{"id":3052,"date":"2022-02-08T15:59:13","date_gmt":"2022-02-08T14:59:13","guid":{"rendered":"https:\/\/www.forexsrovnavac.cz\/mag\/?p=3052"},"modified":"2022-08-03T02:05:40","modified_gmt":"2022-08-03T00:05:40","slug":"investice-do-dluhopisu-a-dluhopisovych-fondu","status":"publish","type":"post","link":"https:\/\/www.forexsrovnavac.cz\/mag\/investice-do-dluhopisu-a-dluhopisovych-fondu\/","title":{"rendered":"Investice do dluhopis\u016f a dluhopisov\u00fdch fond\u016f"},"content":{"rendered":"<h2><b>Co je to dluhopis \/ dluhopisov\u00fd fond?<\/b><\/h2>\n<p>Dluhopis je cenn\u00fd pap\u00edr vydan\u00fd emitentem, kter\u00fd se zavazuje splatit sadu kupon\u016f (obvykle splatn\u00fdch jednou ro\u010dn\u011b ke stanoven\u00e9mu datu) a z\u00e1rove\u0148 ke dni splatnosti uhradit nomin\u00e1ln\u00ed hodnotu dluhopisu. Pr\u00e1v\u011b t\u011bmito dv\u011bma charakteristikami se dluhopisy odli\u0161uj\u00ed od akci\u00ed, kde v\u00fd\u0161e dividend nen\u00ed p\u0159edem zn\u00e1ma (z\u00e1vis\u00ed na hospod\u00e1\u0159sk\u00e9m v\u00fdsledku spole\u010dnost\u00ed) a splatnost akci\u00ed je v podstat\u011b nekone\u010dn\u00e1.<\/p>\n<ul>\n<li>Dluhopisov\u00fd fond investuje do r\u016fzn\u00fdch typ\u016f obligac\u00ed. Obvykle investuje do dluhopis\u016f s r\u016fznou dobou splatnosti, od r\u016fzn\u00fdch emitent\u016f a n\u011bkdy tak\u00e9 denominovan\u00fdch v r\u016fzn\u00fdch m\u011bn\u00e1ch, aby dos\u00e1hl co nejlep\u0161\u00ed kombinace (potenci\u00e1ln\u00edch) v\u00fdnos\u016f a rizika:<\/li>\n<\/ul>\n<h2><i><b>Doba splatnosti a durace<\/b><\/i><\/h2>\n<p>Fondy pen\u011b\u017en\u00edho trhu i fondy dluhopisov\u00e9 investuj\u00ed do instrument\u016f s pevn\u00fdm v\u00fdnosem; hlavn\u00ed rozd\u00edl v\u0161ak spo\u010d\u00edv\u00e1 v (pr\u016fm\u011brn\u00e9) d\u00e9lce doby do splatnosti t\u011bchto n\u00e1stroj\u016f. Ve fondu pen\u011b\u017en\u00edho trhu je maxim\u00e1ln\u00ed doba do splatnosti zpravidla krat\u0161\u00ed ne\u017e jeden rok, \u010dasto je v\u0161ak v\u00fdrazn\u011b krat\u0161\u00ed. V dluhopisov\u00e9m fondu mohou m\u00edt investice splatnost mnohem del\u0161\u00ed, \u010dasto a\u017e do 30 let. Je nasnad\u011b, \u017ee s prodlu\u017euj\u00edc\u00ed se dobou splatnosti roste i riziko \u2013 \u010das bychom proto m\u011bli vn\u00edmat jako rizikov\u00fd faktor.<\/p>\n<p>K m\u011b\u0159en\u00ed tohoto rizika (u jednoho cenn\u00e9ho pap\u00edru nebo ve srovn\u00e1n\u00ed r\u016fzn\u00fdch cenn\u00fdch pap\u00edr\u016f) pou\u017e\u00edvaj\u00ed investo\u0159i do dluhopis\u016f term\u00edn durace. K matematick\u00e9mu v\u00fdkladu durace v\u0161ak rozsah tohoto \u010dl\u00e1nku nesta\u010d\u00ed; d\u016fle\u017eit\u00e9 je ov\u0161em v\u011bd\u011bt, \u017ee \u010d\u00edm vy\u0161\u0161\u00ed je durace dluhopisu, t\u00edm v\u011bt\u0161\u00ed je jeho citlivost na pohyb \u00farokov\u00fdch sazeb \u010di v\u00fdnos\u016f \u2013 a t\u00edm vy\u0161\u0161\u00ed je tak\u00e9 riziko.<\/p>\n<ul>\n<li>Obecn\u011b plat\u00ed, \u017ee vztah mezi dobou do splatnosti a durac\u00ed je pozitivn\u00ed, co\u017e znamen\u00e1, \u017ee p\u0159i srovn\u00e1n\u00ed dvou dluhopis\u016f m\u00e1 dluhopis s del\u0161\u00ed dobou do splatnosti tak\u00e9 vy\u0161\u0161\u00ed duraci.