TH TRNG TRI PHIU QUC T

1. KHI NIM, PHN LOI V C IM TH TRNG TRI PHIU QUC T 1.1 Khi nim v phn loi

Theo cch phn loi c bn th th trng tri phiu quc t gm c th trng tri phiu nc ngoi (Foreign bond market), th trng tri phiu Chu u (Eurobond Market). Ni n gin, th trng tri phiu quc t l ni m cc ch th pht hnh v ch th u t n t nhiu quc gia khc nhau. Khi mt tri phiu do ngi khng c tr pht hnh vo mt quc gia m c nh gi bng bn t ca quc gia th tri phiu gi l tri phiu nc ngoi v to nn th trng tri phiu nc ngoi. Khi mt tri phiu c do ngi khng c tr pht hnh vo mt quc gia m c nh gi bng ng tin khng phi ni t quc gia th gi l tri phiu Chu u v to ra th trng tri phiu Chu u. Global bond l loi tri phiu c pht hnh ng thi nhiu quc gia khc nhau, c nh gi bng nhiu loi tin t, l ni t ca cc quc gia c pht hnh. Do , c ti liu phn loi Euro Bond l mt phn ca Global bond. 1.1.1 Th trng tri phiu chu u (Euro-bonds)

Th trng tri phiu Chu u l th trng mua bn tri phiu do ngi khng c tr (cng ty, ngn hng, chnh ph v cc t chc quc t) pht hnh nm ngoi nc pht hnh ng tin c ghi trn tri phiu. Tri phiu Chu u (Euro-bonds) c bn cc quc gia khc hn l quc gia hn l quc gia m ng tin ca n c s dng o gi tr tri phiu. Mc d trung tm th trng tri phiu Chu u l Chu u, nhng n khng c ranh gii quc gia. Chng hn, mt cng ty Php pht hnh tri phiu tnh bng ng bng Anh Thy S, Luxembourg v Frankfurt u gi l tri phiu Chu u. Tri phiu Chu u c bn cng mt lc nhiu nc khc nhau, n tr nn mt loi tri phiu bao trm huy ng vn ng thi t cc nn kinh t th gii. Thng thng tri phiu Chu u c bn cng mt lc nhiu trung tm ti chnh thng qua cc nhm ngn hng bo lnh a quc gia v c t chc u t quc t mua. Cc t chc ny c tm hot ng vt ra khi bin gii ca cc quc gia pht hnh. Khc vi tri phiu nc ngoi, vic pht hnh tra phiu Chu u cho php chn la loi ng tin nh ngi ch n c th yu cu c hon tr bng mt trong nhng loi ng tin khc nhau v nh vy gim c ri ro v trao i ngoi t hm cha trong loi tri phiu nc ngoi c pht hnh bng mt ng tin duy nht. Tuy nhin trn thc t, li vay ln n gc vn thng c thanh ton bng ng dollar M (USD).

1.1.2

Th trng tri phiu nc ngoi (Foreign bond)

L th trng mua bn tri phiu do ngi khng c tr (chnh ph, cc cng ty nc ngoi) pht hnh ti mt nc ghi bng ng tin nc thu ht vn t cc nh u t ni a. V d: Cng ty BP (Anh) pht hnh tri phiu bng ng Yn S giao dch chng khon Tokyo, hay nh Chnh ph Trung Quc c 2 t pht hnh tri phiu Chnh ph trn th trng chng khon New York vo nm 1994 vi tng mc pht hnh hn 1 t USD, hoc gi nh l trng hp an Mch quyt nh pht hnh tri phiu bng ng Sterling th trng chng khon Lun n. Tt c cc loi tri phiu trn l tri phiu nc ngoi. C mi lm th trng tri phiu nc ngoi trn th gii (xem ph lc), v d nh Th trng tri phiu Yankee ca M, Samurai ca Nht, Bulldog ca United Kingdom. l tri phiu trn cc th trng tri phiu cng khai ca cc quc gia k trn. Ngoi ra, cn c cc th trng khng cng khai, ni m nh pht hnh tri phiu khng cn phi ng k vi s giao dch v c th c bn trc tip cho nh u t. Tuy nhin, th trng ny c quy m nh v s lng cc nh u t tham gia cng t hn. 1.2 1.2.1 c im Th trng Tri phiu Chu u

ch li chnh ca th trng tri phiu Chu u l tng i t b iu chnh, thu nhp t th trng ny phn ln khng phi chu thu v vic pht hnh chng khon mang tnh linh hot hn so vi th trng ni a. V loi ng tin thanh ton, doanh s pht hnh tri phiu Chu u bng dollar l ln nht (trong nm 1996, tri phiu chu u ghi bng USD chim 43,78% trn tng s pht hnh), tip theo l Bng Anh, Mc c, Yn Nht, v n v tin t ca Chu u ECU (European Currency Unit). Hu ht cc Eurobond c pht hnh bi nhng t chc c h s tn nhim cao, v d h s AAA v AA chim ti gn 80% tng s cc t pht hnh. Nhng nh pht hnh Eurobond tch cc nht l cc chnh ph, cc t chc quc t nh Ngn hng th gii, Ngn hng u t Chu u v cc cng ty a quc gia. Mt s nh pht hnh Eurobond ghi bng ng tin khng c s dng vo mc ch cui cng, m h chuyn i sang ng tin cn thit khc thng qua nghip v Swap. Mc li sut ca Eurobond ph thuc vo: iu kin th trng v h s tn nhim ca nh pht hnh. 1.2.2 Th trng tri phiu nc ngoi

c im ca loi tri phiu nc ngoi l n c thanh ton bng ng tin ca nc ni n c pht hnh. Tuy nhin, cng c nhng nc m tri phiu c th c pht hnh bng ng tin khc. Trong trng hp ny, tn ca tri phiu nc ngoi s khc. Chng hn, Nht, tri phiu pht hnh bng Yen tn l Samurai, pht hnh bng USD tn l Shogun.

