10 pasi mumugwagwa. Ngatitii mutengo wekudarika unokwira muna 2027 uye zvigadziro zvitsva zvehupfumi zviri kubudiswa nezvibereko zve4 muzana.
Kana muteresi aigona kusarudza pakati pezvisungo zvinopa 4 muzana uye 2-percent bond, aizotora chikamu chechina-yega nguva dzose. Somugumisiro, mitemo yekutanga yekugovera uye kuda kunokonzera mutengo wehutano ne 2-percent coupon kukwira kune imwe nzvimbo iyo inokwezva vatengi.
Nokudaro nemashoko akajeka, chikwata chacho chikamu chechido chakasimbiswa icho bhandi chichawana gore negore.
Kuzvipira kusvika pakukura ndiko kutarisirwa kudzoka kana bvumo ichichengetwa kusvikira pakukura.
Do the Math
Pano ndipo mazamu anouya. Mitengo uye zvibereko zvinofamba nenzira dzakasiyana . Kufambira muzvibereko zvezvisungo kubva pa2 muzana kusvika ku4 muzana zvinoreva kuti mutengo wayo unofanira kuwira . Ramba uchifunga kuti chikwata chacho nguva dzose chiri 2 muzana-icho hachichinje. Icho chibvumirano chichagara chichibhadhara ichochete $ 20 pagore. Asi mutengo wayo unoda kuderera kusvika ku $ 500- $ 20 yakapatsanurwa ne $ 500 kana 4 muzana-kuti ipe 4%.
Saka mumwe munhu anowana sei 5 muzana yezvibereko pane chisungo ne 2% coupon kunyange mumamiriro ezvinhu aya? Zviri nyore: Mukuwedzera pakubhadhara $ 20 gore roga rega, mutyairiwo achabatsirwawo nekufambisa mubhadharo yekutengesa kubva $ 500 kudzokera kune $ 1000 yepakutanga pakukura. Wedzera mutero wegore negore ne $ 500 kuwedzera kukuru kwakapararira makore anopfuura makumi maviri uye kuwirirana kwechibereko chibereko che 5%.
Ichi chibereko chinonyatsozivikanwa semuchero wekukura , izvo zvinokonzerwa nekufungidzira kwevhareji kudzoka pamusoro pezvisungo panguva yeupenyu huripo. Saizvozvowo, kubereka kukura kunogona kuva chikamu chakakosha chekubatanidza kusungwa. Imwe kusarura inotora inoshanda kune vose se-asi-asina kuwana kufarira.
Inoshanda neimwe nzira, zvakare. Iti kuwanda kwekukwira kunowira kubva pa2 kubva ku5 kusvika ku5 muzana pamakore gumi ekutanga ehupenyu hwehutano.
Mutengo wehutano waizoda kusimudzirwa kune imwe nzvimbo iyo kubhadharwa kwegore rimwechete kwema $ 20 kwakaunza mubhadharo chibereko che 1.5 muzana.
Munyaya iyi, iyo inenge iine $ 1,333.33 nokuti $ 20 inokonzerwa ne $ 1,333.33 inokwana 1.5 muzana. Zvakare, chikamu che-2 kubva muzana chinowira ku 1.5-muzana yezvibereko kusvika pakukura nekuda kwekuderera kwemutengo wezvisungo kubva pa $ 1333.33 kusvika ku $ 1 000 pamakore makumi maviri ekupedzisira ehutano hwehutano.
Zvimwe Zvinhu Zvicharamba Zvichengetedza Pakuverenga Kuzvipira Kukura
Kuzvipira kukura kuchave kwakaenzana nemutengo wekutsvaga kana mutengesi achitenga mari yekambani parizvinokosha.
Zvimwewo, kubvumira kukura kuchave kwakakwirira kudarika chikwata chebato apo bhandi inotengwa pane zvisingabatsiri.
High-Coupon Bonds
Huru-coupon zvisungo zvinokonzera kukura maererano nezvimwe zvipfeko patafura, asi matengo avo akasiyana zvikuru.
Ndiko kugadzirwa kukura uye kwete chikwata chinoverenga kana iwe uri kutarisana nehutano hweumwe munhu nokuti inoratidza zvauchazobhadhara chaizvoizvo.