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Chng khon bo m bng th chp

Ngi gi: smallphuthuy -- 12/03/2007

Chng khon bo m bng th chp l loi chng khon c pht hnh da trn c s mt hoc mt nhm cc khon th chp. V bn cht, chng khon bo m bng th chp l mt loi tri phiu. Thay v, tr cho nh u t mt khon tri tc c nh v tin gc, th ngi pht hnh chng khon lthanh ton bng dng tin pht sinh t nhng khon th chp c dng m bo cho s chng khon . Dng n gin nht ca chng khon bo m bng th chp l kiu "sang tay th chp", trong tt c s tin gc v li thanh ton hng thng(sau khi tr i ph dch v) trong mt hp ng th chp s c "sang tay" cho nh u t. Vd: cng ty X kinh doanh a c c 1 to vn phng cho thu tr gi 90 triu USD. thc hin mt d n xy chung c khc, cng ty ny ang cn vay thm 60 triu USD. Sau khi nh gi cc phng n, h quyt nh tm n ngn hng X, th chp to vn phng trn vay 60 triu USD trong 5 nm, thanh ton tin gc v tin li hng thng vi li sut 1%. Tuy nhin, tnh hnh ti chnh ngn hng hin ang "mp m" hn mc tn dng cho php nn khng th cho vay thm, nhng ngn hng cng khng mun mt khch hng ny. Ngn hng quyt nh pht hnh 60.000 tri phiu c m bo bng khon th chp ca cng ty X, vi k hn 5 nm, ra th trng. Thay v c thanh ton tin gc v li nh thng thng, ngi nm gi nhng tri phiu ny s c hng s tin m cng ty X thanh ton cho ngn hng tu theo s tri phiu m anh ta c. Gi d, mt qu u t mua 6000(10%) tri phiu, th mi thng h s c hng: 10% x [(60.000.000/5/12) + 1%x (s tin cn n)]. Theo thi gian, khi s tin gc c hon tr dn th c tin li v gi tr ca tri phiu ny cng gim tng ng. Ngc li vi cc tri phiu thng thng, khi o hn mi c thanh ton tin gc, th tri phiu loi ny khi o hn c gi tr bng 0. Ngi nm gi chng khon loi ny gn nh khng gp phi ri ro g v c khon th chp lm vt m bo, tuy nhin ni nh vy cng khng c ngha l n hon ton khng c ri ro no. Theo lut mt s nc (v d nh M), ngi th chp ti sn vay tin hon ton c quyn "thanh ton nhanh", ngha l h s thanh ton s tin ln hn nh mc. Trong v d trn, thay v tr $100.000 tin gc mi thng, cng ty X c th tr $200.000 gim nhanh s tin n, ng thi gim s tin li phi tr trong thi gian tip theo. ng nhin l ngi nm gi chng khon ny cng s nhn c s tin thanh ton cao ln tng ng v c th ti u t vo ni khc. Tuy nhin, vn nm ch, ngi i vay ( v d trn l cng ty X) thng ch p dng vic thanh ton nhanh khi li sut cho vay trn th trng xung thp cn khi li sut th trng cao th khng. Tip tc xem xt v d trn, gi s sang nm th 2, li sut ngn hn trn th trng ch cn c 0.5%/thng, cng ty X s lp tc vay tin vi li sut thp tr cho ngi nm gi tri phiu trnh li sut cao. Ngi nm gi tri phiu nhn c s tin thanh ton tng thm trong giai on li sut thp th ng nhin kh c th ti u t thu c li sut cao. Nh vy khi m ngi i vay c quyn chn cch thc thanh ton th chnh ngi cho vay l ngi chu ri ro. Ri ro ny c gi l "ri ro thanh ton trc", chnh v ri ro ny m li sut i vi cc loi chng khon bo m bng th chp bao gi cng cao hn li sut th trng mt cht. i vi loi chng khon ny, vai tr ca Ngn hng ch l ngi trung gian, thu ph cung cp dch v ch hon ton khng phi gnh chu ri ro no. Ngn hng ng vai tr lm ngi i din cho cng ty i vay pht hnh chng khon, thanh ton nh k cho ngi nm gi chng khon v tin hnh cc th tc khc cho cng ty . Ph m ngn hng c hng c khu tr t chnh tin li m nh u t c hng, v d: li sut cho vay th chp ng ra l 12.5%/nm, v mc ph ngn hng thu l 0.5%/nm, th li sut m nh u t c hng s cn 12%/nm. Chng khon bo m bng th chp c phn ra mt s loi nh: loi "sang tay" (pass through), loi collaterized v loi stripped. S khc nhau gia cc nhm ny ch yu cc rng buc v l trnh thanh ton hoc dng tin m bo cho chng.
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8/12/2013 11:39 PM