Th trng tri phiu nc ngoi ln nht l th trng tri phiu M v Nht Bn. Th trng tri phiu M rt a dng. Th trng Yankee l tht trng cng khai, cung cp vn trung v di hn cho nh u t ngoi nc. Th trng tri phiu Nht Bn cng gm th trng cng khai l th trng Samurai. Cc nh pht hnh trn th trng ny c iu kin tin quyt l phi c xp tn nhim t BBB tr ln. Cc tri phiu Samurai ch yu c cc nghip on v cc cng ty Nht Bn bo lnh. Cn trn th trng khng cng khai ca Nht, cc nh pht hnh khng cn phi tuyn b bt k mt ti liu no theo lut giao dch chng khon. Tuy nhin s lng tri phiu ny t v cng t nh u t. Trong , th trng ln nht l Nht v M[1], sau l Chu u v th ba l th trng Kangaroo ca c. Phn cn li gm cc th trng nh hn v gn y nh PRC (Panda bonds) v Taipei, China (Formosa bonds). Hai tri phiu Panda aa62u tin c pht hnh thng 10 nm bi cng ty ti chnh quc t (the International Finance Corporation) v the ADB (CNY1.1 billion of 10-year bonds at a 3.4% yield and CNY1 billion of 10-year bonds at a 3.34% yield). Tri phiu c k hn di nht c pht hnh UK (tri phiu Bulldog) k hn 13.1 nm, v EU k hn l 12.7. Tri phiu c k hn ngn nht c pht hnh Switzerland: 1.7 nm Hy Lp 2.9 nm. Ngi pht hnh quan trng nht trn th trng ny l Ngn Hng Th Gii dnh cho chng trnh International Bank for Reconstruction and Development (IBRD) chim 15.1%, sau l Ngn Hng Thy S-The United Bank of Switzerland (UBS), 9.7% v Ngn Hng Chu u(the European Bank), dnh cho chng trnh Reconstruction and Development (EBRD)-3.3%. Trong , UBS thng pht hnh tri phiu vi k hn ngn nht, trung bnh l 1,5 nm, World Bank EBRD pht hnh tri phiu vi k hn di hn, trung bnh t 6.3 n 9.9 nm. T nm 1928 n ht nm 2009 c tng cng 3132 t pht hnh tri phiu nc ngoi trn th gii. Trong s 88.2% l c li sut c nh. Ch c mt s t l c km quyn chn 8.2% l c th mua li; 16.4% tri phiu chuyn i, 5.2% tri phiu lng t. 58.7% l tri phiu v danh. Tuy nhin, n 36.8% tri phiu c nim yt trn cc sn giao dch chng khon ca quc gia c pht hnh hay ni cch khc l phi c ng k. Trong 14.9% c pht hnh Australia-nc cm chng khon v danh. Mt khc, ch c 8.5% tri phiu c bo m, 1.3% c th chp ti sn, cn li u khng c bo m. Nu phn theo ch th pht hnh, th trng tri phiu nc ngoi gm ba nhm, tri phiu cng ty, chim 51,1%, tri phiu ca cc t chc quc t, chim 28.8%, tri phiu chnh ph chim 20.1%. Trong , tri phiu ca cc t chc quc t c k hn trung bnh di nht 7 nm, sau l tri phiu chnh ph trung bnh 6.6 nm, tri phiu cng ty c k hn trung bnh l 4.9 nm. K hn cng tng ng vi mc im tn dng ca tng ch th pht hnh cc t chc quc t l AAA, ca chnh ph l AA, ca cng ty l A.

a s cc tri phiu t im AAA c pht hnh Nht v th trng tri phiu Chu u-76.2%, sau l Australia-7.5%. 1.2.3 c im so snh gia th trng tri phiu nc ngoi v th trng tri phiu Chu u M, cc t pht hnh tri phiu Yankee phi tun th cc quy tc ca y ban giao dch chng khon SEC (Securities and Exchange Commission). Mc ch chnh ca SEC l bo v nh u t. Theo SEC, mi tri phiu c pht hnh phi bao gm mt bn co bch v tnh hnh ti chnh ca cng ty pht hnh, v tt c cc chi tit lin quan nh gi ng mc ri ro ca tri phiu. Nhng bn co bch nh vy tn rt nhiu chi ph. ng thi cng ty cng phi cng b bo co ti chnh hng qu ra cng chng. Nhng bo co ti chnh ny phi ng chun k ton ca M (GAAP). i vi cc cng ty ngoi nc M th vic iu chnh cc bo co ti chnh sang chun ca M cng tn rt nhiu chi ph. nc no cng c mt c quan hay t chc tng t SEC. C quan ny c th trc thuc B Ti Chnh hoc l mt c quan c lp nh SEC.Tuy nhin, cng c nhng nc khng i hi phi chun b bo co ti chnh theo tiu chun ca nc mnh. V d in hnh l Thy S, nc c th trng ti chnh pht trin mnh nht nm 1991 do khng i hi cc nh pht hnh nc ngoi phi cung cp bo co ti chnh theo chun nc mnh khi pht hnh tri phiu Thy S. Vic pht hnh tri phiu th trng tri phiu Chu u t kht khe hn. im khc bit ln nht gia tri phiu nc ngoi v tri phiu Chu u l tri phiu Chu u khng c bn rng ri cho cng chng. Tri phiu Chu u thng c cho bn bi cc t chc bo lnh (Underwriters) cho cc nh t vn u t chuyn nghip. Nhng nh t vn u t chuyn nghip ny c th mua tri phiu cho ti khon ca mt t chc hoc cho c nhn. Do , cc lut l khi pht hnh hay khi mua bn tri phiu Chu u trn th trng th cp ch mc ti thiu. Cc yu cu v cng b thng tin ty thuc vo tng th trng mi nc. Cc nh pht hnh c mc tn nhim cao nh Exxon, Nissan Motor, Nestl khng cn phi co bch thng tin g nhiu. Cc nh pht hnh di chun cng c php tham gia vo th trng ny theo mt quy trnh co bch thng tin ca th trng. Vic pht hnh trn cc th trng tri phiu nc ngoi lun i hi ngi pht hnh cn c xp hng tn nhim. Cn pht hnh tri phiu Chu u khng i hi xp hng tn nhim. Tuy nhin, thc t cho thy nhng nh pht hnh no c xp hng tn nhim s d pht hnh tri phiu vi k hn di hn. Do , xu hng hin nay l cc nh pht hnh c xp hng tn nhim. Cc tri phiu Chu u t khi c nim yt trn s giao dch M, nhng London v Luxembourg th bt buc phi c nim yt. Nhiu nh ch ch c mua tri phiu c nim yt m thi. Tuy nhin, a phn cc giao dch u c thc hin qua th trng phi tp trung, yt gi trn s giao dch ch dng thng bo gi ng ca. Trn v th ca nh pht hnh, th trng tri phiu nc ngoi ca M rng v su, nn c th p ng cc t pht hnh tri phiu vi khi lng ln v k hn di. Tuy nhin,

