BFL - it ... OFZ: inkcazelo, amazinga market

Russian Ministry of nkqubo wezeMali xa kukwandisa ixesha mboleko waboleka imali. Imisebenzi izixhobo karhulumente ejoliswe ekwandiseni uluhlu lweentambula zemali ngendlela apho ukuboleka kwenziwa. Njengenxalenye yale nkqubo ngo-1995, ngenyanga kaJuni, kwenzeka OFZ. Oku izitropu mboleko federal, kodwa icwecwana variable.

Yintoni BFL?

iibhondi mboleko federal, okanye OFZ - yenye yezi ntlobo ze izibambiso eRashiya, nto leyo ekhutshwe yi-Ofisi yoMphathiswa wezeMali. Enyanisweni, iibhondi kuba standard report format, Zibonisa kuphela kukuba ukuthembeka izibambiso ezinikezelwa nguRhulumente ngokwayo. urhwebo-asethi lwenziwa kwi Moscow stock exchange. ukuthengwa bond kunokuphunyezwa ngokusebenzisa nayiphi na umthengisi. Thenga bond ivenkile OFZ engabemi Russian, yaye abemi amazwe. Ixabiso ngalinye bond omnye 1000 engange. Ngokuxhomekeke kubungakanani bephepha kuxhomekeke imveliso yawo, ufana iinkqubo imali mihla. Eyona njongo ephambili yale izibambiso kukutsala imali kwi mali yelizwe.

Isigaba esilandelayo ophuhliso kwimakethi

Le OFZ ujongene Russian kuphela ne-Ofisi yoMphathiswa wezeMali. Enyanisweni, kulo mabophe, inqanaba eliphezulu ukuthembeka eqinisekisa isimo Russian. Kwezokwakha OFZ ezigcinwe kwi-sikhokelo le Moscow Stock Exchange. Asethi zingathengwa ngokusebenzisa nayiphi na umthengisi. Abathengi kunye abanini of OFZ kunokuba zombini ezikhoyo Russian angaphandle zomthetho kunye nabantu. Per bond abathengi ukunika 1000 engange. Sesivuno yorhwebo isixhobo ngokufanayo isivuno ifakwe kwibhanki. Imbambano izibopho zihlaziweyo 1995 kwaphawula kwinqanaba lophuhliso emarikeni, xa ulungele ukwamkela izixhobo amatyala zethuba of ngaphezu konyaka omnye. nazo ziye bidders wazuza amava ukuze isebenze izixhobo ezitsha ephucukileyo. Imigaqo kunye nesiseko zobugcisa zalungiselelwa ngokukhawuleza kakhulu. Kule nkalo uzobe olwenziwe nokubekwa neentambo, ekujikelezeni kwazo kunye nentlawulelo iinkqubo ezifanayo ababandakanyekayo T-amatyala.

Iibhondi nohlobo yengeniso coupon bume

BFL - le yenye yeendidi izibambiso ukuba zibekhona kwindlela eziliqela. iphepha Popular nge lohlobo olungaziwayo lwe coupon bume (OFZ-PK). Amaxwebhu banike abanini bazo ngexesha elifanelekileyo ukufumana ingeniso inzala ukususela kumaxesha ngamaxesha. Nezihlandlo zeentlawulo kuba amaxesha amabini okanye kane kulo nyaka. Ubungakanani nganye amatikiti BFL-PC zaye ukufunda ngokukhawuleza phambi kokuba ixesha kokuqalisa kwicwecwana, kuxhomekeke ukukhululwa GKO ngoku ukuba phantse ixesha lokuhlawulwa amatikiti ezifanayo. Ukuvunyelwa ukufumana isaphulelo, ukuba imixokelelwane mboleko federal (OFZ) aba iindleko nokubekwa kurhwebo lokuqala okanye ezenqanaba lesibini, ngaphantsi kwe iindleko intlawulo yabo, kuquka ixabiso ubuso. BFL - aba izibambiso ixabiso par ka-1000 engange, kunye semthethweni kunyaka-1 ukuya kwiminyaka-5.

OFZ-PD, OFZ-lizuze kunye OFZ-AD: ingqiqo jikelele

OFZ-AD, PD kunye OFZ OFZ-PD - zizinto izitropu ukuba zihlelwa izibambiso ingeniso ethile coupon. Imilinganiselo izibambiso kwakupapashiwe Umnikeli phambi komhla wokukhutshwa yabo abanini abo banelungelo lokufumana rhoqo ingeniso umdla. Kanye kudidi yangaphambili iibhondi, kubandakanya ukufumana isaphulelo ngokwemiqathango ezifanayo. Ngokuxhomekeka kuhlobo asethi, ixesha unyango ingahluka kunyaka-1 ukuya kwiminyaka engama-30. Ngegama, ngaphandle OFZ-lizuze ulingana no 1000 engange. Kuba PD Ihlelo ziyahluka ukusuka engange-10 ukuya ku-1000. mhlobo luhlobo obubhaliweyo. Ukugcina asset kumajelo eendaba yinto yokuqala efunekayo ukuze intlawulo yayo kwixesha elizayo.

ukukhululwa Iimbalasane

Kumbandela ngamnye neentambo luphawulwa ubukho karhulumente ikhowudi yobhaliso, nto leyo efana kubume kwikhowudi T-eyilwayo. Okungaqhelekanga kuphela umvo yesibini, ichaza udidi ukhuseleko. Umba ngamnye OFZ hoxa ongqamana uninzi lweenkqubo dipozithi, sikhatshwe kwakhululwa isiqinisekiso jikelele ingeniswe kwi iikopi ezimbini, ezithi zigcinwe elinguvimba kwe-Ofisi yoMphathiswa wezeMali. Coupon ingeniso - umahluko ophambili iimbophelelo GKO.

