Bonds somunhu mudziyo zvemari, nguva - ichi maitire avo

Duration (kubva Chirungu Duration - «nguva") - iri mari izwi unorondedzera avhareji izwi okutambirwa muripo. Rinoshandiswa kuverenga goho riri zvisungo. Dzemaitirwe uchishandisa mashoko discounted mutengo Data hova vachibhadhara. Kana kunobatsira ari kushanda mari, nguva - chiyero aikanganiswa zvibereko zvayo kana kudzikisa mutengo revarombo. Izvi kushandiswa kaviri rokuti kazhinji kunobva kuvhiringika. Saka, munyaya ino tichaedza kugadzirisa upfumi kukosha pfungwa iyi, uyewo mamiriro ayo.

The tsananguro

Kutaura zvazviri, nguva - ndiro weighted avhareji izwi okutambirwa muripo Rwako. Ndizvo ukoshi anoratidzwa iri Frederik Makoley, iye kana kutanga akatanga kuva kushandiswa nesayenzi. Duration - ndiwo avhareji uwandu zvachose kubhadhara kuchengetedzwa, kubva nhasi kusvika kumugumo wayo kukura. The kukarukureta kuti indekisi ichi kuti ndaisagona rusununguko wakaiswa mari Rwako. Zviri nyore, nguva yose chisungo akaenzana nokuwanda kwamakore waizoitwa aro achauya nematsive, kureva. E. A kukosha kubva razero kusvika kumagumo kumwedzi.

Chii chakagadziridzwa nguva?

Zvinorehwa ichi izwi rechipiri rinoshandiswawo colloquially mari. Panyaya iyi, nguva - ndicho chikamu shanduko mitengo papiwa kuderera kana kuwedzera mari. chakarurama ichi chinoshandiswa zviridzwa nemari kuti vane hanya kuchinja muzana nevasiri mari Rwako. Rinoshandiswa kakawanda kupfuura nzira Macaulay refu.

kupatsanura kusungwa

Izvi mhando kuchengeteka rinoshandiswa pamwe mumatanda. Bond Certificate yokuita mari muridzi wayo uye inosimbisa issuer kuti kubhadhara kwavari, uyewo imwe chikamu yokutedzemuka musi. kuchengetedzeka izvi anowanzoshandiswa kufukidza bhajeti dhefisiti ari mamiriro. Govera mortgages uye unsecured zvisungo. Chokutanga mhando zvakawanda akavimbika, nokuti kana kukundikana dzosera zvemupiro issuer anorasikirwa zvarinoroora chepfuma vachida kuchengeteka anaro. Zvichienderana kukura rokuti, emit pfupi, anosvikirwa uye refu zvisungo. By mhando issuer - mamiriro, matunhu neminisiparati, chepamusoro uye dzakawanda. Zvichienderana murayiro muridzi - vakanyorwa uye mutakuri. Callable chisungo anogona kuregererwa akashaya shoma kana pasina izvozvo. Kodzero kudzoka kunoita anaro pakati kuchengetedzeka ari issuer kuti mberi kwavo chezita ukoshi. Urongwa yavewo unoratidzwa uye ichinonoka zvisungo. First entitle kuti investor kuramba kugamuchira mubereko pashure imwe nguva pakutanga wava. Yokupedzisira kodzero yacho issuer kunonoka mutsividzo muzvikwereti kwayo.

Kushanda pfungwa

Kazhinji mabasa ose nguva mhando mbiri pedyo, kana asina kuenzana. Uye kunogona kushandiswa pakuita zvinokosha zvisarudzo zvemari. Somuenzaniso, ya Macaulay zvisungo zviri anenge 10 makore (ndiyo nguva yavo izere pakunamata). Izvi zvinoreva kuti avo mutengo wanda - vanenge 10%.

kukarukureta kuti zviratidzo

Macaulay, kana weighted izwi kwemari Hova vachibhadhara rinowanikwa pachishandiswa zviratidzi zvitatu. Pakati pavo:

• PVI - kukosha kwazvino i-kuyerera kubva kunobatsira;
• ti-- nguva mumakore kusvikira rimwe chikamu mari,
• V - kukosha kuitika mari ramangwana kubva kunobatsira.

The yemaitiro hazvisi sezvinotevera: Σti X PVI: V.

nengozi kusungwa

The kumusoro akatarisirwa mari pamusoro yesangano, kunokonzera Nokurasikirwa, kana chinhu anoenda zvakaipa. For vatambi pamusoro musika mari ndiko kwainyanya mari - njodzi. Akasimbisa inokosha uye yechipiri matambudziko chokuita zvisungo. Credit nengozi chokuita ndechokuti issuer ngaaende kusauka. State anogona kugadzirisa mari pamusoro pazvisungo, sezvayakaita panguva ichangobva Greece default. Ngozi wechipiri kune chokuita nokushaya liquidity. Izvi zvinoreva kuti pakutengeswa mutengo kungava yakaderera pane kana kutenga. To hwaro uyewo ngozi iri chokuita mubereko prices. With yavo kuwedzera chisungo mitengo kuburuka. Naizvozvo, panguva ino disadvantageous chaizvo kutengesera. Pakupedzisira, rinokosha mukana ichidzikira goho nokuda volatility kuti mari Exchange.

matambudziko kuduku

Kuwedzera zvina zvinokosha ngozi, govera zvakawanda, izvo vanofanirawo kufungwa kana bhizimisi pazvisungo. Chekutanga rinoreva dambudziko chokuita nokuchinja chinobudirira chimbadzo. Chinokosha mukana mitengo. Zvisinei, mari haangavi akanyudzwa, devalued muchiitiko ichi kunyange zvakawanda. Kufungawo kudiwa ngozi kuti inobatanidzwa kudanwa mikana. Kana chisungo zvingangoguma yayo mangwanani kudzikinurwa, zvinogona kurega pakarepo kupa mari. Saka, unofanira kunyatsofunga kuverenga prospectus. Kukarukureta kuti nguva kunoita investor pfungwa yacho volatility wemurandakadzi. Izvi nhamba dziri zvakananga Proportional. A chisungo ane refu refu anokwezva kune nevaya vanofungidzira. Dzavo nzira zvainanga kuwedzera liquidity kwayo pamusoro nguva.