th trng M li rt quan trng vic xp hng tn dng v cng b thng tin cho cng chng. Th trng tri phiu Chu u th c tc pht hnh tri phiu nhanh hn rt nhiu do khng c nhiu th tc phin h. Chi ph dnh cho cc nh bo lnh pht hnh kh ln, nhng b li, chi ph li thp hn. Trn v th ca nh u t, su v rng ca th trng tri phiu M cng rt hp dn. Nhng cc tri phiu pht hnh y phi c ng k, tc nh u t nm tri phiu nh danh v phi tr thu thu nhp. Trong khi , tri phiu Chu u l tri phiu v danh, v khng b nh thu thu nhp. Ni chung, so vi th trng tri phiu M th th trng tri phiu chu u km thanh khon hn v c t thng tin v ngi pht hnh. Tuy nhin th trng tri phiu Chu u c tc pht hnh nhanh hn v gi c cnh tranh hn, khng b qun l bi c quan no v khng cn np thu thu nhp. Tuy nhin, tng sc cnh tranh ca th trng tri phiu nc ngoi so vi th trng tri phiu chu u, M ban hnh cc chnh sch nh Self registration nm 1982, cng vi lut 415. Lut ny gip lm gim cc chi ph pht hnh tri phiu ra cng chng. Sau , thng 7 nm 1984, M thay i lut, min thu thu nhp t li tc cho cc nh u t nc ngoi. T , th trng tri phiu cng ty dnh cho nh u t nc ngoi tr nn hp dn hn. Quan trng nht l lut 144A, ban hnh vo thng 4 nm 1990, v to ra th trng lut 144a. Cc nh pht hnh c th bn chng khon cho mt hay nhiu cc nh ch u t tiu chun (qualified institutional buyers-QIB). Chng khon ny khng cn phi ng k hay nim yt, nn khng cn tun th cc quy tc ca SEC v chun mc k ton, cng b thng tin. Sau khi lut ny c ban hnh, th trng tri phiu nc ngoi ca M tng trng nhanh chng. Nm 1993 c tng khi lng pht hnh l US$ 91, tng ln US$ 300b, nm 1998. 2. QU TRNH PHT TRIN 2.1 Th trng tri phiu nc ngoi

Tri phiu nc ngoi ln u tin c pht hnh bi cng ty Majzen (xem ph lc bng 3) vo th trng EU nm 1928. C 5 tri phiu c pht hnh t nm 1928 n 1952. Sau , nm 1971, cng ha Ireland pht hnh mt tri phiu nc ngoi bng ng Bng Anh vo th trng UK. Sau , cng nm 1971, The World Bank, ADB v cc quc gia khc pht hnh mt lot tri phiu nh gi bng ng Yen vo th trng Nht (tri phiu Samurai). T 1976, tri phiu nc ngoi c pht hnh thng xuyn hn v ngy cng tng nhanh. Tuy nm 2007-2008, th gii tri qua cuc khng hong ti chnh, nhng s lng tri phiu trong giai on 2006-2010 vn gia tng so vi giai on 2001-2005: 1193 tnh n 6/2009 so vi 827 tri phiu. 2.2 Th trng tri phiu Chu u

Ni n s pht trin mnh ca th trng tri phiu Chu u, thng c hai nguyn nhn ln c k n: IET, VFCR.

IET Interest Equalization Tax: o lut thu nh trn tin li thu c t vic nm gi c phiu v tri phiu nc ngoi pht hnh vo nc M. Do tng thng John F Kendedy ban hnh vo ngy 18/7/1963, nhm ngn chn dng vn u t ra nc ngoi ca nh u t M, gip lm gim thm ht cn cn thanh ton ca M. Thu sut khc nhau ty vo k hn, t 2.75% cho tri phiu k hn 3 nm n 15% cho tri phiu hoc chng khon c k hn trn 28,5 nm. Sau o lut cn c m rng thm cho cc k hn ngn. IET c nh hng rt ln, gn nh lm ng ca th trng tri phiu quc t Yankee ca M v thc y cc cng ty nc ngoi pht hnh tri phiu c nh gi bng USD ra th trng ngoi nc M, c th l th trng London v Luxembourg. Tuy nhin o lut trn vn khng th ci thin c cn cn thanh ton ca M. Thng 1/1965, tng thng Lyndon Johnson p t mt, tm dch l, Chng trnh hn ch tn dng nc ngoi t nguyn (Voluntary Foreign Credit Restraint or VFCR). Chng trnh nhm hn ch s u t trc tip ra nc ngoi ca cc cng ty M theo mt mc gii hn t nguyn ca cng ty. Nu cng ty no c ng gp tch cc vo cn cn thanh ton ca M (nh tng xut khu hoc chi tr c tc vo trong nc) s c hng mt s quyn c php u t ra nc ngoi. Tuy nhin, u nm 1968, VFCR c ban hnh li di tn OFDI-Office of Foreign Direct Investment, v tr nn bt buc ch khng cn t nguyn na v ci thin c cn cn thanh ton ca M. Khi hai o lut trn c bi b vo nm u1974, cui nm 1974, tri phiu Eurodollar trn th trng tri phiu quc t gim i 4 ln, t US$M 3908 xung cn US$M 996. Tng chng nh cc hot ng vay vn t nc ngoi li quay tr v New York. Tuy nhin, nhng nm sau , tri phiu nc ngoi v tri phiu Eurodollar tng trng vi tc gn bng nhau, mi loi chim khong 50%. T 1981 th tri phiu Eurodollar tng vt tri phiu nc ngoi. T 1985. tri phiu Eurodollar chim 80%. Dn dn, tri piu Chu u khng ch pht hnh bng USD m c nhng ng tin khc v kt hp vi hp ng hon i tin t. Nm 1999, khong 95% tri phiu Euro c pht hnh bng USD, Euro v GBP. ng thi, k hn tri phiu cng a dng hn. K hn ph bin l t 5 n 7 nm, sau l t 10 n 20 nm, v cng c th hn. Khi lng pht hnh cng tng ln, trn 100 triu USD nm 1986, tng ln khong 6 t USD mi nm k t 1990, t 60 t nm 1998. 3. CC CNG C TRN TH TRNG TRI PHIU QUC T 3.1 3.1.1 Phn loi tri phiu Tri phiu c li sut th ni - Floating rate note

Tri phiu ny khc vi cc tri phiu thng thng bi v n khng cho gi c c nh. c tnh ca n l vic ha hn s tr cho nh u t mt khon tin li thay i cng vi li sut chun. Li sut thay i theo tng k hn 3 thng, 6 thng trong thi hn ca tri phiu. Li sut thng c da trn mt li sut tham kho no , thng thng l LIBOR (London Inter Bank Offered Rate) i vi tri phiu nh gi bng USD v EURIBOR i vi tri phiu nh gi bng Euro, k hn 3 thng v 6 thng. V d nh mt loi tri phiu c t gi n nh l 1/2% cao hn LIBOR.