OFZ emakethe nge phenyane komyinge

OFZ ukubekwa lencopho kwi istock market Russian ubungqina bokuba yokwandisa ububanzi ityala kunye variable wenzala. Sesona sisombululo olubangelwa yokuba zonke iimbophelelo olu hlobo ehlabathini kubonelela ithuba ukunciphisa umngcipheko wezinga lenzala, esenokuba ngenxa ukuhla okubonakalayo kwenzala, okufana utyalo-mali lwexesha elide. Ukunciphisa amathuba ilahleko yabatyali-zimali, nto leyo omoyikayo indyebo yawo, kwaye mboleki lowo akafuni kungazehlisa na.

Ihlabathi nasekuziqiniseni 1996 kunye ngumlinganiselo otshintshayo ahlala malunga ne-46% yemarike. ERashiya, ukuthandwa OFZ-PD ukhula. Oku kubonisa ukuba imarike ixhomekeke kwiinguqu. ingeniso coupon kubonakala nje kuphela ngexesha intlawulo, kodwa ukuze kuqukunjelwe imvumelwano kurhwebo ezizisekondari. Xa bengena intengiselwano, umthengi kufuneka nje ahlawule ixabiso ubuso iqhina, kufuneka ahlawule isivuno coupon, ekufuneka zingqinelane ixesha lokuhlala kwempahla evela nomthengisi. Njengazo zonke izibambiso, OFZ-PK iya kutsalelwa irhafu ngokungqinelana nomthetho.

Inxaxheba zabatyali-mali bangaphandle kwimarike isibopho

market GKO-OFZ buvuleleke kubatyali-mali bamanye amazwe. I-sihlalo ze-Ofisi yoMphathiswa wezeMali kunye nabameli Central Bank kwandisa amathuba kapitalovkladchikov Koloni ngakwicala lotyalo ngokhuselo zasekhaya. Umbuzo yasekhaya abathathi-nxaxheba yorhwebo langaphandle le enomtsalane ngenxa yokuba ukuthengwa izibambiso, ukunyaniseka amakhulu konyaka omnye, kunedinga ethile. Ngoko ke, ukubala-asethi ezifunyenwe enokwenziwa e engange, yaye ngqo kwi-akhawunti zotyalo-mali. Ivula amathuba sokujika ngakumbi ingeniso engange ngeemali zamanye amazwe kunye nokulungiswa yenzuzo, ngokulandelelana. GKO-OFZ - ithuba elikhulu diversify ngokupheleleyo umngcipheko kwi investment portfolio. Xa nqanaba lokusekwa kwabathengisayo zeemarike kunye nabatyali ukunika ubuchule kuphela ngumyinge kodwa iintengiselwano arbitrage.

market Rate bond

amazinga market OFZ iyalungiswa variable. amazinga asisigxina okanye ezisisigxina lubekelwe ixesha ngalinye icwecwana le umba ngamnye. Izinga eliguqukayo ukhandwa ngokususela kwidatha ezisemthethweni echaza izinga lokwenyuka kwamaxabiso. Izinga OFZ kuxhomekeke kakhulu izinga ephambili ye-Central Bank. Umahluko phakathi nezibalo amanqaku kuphela nje ezimbalwa. Emva kokuba emthonjeni yokunciphisa eliyi-13%, abathathi-nxaxheba kwezorhwebo silindele ukwehla. Oku kungqinwa intswelo ephantsi ematyaleni. Ngoko ke, ngo-Aprili idipozithi efandesini ukuze isixa engange 110 billion ngomlinganiselo 12.5% iye yakwazi ukulungiselela bonke 75 billion kumyinge ka-13.02%. Ke imixokelelwane, imarike liseke isivuno salo ka-10,72%. Abafunwayo kathathu ngaphezu ubonelelo ekhoyo. Hayi Povljana kwi imeko ezogqunywe ngamajelo zemali konxibelelwano ngenxa ugunyaziso Europe. abatyali-Western rate onomdla, qhubeka ukuba bathabathe inxaxheba kwentengiso.

Zithini izicwangciso zikarhulumente Russian?

Kuba market OFZ karhulumente Russian - oku ithuba elikhulu ukuvala mboleko yi intsilelo mali. Kucetywa ukuba akhuphe izibambiso kule mali engange-250 ezigidi, kwaye inomthamo net yomtsalane engange 112 billion. Ukuza kuthi ga ngoku, ukususela ekuqaleni konyaka oko sele yaqaphela mali ka-93.3 bhiliyoni engange neentambo kunye umthamo umnatha ababetsaleleke thabatha engange 12,9 billion. Phakathi umthamo eliqikelelwayo izibambiso impahla engange 150 billion uya kuba ukuya kwiminyaka emihlanu, 80 billion engange icetyelwe ukukhulula iphepha isithuba seminyaka emi-5 ukuya kweli-10. Zizonke engange-20 bhiliyoni iya kukhutshwa izibambiso, kunye ukujikeleza iminyaka engaphezu kwama-10. Uninzi izibambiso kwixesha elizayo kuya kuba rate zokudada. Ngokutsho kweengcali, izibopho Matshi ekhutshwe yi-Central Bank of the Russian Federation, baba overpriced kakhulu, kwaye kulo mba, bonke bidders kulindeleke ukuba anciphise inani zazo ekupheleni kwehlobo. Uxinzelelo lawula ngopfu imixokelelwane kuyaqhubeka ukuba imali engange buthathaka.