<\/li>\n<\/ul>\n\n\t<div class=\"space-shortcode-wrap space-shortcode-4 relative\">\n\t\t<div class=\"space-shortcode-wrap-ins relative\">\n\n\t\t\t\t\t\t<div class=\"space-block-title relative\">\n\t\t\t\t<span>Kde obchodovat<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t<div class=\"space-organizations-3-archive-items box-100 relative\">\n\n\t\t\t\t\n\t\t\t\t<div class=\"space-organizations-3-archive-item box-100 relative\">\n\t\t\t\t\t<div class=\"space-organizations-3-archive-item-ins relative\">\n\t\t\t\t\t\t<div class=\"space-organizations-3-archive-item-logo box-25 relative\">\n\t\t\t\t\t\t\t<div class=\"space-organizations-3-archive-item-logo-ins box-100 text-center relative\">\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"180\" height=\"72\" src=\"https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/05\/xtb.png\" class=\"attachment-mercury-9999-80 size-mercury-9999-80\" alt=\"XTB\" srcset=\"https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/05\/xtb.png 180w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/05\/xtb-150x60.png 150w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/05\/xtb-100x40.png 100w, https:\/\/www.forexsrovnavac.cz\/mag\/wp-content\/uploads\/2021\/05\/xtb-80x32.png 80w\" sizes=\"auto, (max-width: 180px) 100vw, 180px\" \/>\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"space-organizations-3-archive-item-count absolute\">\n\t\t\t\t\t\t\t\t\t<span>1<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"space-organizations-3-archive-item-terms box-25 relative\">\n\t\t\t\t\t\t\t<div class=\"space-organizations-3-archive-item-terms-ins box-100 text-center relative\">\n\t\t\t\t\t\t\tRe\u00e1ln\u00e9 akcie a ETF. N\u00edzk\u00e9 poplatky + \u010cesk\u00e1 z\u00e1kaznick\u00e1 podpora. V\u00edce ne\u017e 8600 instrument\u016f k obchodov\u00e1n\u00ed. Denn\u00ed webin\u00e1\u0159e a zpr\u00e1vy z trh\u016f pro klienty.\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"space-organizations-3-archive-item-rating box-25 relative\">\n\t\t\t\t\t\t\t<div class=\"space-organizations-3-archive-item-rating-ins box-100 text-center relative\">\n\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"space-organizations-3-archive-item-rating-box relative\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"star-rating\"><div class=\"star star-full\" aria-hidden=\"true\"><\/div><div class=\"star star-full\" aria-hidden=\"true\"><\/div><div class=\"star star-full\" aria-hidden=\"true\"><\/div><div class=\"star star-full\" aria-hidden=\"true\"><\/div><div class=\"star star-half\" aria-hidden=\"true\"><\/div><\/div>\t\t\t\t\t\t\t\t\t\t<span>4.8<\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"space-organization-header-button-notice relative\" style=\"margin-top: 5px;\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"tc-apply\">Hodnocen\u00ed u\u017eivatel\u016f<\/span>\n\t\t\t\t\t\t\t\t\t\t<div class=\"tc-desc\">\n\t\t\t\t\t\t\t\t\t\t\t&nbsp;\r\n\r\n \t\u27a1\ufe0f Trustpilot hodnocen\u00ed 4.0\/5 \u2b50 \u00a0(Pr\u016fm\u011br z celkov\u00e9ho po\u010dtu 1174 hodnocen\u00ed)\r\n \t\u27a1\ufe0f Google play hodnocen\u00ed 4,4\/5 \u2b50 (Pr\u016fm\u011br z celkov\u00e9ho po\u010dtu 57 000 hodnocen\u00ed)\r\n\r\n&nbsp;\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<div class=\"space-organizations-archive-item-button-notice relative\" style=\"margin-top: 5px;\">\n\t\t\t\t\t\t\t\t\t75% CFDs \u00fa\u010dt\u016f je ztr\u00e1tov\u00fdch\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"space-organizations-3-archive-item-button box-25 relative\">\n\t\t\t\t\t\t\t<div class=\"space-organizations-3-archive-item-button-ins box-100 text-center relative\">\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.forexsrovnavac.cz\/mag\/xt-cs\" title=\"Nav\u0161t\u00edvit XTB\" target=\"_blank\" rel=\"nofollow\"><i class=\"fas fa-check-circle\"><\/i> Nav\u0161t\u00edvit XTB<\/a>\n\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/div>\n\n\n<h2><b><i>Vztah ceny k v\u00fdnosu<\/i><\/b><\/h2>\n<p>Pro\u010d je durace \u2013 nebo jinak \u0159e\u010deno citlivost dluhopisu na zm\u011bnu \u00farokov\u00fdch sazeb d\u016fle\u017eit\u00e1? Nejd\u016fle\u017eit\u011bj\u0161\u00edm vztahem pro pochopen\u00ed investic do dluhopis\u016f je inverzn\u00ed vztah mezi v\u00fdnosem a cenou dluhopisu. Pokles v\u00fdnos\u016f (\u00farokov\u00fdch sazeb) vede ke zvy\u0161ov\u00e1n\u00ed cen dluhopis\u016f (viz obr\u00e1zek 1). Tento vliv je mnohem siln\u011bj\u0161\u00ed u dluhopisu s vy\u0161\u0161\u00ed durac\u00ed. Nyn\u00ed m\u016f\u017eeme vyslovit prvn\u00ed z\u00e1v\u011br: pokud se investor domn\u00edv\u00e1, \u017ee v\u00fdnosy porostou, m\u011bl by prodat dluhopisy s vysokou durac\u00ed a nakoupit dluhopisy s n\u00edzkou durac\u00ed.