Thc t vi ngi vay c ting tm c bit tt c th pht hnh nhng tri phiu c t gi bng hoc thp hn LIBOR. Ngoi ra ngi ta cn ly cn c l mc li sut ca tri phiu Kho bc M lm chun cho t gi pht hnh mt s loi tri phiu khc. Khng ging nh cc loi tri phiu c li sut n nh (straight bond) gi c thng thay i theo li sut, gi c ca loi tri phiu c t gi th ni khng thay i theo li sut. V vy loi tri phiu ny c bit hp dn i vi cc t chc tin t khng thch ri ro, cc ngn hng l khch hng chnh ca loi tri phiu ny. Loi tri phiu ny c tin li c nhn hng nm hoc qu, bng loi tin t ghi trn tri phiu. V d v tnh li sut th ni: Mt tri phiu c li sut th ni nh sau: bng li sut LIBOR 6 thng cng vi 50 im c bn, vi trn l 7%, sn l 5% th li sut c thay i mi 6 thng nh sau:Ngy i LS Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 LIBOR 5.5% 5.8% 6.3% 6.8% 7.3% 3.7% 2.5% Coupon Rate 6% 6.3% 6.8% 7% 7% 5% 5%

3.1.2

Tri phiu c li sut c nh - Straight fixed-rate

L tri phiu c li sut c nh v khng thay i trong thi hn ca tri phiu. Loi tri phiu ny thng hng li hng nm, bng loi tin t ghi trn tri phiu. Loi ny cn c gi l tri phiu plain vanilla, li sut v ngy o hn c nh v khng c quyn chn no km theo. Cch tnh gi tri phiu:

3.1.3

Tri phiu chuyn i - Convertible bond

Tri phiu chuyn i l mt loi tri phiu c kh nng chuyn i thnh c phiu cng ty theo mt t l cng b trc v vo mt khong thi gian xc nh trc. Thng thng bao gi ngi pht hnh tri phiu chuyn i cng dnh cho ngi mua quyn quyt nh c chuyn i sang c phiu hay khng. Ngi nm gi tri phiu chuyn i c quyn khng chuyn sang c phiu nu ti thi im chuyn i, cng ty lm n khng tt. Tri phiu chuyn i c th c coi l s kt hp gia mt tri phiu thng v mt quyn chn mua c phiu. Thng thng, tri phiu loi ny c t sut tri tc tng i thp so vi cc loi tri phiu khc, song b li, n ha hn em li cho nh u t li nhun ln hn t kh nng mua c c phiu vi mc gi u i trong tng lai. Quyn chn mua c phiu chnh l gi tr gia tng ca loi tri phiu ny, khin n tr thnh mt mt hng rt hp dn i vi cc nh u t. Nhiu khi, cng ty cha pht hnh c phiu, nhng tri phiu chuyn i ca n tr thnh mt mt hng c gii u t sn lng gt gao, c bit l trong trng hp cc "bluechip" tng lai. T gc ca cng ty pht hnh, li ch ch yu ca vic huy ng vn t tri phiu chuyn i l vic gim c li sut cho vay. Ngoi ra tri phiu chuyn i cn c mt loi chng khon gn tng t vi n, l tri phiu hon i (exchangeable bond). Hai loi ny kh ging nhau, ch khc ch loi c phiu m tri phiu hon i nhn c l c phiu ca cng ty khc.Pht hnh tri phiu chuyn i l mt cch gip cng ty trnh vic nh u t nhn nhn cc hnh ng ca mnh theo chiu hng tiu cc. V d, mt cng ty nim yt, chn cch tng vn thng qua vic pht hnh thm c phiu.Th trng thng nhn nhn vic ny nh mt tn hiu cho thy gi c phiu ca cng ty ang c nh gi qu cao. trnh n tng xu ny, cng ty s pht hnh tri phiu chuyn i m nhng ngi nm gi c th chuyn sang c phiu nu cng ty lm n tt. 3.1.4 Tri phiu khng tnh li - Zero-coupon bond

Tri phiu Zero-coupon l tri phiu khng tr li nh k. Tri phiu ny c bn vi gi chit khu so vi mnh gi.

M, cc nh u t vo tri phiu ny phi ng thu trn thu nhp t tri phiu ny, cn Nht th loi ny c min thu. Cch tnh gi: 3.1.5 Tri phiu lng t- tri phiu tin kp - Dual currency bond

Nhng tri phiu c gi l tri phiu tin kp khi gi vn ca tri phiu l mt loi tin t, trong khi tri phiu c thanh ton bng mt loi tin t khc. Tri phiu ny thng c nhn li hng nm v nhn vn gc bng mt loi tin t khc vi loi tin t m

nh u t mua n. V d: Mt cng ty mun vay bng US dollar s dng cho mt mc ch no bng cch pht hnh tri phiu c gi vn US dollar, nhng vi s Franc Thy S thu nhp ca cng ty s thanh ton cho tri ch bng Franc Thy S khi o hn. Trong trng hp ny, nh u t phi x l mt cch c hiu qu cc mc ri ro tin t da trn hot ng ca t gi hi oi. Loi tri phiu ny l mt s la chn thch hp vi cc cng ty a quc gia.Cc cng ty Nht l nhng nh pht hnh ln loi tri phiu ny bng Yen v sau tr vn gc bng USD. 3.1.6 Tri phiu tin t a quc gia - tri phiu a t

Tnh trng bt n ngy cng tng ca t gi hi oi tin t t thp k 70 thc y mnh m s pht trin ca nhiu cch u t t bo him. Vi c gng lm gim ti mc ti thiu nh hng do nhng bin ng tin t ny, mt s tri phiu c pht hnh vi tnh cht a tin t. y l loi tri phiu c nh danh bng mt nhm tin t nh SDR hay EUR, hay bng nhiu ng tin khc nhau cho mt t pht hnh. Tri phiu ECU tr nn thnh cng nht trong s nhng tri phiu a tin t c pht hnh. Thun li ca cc tri phiu ny l ngi pht hnh c th tnh gi tr tri phiu bng nhiu loi tin t. Do chng c kh nng gim ri ro tin t hn so vi tri phiu ch c tnh bng mt loi tin t. Vi mt cng ty c nhiu ngun thu nhp c tnh bng nhiu ngun tin t khc nhau c th d dng gi cc tri phiu a tin t nh tri phiu ECU chng hn. 3.1.7 Tri phiu ton cu - Global Bond

