NHỮNG VẤN ĐỀ LÝ LUẬN CHUNG VỀ TRÁI PHIẾU VÀ TRÁI PHIẾU CHÍNH PHỦ




!"#$

 !"#$%&'$()*
+! ,%-#.
/0+-123 .4$% )5
6$7'1 '' #.'$
$5 1''.87)*$$", 
+!( #+9:)+.%'6.
;'9(<0=>?@0=
2A(.4;1'$ 1#$
B9 !"#$%.
,$%>#) CA.4$%$%D
 3(&E>#.F,)-'
%9( ? !"#$%.
F$? !&G (G(1)'
4H$3HH)';1' $3
H&.F,)-B 3''I
'J.;-K'',)-)*#,)-'I
.L'C2,)-.%'B+
$5,)-.4&3'$%2
,)-.
%&"'()*
1.1.2.1. Căn cứ vào hình thức thể hiện
 M("'+"3<B
$")>)'$%.46+,1N%3< (
+,$%O6< ADP CHE,.
Q$%O6&3<CH9E(+
 .

M&" #<''"3<
")>'$%.823&9<$RA?
!!B&90+!S,.T0
>023)>.)>(& E-)5
6$DE0 A$6" #<'')U6"1.
1.1.2.2. Theo chủ thể phát hành
V;1'
W93?"'4X44;1'$C$%
9I?CH$ >3(D,.
;1'!$DN&1-"#$%.
4$ E&9(;1' ;1'
10YOHH)21
:A.;1'3((&'
 B&1(+.T:9&,)-
';1'$%$DN,)-Z9[R-#,)-
'(&Y(2.
;1'&([3 (G 1
2\;\$M1(0(0
2]?$ADHR>!.
VA
AA9  !
.A&:9M'$+,#(G +!
()($R  A'.4$B&
($+,#(G$%$$CA (
$EKA.Q+9:^$$"
$C>.A&9&6(A9(_
N:23+0+(+ .A0=
6)M&+0+ (+0+.
`+0+$+0+06)+-9
$%0-)+ 0#.4$%O6$0+ A5

3$%)+ 27&@! C
)+9.
`(+0+a1-b($+0+
0)+$+0+01' #.40#)+
''$+)'&0++
$$C>.
;1-&99>P'$9
>$%'.GN# A9>&
9$ 0-3%9:< 6%99D
#.4I$&9$O(_N6:
1"(63?9'0"&$M
`&9MP$%3($C
(-?.W:1&$%)0-$%?
$"&9&,)-) C6(&Y
(2.
`&90MP$%O6$0
0"$C(.c'$%
 ?$&,)-'&9-) C6
(&Y%.
`&99>P$%O6&&99>
>>3>$J$%'5$%
')56'.F &&3(&9
9>.
+,-./$-01*
23(0-(GB
6:9)M
1.1.3.1. Tính rủi ro của trái phiếu
B&1'3-2
1-:Y'J.$%2$%?$ 
% ,(R 2+^'

."$CK?$ 7B+))HO6
%$J, CE$J A?$ d R
(.Q(&60"R$eA,)-#$%
(('+...26!B&6+$5(f
' A?$ .Q$$'
$2"#$% ?#.L'! C?$ 
9A"(1&MQ,)-#$%[
++$5R3?$  $%#
$%1(+2 A9>:)*:(&
([.
;\(&3'(.;9\;\&3'
-- 2= !\;\($4X44+0+
1#$2$+0+0H)'#$$
;1'0+,$%(&(+[+2;1
')*I(&2&3'g 2= !
+0+(+ (+)+D-(
''9.
1.1.3.2. Khả năng sinh lời của trái phiếu
3< ';1':'(?$ 
3?$)*$(+3$.
$%! C&(+3)M
VF,)-dMF,)-$%$"3<
:$%0!,)-d&1># 2eA,
)- A!#(G.
VF,)- !AMW$2(0"#
$% &)!?K C,)- !(a:0b
0A2,)- !A10,)- !d
? CA2,)- !A? C,)-
!.4$ E,)-A0Y C,)- !.
4,)-#$%[)*)+S2

I  !! C6%%$
6.F,)-#$%[&9S2I !C
(3I  !3,)-A0?2,)-(G'
5,)-H.F,)-#$%+)*[" )*&
3%  !! C6%%
$6.
1.1.3.3. Tính thanh khoản của trái phiếu
W&1(+[9>:I
&(+[(+(.\;\$%&1(+)
C(.1(0\;\&1(+-
05 2(G'&Oa$Ch[b&67'#
$%A.1(0B!-(!$
2$&$0"#$% !@\Qi$%&(GJh
[5" E1(+'\Qi-1(0\Qi$
#"#$%3-248]B C @
(-O 2\QiB&
1(+(.
\;\1#$;1'&1
(+-1(0 (0. AO0O
$:9' :9"'J&K
?$ A#(?$ #$%?-
S '.
2-3 *4-567"-01*
;&($&6
!')M
1.1.4.1. Mệnh giá của trái phiếu
jA@7#d'#$
"#$)! !!.jA[39D
#)!3 $%++.jAB9A)!$%
+(.

1.1.4.2. Lãi suất danh nghĩa
F,)-$%$":$%0!
$7,)-d.F,)-$D#NeA?[akb C
A' B[39D#3'.F,)-
6![0+-'&"9H
'?$ E&&+$5'.F,)-
 !$%'<)! 60
('#$%.
1.1.4.3. Thời hạn của trái phiếu
 F(+%J$%+ !
?!.4(+ !!$?!$7
'.;&H(G("R$%
$%H(G)MOa&(G$C[bl
a&(GJhm[ba&(GJm[5"b.
1.1.4.4. Kỳ trả lãi
F(+%$%+,$%O6.
$C,)-$D#N[$ A ,
$%$RAn?.
1.1.4.5. Giá phát hành
 F0' %9.$%
$D#NeAakb'A.GN22'#$% '$%
9D#^.;&9Ho$%)M
`p0A
`p-A
`pA
% 8"0
%!"#$
;1'3(;1'&%
A,)- DEd +';1'! C$%)56
\;\"7'Qi44 

1#$$;1'P $;1
'0+,.
$;1'0+,3(A
 !2N<#''$C;1'$
;1'($C?$  AK%'>3
.$%>3(RA$d +! ,(
2;1')*#A+>3.