<\/p>\n<ul>\n<li>Jestli\u017ee je ov\u0161em p\u0159esv\u011bd\u010den, \u017ee v\u00fdnosy budou klesat, m\u011bl by d\u011blat p\u0159esn\u00fd opak.<\/li>\n<\/ul>\n<h2><b><i>Rizika \u00farokov\u00fdch sazeb a kreditn\u00ed rizika<\/i><\/b><\/h2>\n<p>Riziko popsan\u00e9 v p\u0159edchoz\u00edm odstavci se naz\u00fdv\u00e1 \u00farokov\u00e9 riziko. U vl\u00e1dn\u00edch dluhopis\u016f (popis r\u016fzn\u00fdch typ\u016f dluhopis\u016f je uveden d\u00e1le) se jedn\u00e1 v podstat\u011b o hlavn\u00ed riziko. Proto\u017ee vl\u00e1dy maj\u00ed moc zvy\u0161ovat dan\u011b anebo (v extr\u00e9mn\u00edch p\u0159\u00edpadech) tisknout pen\u00edze, investor si m\u016f\u017ee b\u00fdt pom\u011brn\u011b jist, \u017ee obdr\u017e\u00ed kup\u00f3nov\u00e9 platby a tak\u00e9 \u00fahradu nomin\u00e1ln\u00ed hodnoty dluhopisu. U dluhopis\u016f jin\u00fdch vydavatel\u016f je tato skute\u010dnost mnohem m\u00e9n\u011b samoz\u0159ejm\u00e1. Spole\u010dnost, kter\u00e1 vydala dluhopis, m\u016f\u017ee zkrachovat a nemus\u00ed b\u00fdt schopna splnit sv\u00e9 z\u00e1vazky (v\u016f\u010di dr\u017eitel\u016fm dluhopis\u016f). Aby tito (nevl\u00e1dn\u00ed) emitenti p\u0159il\u00e1kali investory, mus\u00ed nab\u00eddnout vy\u0161\u0161\u00ed kup\u00f3nov\u00fd v\u00fdnos, aby tak investor\u016fm vykompenzovaly dodate\u010dn\u00e9 (kreditn\u00ed) riziko. Takzvan\u00e9 ratingov\u00e9 agentury pom\u00e1haj\u00ed investor\u016fm hodnotit kreditn\u00ed riziko emitent\u016f a jejich emis\u00ed.<\/p>\n<ul>\n<li>Ratingov\u00e9 agentury rozli\u0161uj\u00ed dluhopisy v\u00fdb\u011brov\u00e9, \u0161pi\u010dkov\u00e9 kvality (AAA) od dluhopis\u016f, kter\u00e9 p\u0159edstavuj\u00ed vysok\u00e1 kreditn\u00ed rizika (C a D). Dluhopisy ohodnocen\u00e9 zn\u00e1mkou AAA nab\u00edzej\u00ed zpravidla nejni\u017e\u0161\u00ed v\u00fdnosy a spekulativn\u00ed dluhopisy zase nab\u00edzej\u00ed v\u00fdnosy nejvy\u0161\u0161\u00ed.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Co je to dluhopis \/ dluhopisov\u00fd fond? Dluhopis je cenn\u00fd pap\u00edr vydan\u00fd emitentem, kter\u00fd se zavazuje splatit sadu kupon\u016f (obvykle splatn\u00fdch jednou ro\u010dn\u011b ke stanoven\u00e9mu datu) a z\u00e1rove\u0148 ke dni splatnosti uhradit nomin\u00e1ln\u00ed hodnotu dluhopisu. Pr\u00e1v\u011b t\u011bmito dv\u011bma charakteristikami se dluhopisy odli\u0161uj\u00ed od akci\u00ed, kde v\u00fd\u0161e dividend nen\u00ed p\u0159edem zn\u00e1ma (z\u00e1vis\u00ed na hospod\u00e1\u0159sk\u00e9m v\u00fdsledku spole\u010dnost\u00ed) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3053,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[194],"tags":[],"class_list":["post-3052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-akcie"],"modified_by":"Krpensk\u00fd Martin","_links":{"self":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/3052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/comments?post=3052"}],"version-history":[{"count":0,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/3052\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media\/3053"}],"wp:attachment":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media?parent=3052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/categories?post=3052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/tags?post=3052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}