Xut hin vo cui thp k 90 ca th k 20. L loi tri phiu c nh danh bng mt loi tri phiu t do chuyn i (thng l USD) v c bn trn phm vi ton cu k c nc c ng tin ghi trn tri phiu. y l loi tri phiu c a thch nht trn th trng tri phiu quc t hin nay. Bng 2: Tm tt c im cc loi tri phiuINSTRUMENT Straight fixed-rate Floating rate note Convertible bond Straight fixed-rate with equity warrants Zero-coupon bond Dual-currency bond Composite currency bond INTEREST FREQUENCY annual annual or quarterly annual annual none annual annual COUPON TYPE Fixed Variable Fixed Fixed Zero Fixed Fixed CURRENCY PAYOFF Currency of issue Currency of issue Currency of issue or convertible Currency of issue plus shares Currency of issue Dual Currency Composite currency

3.2

Ri ro ca tri phiu

Ri ro tn nhim hay ri ro v n - Credit risk or default risk L ri ro m ngi i vay khng th hoc khng sn lng tr vn gc v tin li khi n hn thanh ton. Ri ro li sut - Interest rate risk L ri ro m li sut th trng tng ln, lm gim gi tr ca tri phiu. thng thng, tri phiu c k hn cng di th ri ro li sut cng cao. Ri ro lm pht - Inflation risk Ri ro lm pht lin quan n ri ro li sut, c bit l i vi nhng nh u t mua nm gi ch khng bn. Do gi tr ca tri phiu s gim i khi lm pht tng, do li sut s tng. Tri phiu c li sut th ni c t ri ro ny hn. Ri ro thanh khon - Liquidity risk or marketability risk Ri ro ny ty thuc vo vic nh u t c d dng bn tri phiu ti hoc gn gi tr thc ca n hay khng. Chnh lch gia gi cho mua v cho bn l ch s ca ri ro thanh khon. Ri ro quc gia - Country risk L ri ro m mt quc gia khng th thc hin cc cam kt ti chnh ca mnh. C th l v n do cc l do chnh tr hoc kinh t v m. Ri ro quc gia cn bao gm vic mt quc gia thay i chnh sch v t gi hoc chnh sch lun chuyn dng vn vo ra quc gia . Ri ro tin t hay ri ro t gi - Currency risk or foreign exchange risk L ri ro lin quan n s thay i gi tr ca ng tin m tri phiu c nh gi. 3.3 Li nhun ca tri phiu

Cc nhn t nh hng mc li tc ca tri phiu Yu t quan trng nht ca bt k loi tri phiu no chnh l mc li c n nh, v y cng chnh l iu hp dn cc nh u t. Tri phiu quc t cng c nhiu mc li khc nhau v cng khng ngoi quy lut: tri phiu cng hm cha nhiu ri ro th cng phi yu cu mc li cao hn. Sau y l mt s yu nh hng n li tc tri phiu: a v ca ngi pht hnh - Issuer type: i vi cc con n ni ting v c uy tn th bao gi cng c cc nh u t nh gi cao v mc tn nhim, nh Ngn hng th gii hay Ngn hng u t Chu u, do cc tri phiu ca h c th t mc li l thp nht.

Thi hn thanh ton ca tri phiu: Thi hn thanh ton cng di cng phi c yu cu vi mc li cao hn. Quy m pht hnh: Lng tri phiu pht hnh vi quy m cng ln th cng c kh nng mua bn giao dch cao. Quy m pht hnh ln c th thc y kh nng chuyn i thnh tin mt ca tri phiu trong th trng th cp, v vy mc li tc c th thp hn vi quy m pht hnh cng ln. S n nh ca tin t: S n nh ca tin t c tc ng bi cc yu t chnh tr, nhng kh khn trong cn cn thanh ton, lm pht S bt n ca ng tin thanh ton tri phiu s buc phi tng li tc cho nhng nh u t tim nng. Quan h cung cu: Loi tri phiu m cung ln hn cu, th trng ca n rt kh khn m tiu th thm tr phi phi t mt mc li cao hp dn cc nh u t tiu th. 4. THNH PHN THAM GIA V C CU TH TRNG TRI PHIU QUC T 4.1 4.1.1 Thnh phn tham gia Nh pht hnh tri phiu

Chnh ph v cc c quan chc nng c u quyn: pht hnh tri phiu quc t to vn cho quc gia. Th trng vn ngy nay khng cn b ng khung trong phm vi quc gia m s pht trin mnh m ca n vi xu hng ton cu ho, m ra nhiu trin vng cho cc

Chnh ph huy ng vn trn bnh din quc t. Mt trong cc hnh thc huy ng vn trn th trng vn quc t ph bin hin nay c nhiu Chnh ph la chn l pht hnh tri phiu quc t. l hnh thc Chnh ph pht hnh cc chng t vay n (c gi l tri phiu quc t) ra th trng vn quc t, y l hnh thc vay vn trc tip t cc nh u t quc t khng phi qua cc t chc trung gian nh vay ngn hng. Chnh quyn cc a phng hay cc tiu bang: Mc ch pht hnh tri phiu quc t ca cc t chc ny l nhm gy qu, to vn ti tr cho vic xy dng nhng d n chung c sinh li nh l h thng giao thng, trng hc v nhng dch v cng cng. Theo thng k ca Standard and Poors nm 2009, tri phiu chnh ph quc t ca M chim 20%, cn li l ca cc quc gia mi ni v cc nc pht trin khc. Cc nc pht trin thng c xp hng tn nhim AAA cn cc nc mi ni thng c xp hng tn nhim l BBB. Cc quc gia mi ni ch chim 5% s tri phiu chnh ph quc t. 4.1.2 The World Bank, IMF, Ngn hng trung ng cc nc Cc Ngn hng thng mi Cc cng ty ln Cc t chc u t quc t

Cc t chc u t quc t thng gm: 4.2 Qu hu tr - Pension Funds Cc cng ty bo him Cc ngn hng Cc qu H tng Cc nh u t chin lc Qu phng v Cc nh ch u t khc C cu cc bn tham gia

Mt t pht hnh tri phiu s c cc thnh phn tham gia sau: Issuer, Lead and CoManager, Underwriter, Sellers, Trustees, Paying Agents.

[2]Issuer (or borrower)-nh pht hnh, nhng ngi cn vay vn thng qua pht hnhtri phiu. Ngi pht hnh c th l mt ngn hng, mt cng ty, mt t chc quc t hay chnh ph. Cc ch th pht hnh ny cn n mt Ngn hng nh ngn hng pht hnh tri phiu cho mnh. Ngn hng ny c gi l ngn hng ch tr-lead bank, hay nh qun l bao tiu-Lead manager. Ngn hng ny c th mi thm cc ngn hng khc v to thnh managing group cng nhau tha thun v thc hin vic pht hnh tri phiu. Managing group ny sau bn tri phiu cho cc nh bo lnh-underwriter hoc bn trc tip cho nhm mua-selling group. Managing group, underwriter v seller c gi chung l syndicate-nhm bao tiu hay nhm cho vay. Khi nhm ny bn tri phiu cho cc nh u t l khch hng ca h, th y l th trng s cp. Khi cc nh u t mua bn qua li vi nhau th l th trng th cp. Sau khi tri phiu c bn i, mt ngn hng lm ng vai tr l principal paying agent c nhim v thu li v gc t nh pht hnh ri tr cho nh u t. Nhng principal paying agent ny cng thng ng vai tr l fiscal agent-l ngi i din cho nh pht hnh. Tuy nhin, nu paying agent ng vai tr l trustee-i din ca nh u t, th phi c mt ngn hng khc ng vai tr l fiscal agent, do nh pht hnh ch nh. Cc ch th tham gia trong th trng c t chc bi Hip hi th trng th cp quc t (the International Primary Market Association-IPMA) London v Hip Hi th trng chng khon quc t (International Security Market Association-ISMA) Zurich. Ph qun l v bo lnh

Ph qun l v bo lnh cho cc t pht hnh tri phiu quc t c th thay i tu theo k hn thanh ton tri phiu - l ph cao hn i vi tri phiu di hn hn v cng tu thuc vo ting tm ca cng ty huy ng vn cng nh a v ca nc ch nh. Thng

thng, cc l ph ny da vo t l phn trm s vn pht hnh v thanh ton chit khu gi.

Ri ro bo lnh

Hot ng bo lnh pht hnh cng c ri ro. l ri ro khi gi bn tri phiu cho nh u t khng bng gi m nh bo lnh pht hnh cam kt bn vi nh pht hnh. V d, nu ngi qun l cam kt pht hnh tri phiu vi gi 100 USD, nhng nh u t trn th trng ch ng mua vi gi 98 USD th nh bo lnh pht hnh phi b phn chnh lch . Cc l do dn n hin tng trn c th l do mt s tng ln t ngt ca li sut, s gim tn nhim t ngt ca nh pht hnh, hoc do nh u t t nhin thch tri phiu nh gi bng EUR hn USD. Do , nh bo lnh pht hnh cn phi hiu r v c bn cung v bn cu. H phi c nng lc ti chnh ng ph khi ri ro bo lnh xy ra. ng thi, h phi c cc mi quan h rng ri vi cc nh u t c th pht hnh tri phiu tht nhanh, trc khi th trng thay i. Th trng Gray

C mt s bt i xng gia nh qun l v nhm bn. Nh qun l hu nh c mi quyn lc p t mi quy tc ln nhm bao tiu(sydicate). Do , h c ng lc nhn tht nhiu t bo lnh pht hnh tng doanh s ca mnh. H p dng cc iu khon d dng hn cho nh pht hnh. Theo th gi bn cng phi tng ln v li sut gim. Do , h phi bn tri phiu vi gi cao (overpriced). Nhng nh qun l ny tin rng h c th lp mt nhm bn hng bn vi gi cao, v cc cng ty chng khon hoc cc ngn hng u t rt sn lng tham gia vo nhm bao tiu. Tuy nhin, nu th trng nh gi khng tt v tri phiu do h bo lnh pht hnh, h s khng th bn ht tri phiu v phi chu thit hi. Hin tng ny c gi l excessive competition. T nm 1970, cc ch th tham gia trong th trng pht trin mt phng php gii quyt tnh trng trn. trnh vic khng th bn tri phiu ngang mnh gi trn th trng th cp, h bn k hn tri phiu. Ngha l nhng ngi bn s bn tri phiu ngay lp tc khi nhn c thng bo v vic bn tri phiu , vi gi 98-99% mnh gi nh u t khng bit l tri phiu c nh gi cao hn gi tr thc.

4.3 4.3.1

C cu th trng tri phiu quc t Th trng s cp

Cng nh cc th trng ni a, b phn th trng s cp ca th trng tri phiu quc t cng l th trng x l vic pht hnh cc tri phiu mi. Trn th trng ny c s tham gia m cc nh pht hnh ni ting th gii nh ngn hng Crdit Suisse, ngn hng First Boston, ngn hng Deutche hay cng ty chng khon Nomura. 4.3.2 Th trng th cp

Th trng th cp l b phn quan trng trong hot ng c hiu qu ca th trng s cp bi v l phng tin m bm vic chuyn i thnh tin mt cho ch tri phiu. Hin nhin l th trng s cp s hot ng km hiu qu v khng hp dn lm i vi cc nh u t tim nng khi c t hoc khng c trin vng chuyn i sang tin mt sau t pht hnh mi. Ngoi ra, s tn ti ca th trng th cp cng cho php nh gi nhng tri phiu mi cn c vo mc li c c t nhng t pht hnh ln. Th trng th cp ca th trng tri phiu Chu u l loi th trng phi tp trung vic bun bn cc loi tri phiu quc t hay Chu u c tin hnh bi Hip hi cc nh kinh doanh tri phiu quc t (AIBD - Association of International Business Dealers) thng qua in thoi v xc nhn qua in tn. AIBD c thnh lp vo cui nhng nm 1960 v c trn 900 thnh vin ca khong 40 nc. AIBD gp phn quan trng vo vic to ra th trng v phn phi sn phm ca th trng tri phiu quc t v th trng tri phiu Chu u. AIBD ng nhiu vai tr bao gm c cung cp ngun thng tin v nhng t pht hnh ln v c gng iu chnh cc hot ng trn th trng bng cch ci tin lut l v th tc lm cho hot ng trn th trng c tri chy. V vy nhng vn nh tp qun kinh doanh, k thut tnh ton tin li tch lu, nh gi tr tri phiu hay thanh ton u nm trong quy ch ca AIBD. V c ch kinh doanh, vic bo gi tri phiu theo gi bn v gi mua to ra mt khon chnh lch gi nht nh. Phm vi chnh lch ny tu thuc vo mc kh nng thanh ton tin mt ca mt t pht hnh nht nh cng nh tnh trng ti chnh ca nh bun. Kinh doanh thng c thc hin vi mt l ti thiu l 10 tri phiu, mi l thng c gi tr $10.000. Trn th trng th cp cc nh kinh doanh kim li trn tri phiu qua 2 cch: Chnh lch gi mua v gi bn tri phiu: Chnh lch ny cng thay i theo tnh cht tri phiu. Thng mc dao ng gi i vi loi tri phiu c li sut c nh l rng hn so vi tri phiu c li sut th ni. Mc li nhun do chnh lch gi cn cao hn i vi loi tri phiu c kh nng thanh ton tin mt thp. Ni chung, cc chnh lch vo khong 0,5% gia gi mua v gi bn i vi tri phiu c kh nng

thanh ton tin mt v c th tng n 1% - 2% i vi nhng tri phiu km tch cc hn. Thi c: Cc nh bun chng khon lun ch i thi c trn th trng chng khon mua v bn chng khon ng lc. Khi nh bun tri phiu quc t quyt nh mua mt s lng ln mt loi tri phiu l lc ng ta d on rng ngi ta s rt cn n loi tri phiu ny v hy vng gi tri phiu s tng cao hn nhiu. Nhng cng khng loi tr nhng bt li xy ra s lm hng thi c, nh vic mt cng ty pht hnh tri phiu b nh gi li th tri phiu c nguy c xung gi. 5. QUY TRNH THAM GIA VO TH TRNG TRI PHIU QUC T 5.1 Tm quan trng ca vic xp hng tn nhim

Phn khc th trng: tri phiu t im u t v tri phiu c li sut cao-Investment Grade and High Yield Bonds Tri phiu t im u t-Investment grade bonds l tri phiu xp 1 trong 4 hng u tin bi mt t chc xp hng tn nhim c uy tn-thng l t chc tn nhim Moodys, Standard & Poors, Fitch. Nhng tri phiu ny thng c pht hnh bi cc tp on ln rt uy tn. Tri phiu c li sut cao-High yield bonds, hay cn gi l junk bonds, l cc tri phiu xp hng sau investment grade. Nhng tri phiu ny thng c pht hnh bi cc cng ty mi thnh lp, hoc nhng cng ty c im tn nhim b gim. Tri phiu c li sut cao thng c k hn ngn hn tri phiu c im u t, thng khng qu 10 nm. Lai tri phiu ny c li sut rt cao.

Phn bit rch ri hai loi tri phiu ny rt quan trng, v mt s t chc u t khng bao gi u t vo tri phiu khng t im u t.

Thng thng, im tn nhim ca tri phiu do mt cng ty no pht hnh khng th cao hn im tn nhim ca chnh ph nc ca cng ty . iu ny c gi l Sovereign ceiling hay country ceiling. Tuy nhin nhng t pht hnh tri phiu c ti sn m bo c th vt qua c im tn nhim trn . 5.2 Quy trnh pht hnh tri phiu cng ty trn th trng tri phiu quc t

Khi mt cng ty mun pht hnh tri phiu, h c th chn pht hnh tri phiu trn th trng ni a hoc th trng quc t. Th trng no c la chn ty thuc vo vic cng ty c hng gi u tt hn. pht hnh tri phiu vo th trng nc ngoi-tri phiu nc ngoi, cng ty cn tun th cc iu kin giao dch chng khon nc , cng nh nhng iu kin i vi nh pht hnh ni a. Cn pht hnh tri phiu Chu u th cng ty ch cn tm mt nh bo lnh pht hnh trn th trng, thng l cc ngn hng u t hot ng trn th trng quc t, nh Barclays, City v Deutsche Bank,.. sau khi phn tch tnh hnh ti chnh cng ty v tnh hnh th trng. Cng ty c th c t vn bi cc ngn hng u t trong lnh vc ny. ng t gc mt gim c ti chnh ca mt cng ty, khi quyt nh pht hnh tri phiu ra nc ngoi, cn thng qua cc bc sau: Bc 1: Phn tch tnh hnh trc khi pht hnh tri phiu Phn tch tnh hnh ti chnh ca cng ty Phn tch tnh hnh qun l

La chn nh t vn

Bc 2: Phn tch th trng 1) Phn tch tri phiu-ri ro, xp hng tn nhim (xem phn 3) Phn tch v la chn th trng ni a hay th trng quc t (xem phn

Bc 3: Chun b giao dch-cc yu t c bn Quyt nh cc yu t c bn ca tri phiu Kch c

Kch c ca t pht hnh ty thuc vo iu kin ca th trng. Cng ty pht hnh v nh t vn cn tnh ton kh nng hp th ca th trng. th trng ni a th khng nn pht hnh vi khi lng ln v rt kh bn. Ngc li, nu pht hnh tri phiu chu u, pht hnh vi s lng nh s khng t c mc chi ph hiu qu. V ph tnh trn phn trm khi lng pht hnh, vi khi lng nh hn th phn trm tnh ph ln hn. Thng khi lng pht hnh trn th trng ny ti thiu l $75 n 100 t USD, hoc hn. Mnh gi- par value or face amount

Hu ht cc tri phiu cng ty M c mnh gi l $1000. Nhng cuc mua bn ring(thng l vi cc trung tm ti chnh hay cng ty a quc gia) thng c mnh gi ln hn, $1,000,000 vi bi s ca $100,000. K hn

M, k hn ca tri phiu-bond l t trn10 nm n 12 nm, cn t di 10 nm l note-giy n (tm dch). + + + Giy n ngn hn: k hn ti a 5 nm Giy n trung hn hay tri phiu trung hn 5-12 nm Tri phiu di hn k hn trn 12 nm

Tri phiu c k hn 30 nm rt him c M. ln gn y nht loi ny c pht hnh l thng 10/2001. tuy nhin tri phiu ny l mt chun quan trng xc nh li sut tri phiu mi pht hnh. Quyt nh loi tri phiu

Li sut v hnh thc tr li

La chn cc hnh thc tr li-xem phn cc cng c ca th trng tri phiu quc t. M, li thng c tr theo k 6 thng. Cn tri phiu Chu u th tr li hng nm. Ngi pht hnh cn nm r lut lm theo. Tin t

Vic la chn loi tin t nh gi tri phiu thng chu nh hng bi th trng, c cu vn v c im dng tin ca cng ty. iu ny s gip lm gim ri ro t gi cho cng ty. Tuy nhin, khng phi th trng no cng su tiu th tri phiu nh gi bng ni t. Xem xt mi trng php lut ca ni sp pht hnh (Local Regulatory and Legal Environment) Cn nghin cu cc lut sau th trng sp pht hnh tri phiu + + + Lut chng khon (quy trnh ng k cho bn tri phiu,..) Nhng yu cu ring i vi tng ngnh,.. Lut doanh nghip, cc yu cu v gii hn khc

Bc 4: Chun b giao dch - cc loi giy t cn thit[3] Cc chng t lin quan n qu trnh pht hnh Cc chng t php l Bo co ti chnh Due Diligence

Bc 5: Marketing v bn tri phiu ng k v nim yt Marketing nh gi

Bn ring hay bn cho cng chng ? (Private or Public Placement)

Cng ty pht hnh v nh t vn ca mnh cn nh gi xem nn bn ra cng chng hay nn bn ring cho cc QIB(th trng lut 144A-xem phn 1). Nu bn cho cng chng th cn phi nim yt, phi tn chi ph ng k.., cn nu bn ring cho QIB) th khng cn nim yt nhng tnh thanh khon thp, ng thi li sut cao hn. Chi ph pht hnh D chn nim yt hay bn cho QIB th cng ty u chu cc khon ph sau: + + + + + + + Cc ph v lut php Ph k ton Ph qun l Ph tr cho cc t chc i din (Trustee and paying agent fees) Ph tn tr k thc Ph in co bch Ph chm im tn dng

Quy trnh ng k Quy trnh ng k ph thuc vo lut ca tng quc gia. M, quy trnh ny gm 3 giai on. Trc ht l in vo bng ng k ca SEC. Sau , nh bo lnh pht hnh phi Marketing loi tri phiu cn pht hnh thng qua mt bng co bch s b. SEC s xem xt bng ng k v yu cu sa i mt s ch. Giai on 3 l SEC tuyn b ng k thnh cng, bt u nim yt v bn tri phiu. Cc yu cu cu cn c c nim yt trn s giao dch + + + + Chng t php l ca cng ty Bn k khai chnh thc Th bo pht hnh Bo co ti chnh c kim ton trong vi nm gn y

Marketing Qu trnh Marketing l qu trnh thng lng gia bn pht hnh vi cc QIB ban c tri phiu do mnh pht hnh. Nh qun l bo lnh pht hnh phi sp xp hng lot cc cuc hp, gi l Road shows, ban lnh o cng ty trnh by trc cc t chc u

t, nhng nh qun l tin, nhng ngi mua bn chng khon. M, cc cuc hp ny thng c t chc ngay khi nh pht hnh in vo mu ng k, nhng trc khi c quyt nh c php pht hnh. y l giai on cng ty phi a ra cc bn co bch ca mnh. Nhng cuc thng lng ny bao gm nhng quyt nh v: Khi lng: T l ng k mua trn mt nh u t l ch s cho thy nh u t s chp nhn t pht hnh nh th no. Nu t l ng k mua thp th cn xem xt chnh sa li cc iu khon ca tri phiu. Gi: c bao nhiu nh u t sn sng mua tri phiu? Gi bn c trn cc ti liu ng k, nhng gi thc s c nh vo ngy pht hnh, vi mt mc b thm hoc chit khu vo mnh gi, cc khon ny ny s phn nh tnh hnh ca th trng. Ty thuc vo kch c v mc phc tp ca vic bn tri phiu v nh u t m nh bo lnh pht hnh c th n nhiu thnh ph, nhiu quc gia cho bn vi cc nh u t. Pht hnh Nhiu lut chng khon cc nc phng Ty v phng ng i hi cc chng khon c bn cho cng chng phi c pht hnh di dng ghi s hoc phi c tn tr k thc. Nh pht hnh cn tm hiu v nm r cc quy nh ny thc hin cho ng. Ngy nay, M, chng khon thng c pht hnh di dng chng ch v c ct tr Cng ty y thc tn tr k thc[4]. Bc 6: Nhng th tc sau khi pht hnh Tr n

iu quan trng nht sau khi pht hnh tri phiu, nh pht hnh phi tr li nh k v tr vn gc khi o hn. Tip tc cng b thng tin

Tri phiu c pht hnh ra cng chng c nh gi trn th trng th cp da trn nhng thng tin c trn th trng. Do , vic tip tc cng b thng tin l rt quan trng i vi uy tn ca th trng th cp v bo v nhng nh u t mua tri phiu th trng s cp. Hu ht cc lut chng khon ca cc nc ng u yu cu nh pht hnh phi tip tc cng b thng tin nh k i vi cc chng khon pht hnh ra cng chng. Duy tr im tn dng

Cc t chc xp hng tn nhim s thng xuyn nh gi li m tn nhim hng nm. H thng thu ph duy tr im tn dng cho vic . Thng cc hp ng tri phiu yu cu phi thng bo cho ngi nm gi tri phiu bit nu c s thay i trong im tn nhim ca nh pht hnh.

6. HOT NG PHT HNH TRI PHIU CA VIT NAM 6.1 Lut pht hnh tri phiu quc t

Ngy 4.6.2009, Chnh ph ban hnh Ngh nh s 53/2009/N-CP c hiu lc t 30.7.2009 v pht hnh tri phiu quc t ca Chnh ph v cc doanh nghip Vit Nam (N 53). Nguyn tc v iu kin pht hnh Cn c vo iu 6 N 53, tri phiu quc t ch pht hnh khi c iu kin: Theo Ngh nh ca chnh ph V vic pht hnh tri phiu quc t, tri phiu quc t bao gm 3 loi: hng) Tri phiu Chnh ph Tri phiu Ngn hng thng mi quc doanh (gi tt l tri phiu Ngn Tri phiu doanh nghip Nh nc

Tri phiu Chnh ph do B Ti chnh pht hnh vay vn nc ngoi cho u t pht trin kinh t. Tri phiu Ngn hng do cc Ngn hng thng mi quc doanh pht hnh vay vn nc ngoi cho m rng tn dng u t ca Ngn hng. Tri phiu doanh nghip Nh nc do cc doanh nghip Nh nc pht hnh, vay vn nc ngoi cho cc d n u t m rng sn xut kinh doanh, i mi thit b, cng ngh sn xut ca doanh nghip. Cc doanh nghip Nh nc, Ngn hng thng mi quc doanh mun pht hnh tri phiu quc t phi m bo cc iu kin sau: 1. c cp giy chng nhn ng k kinh doanh theo cc quy nh ca php lut v thnh lp doanh nghip Nh nc. 2. Hot ng sn xut kinh doanh c li lin tip trong 3 nm trc khi pht hnh tri phiu, tnh hnh ti chnh lnh mnh v c trin vng pht trin, khng vi phm php lut v k lut ti chnh, c chng nhn ca Cng ty kim ton c lp. 3. 4. D n u t c hiu qu c cp c thm qun ph duyt. Phng n pht hnh tri phiu quc t c Chnh ph cho php.