Jungtin\u0117 Karalyst\u0117 vis da\u017eniau svarsto didinti trumpalaikio skolinimosi apimtis, kad pristabdyt\u0173 spar\u010diai augan\u010dias skolos aptarnavimo i\u0161laidas. Vis d\u0117lto investicinis bankas \u201eGoldman Sachs\u201c \u012fsp\u0117ja, kad didesn\u0117 i\u017edo vekseli\u0173 emisija gali duoti tik ribot\u0105 fiskalin\u012f pager\u0117jim\u0105.<\/p>\n
Rink\u0173 d\u0117mesys \u012f JK skolinimosi kain\u0105 sugr\u012f\u017eo tuomet, kai 10 met\u0173 trukm\u0117s obligacij\u0173 pajamingumas pakilo iki ma\u017edaug 5,105 proc. Ilgesn\u0117s trukm\u0117s vertybini\u0173 popieri\u0173 pajamingumai taip pat \u0161oktel\u0117jo ir pasiek\u0117 auk\u0161\u010diausius lygius nuo 1998 met\u0173.<\/p>\n
I\u017edo vekseliai yra trumpesn\u0117s trukm\u0117s, da\u017eniausiai iki vien\u0173 met\u0173, nulin\u0117s kupono obligacijos, kurios leid\u017eia valstybei greitai pasiskolinti pinig\u0173. \u201eGoldman Sachs\u201c pa\u017eymi, kad istori\u0161kai JK \u0161i\u0173 priemoni\u0173 naudojo ma\u017eiau nei kitos i\u0161sivys\u010diusios ekonomikos, da\u017eniau remdamasi ilgesn\u0117s trukm\u0117s obligacijomis.<\/p>\n
JK Skolos valdymo biuras pastaruoju metu paskelb\u0117 priemones, rodan\u010dias galim\u0105 krypties pokyt\u012f. Tarp j\u0173 minimi planai reguliariai leisti 12 m\u0117nesi\u0173 trukm\u0117s i\u017edo vekselius, gerinti atpirkimo sandori\u0173 infrastrukt\u016br\u0105 ir stiprinti antrin\u0119 rink\u0105, kad prekyba b\u016bt\u0173 sklandesn\u0117.<\/p>\n
\u201eI\u017edo vekseliai padeda valdyti valstyb\u0117s pinig\u0173 sraut\u0173 svyravimus, pavyzd\u017eiui, d\u0117l sezonini\u0173 mokes\u010di\u0173 \u012fplauk\u0173 poky\u010di\u0173 ar netik\u0117t\u0173 poreiki\u0173 ekonomini\u0173 sukr\u0117tim\u0173 metu\u201c, \u2013 ra\u0161oma \u201eGoldman Sachs\u201c analitik\u0173 \u012f\u017evalgose.<\/p>\n
Analitik\u0173 vertinimu, didesn\u0117 trumpalaik\u0117s skolos dalis kylan\u010di\u0173 pajamingum\u0173 kreiv\u0117je teori\u0161kai gali suma\u017einti vidutines pal\u016bkan\u0173 i\u0161laidas. Ta\u010diau toks sprendimas kartu trumpina vidutin\u0119 skolos trukm\u0119 ir didina refinansavimo rizik\u0105, o tai rei\u0161kia didesn\u012f finansavimo nepastovum\u0105 planuojant biud\u017eet\u0105.<\/p>\n
\u201eGoldman Sachs\u201c skai\u010diuoja, kad i\u017edo vekseli\u0173 dal\u012f pak\u0117lus iki ma\u017edaug 10 proc. skolinimosi strukt\u016broje, metin\u0117s i\u0161laidos gal\u0117t\u0173 ma\u017e\u0117ti iki 10 bazini\u0173 punkt\u0173. \u0160i nauda, perskai\u010diavus \u012f dabartin\u012f mast\u0105, siekt\u0173 apie 3,5 mlrd. eur\u0173 per metus, ta\u010diau, banko teigimu, tai neb\u016bt\u0173 esminis l\u016b\u017eis nei vie\u0161iesiems finansams, nei obligacij\u0173 rinkai.<\/p>\n
Vertinant paklaus\u0105, pagrindiniai i\u017edo vekseli\u0173 pirk\u0117jai da\u017eniausiai yra bankai ir finans\u0173 institucijos. Nors jie gal\u0117t\u0173 didinti turimas apimtis, duomenys rodo, kad daugeliu atvej\u0173 prioritetas teikiamas vidutin\u0117s trukm\u0117s obligacijoms, o ne itin trumpam terminui.<\/p>\n
Ma\u017emenini\u0173 investuotoj\u0173 susidom\u0117jimas taip pat gali likti ribotas, nes i\u017edo vekseliai konkuruoja su kitomis priemon\u0117mis, \u012fskaitant tradicines obligacijas ir taupymo produktus. U\u017esienio investuotojai, anot analitik\u0173, vargu ar taps reik\u0161mingu papildomos paklausos \u0161altiniu.<\/p>\n
\u201eVidutinis pal\u016bkan\u0173 i\u0161laid\u0173 pager\u0117jimas turi b\u016bti vertinamas kartu su finansavimo nepastovumo rizika ir didesniu neapibr\u0117\u017etumu b\u016bsimose fiskalin\u0117se prognoz\u0117se\u201c, \u2013 teigiama banko komentare.<\/p>\n
Analitikai taip pat atmeta id\u0117j\u0105, kad didesn\u0117 trumpalaik\u0117 skola automati\u0161kai sustiprint\u0173 patikimum\u0105 kovoje su infliacija ir ilgam suma\u017eint\u0173 rizikos pried\u0105. J\u0173 vertinimu, pana\u0161\u016bs l\u016bkes\u010diai anks\u010diau buvo keliami ir kitoms skolos priemon\u0117ms, ta\u010diau jos nei\u0161sprend\u0117 pal\u016bkan\u0173 ir infliacijos svyravim\u0173 problemos.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u201eGoldman Sachs\u201c teigia, kad JK i\u017edo vekseliai gali tik ne\u017eymiai suma\u017einti pal\u016bkan\u0173 na\u0161t\u0105, bet didins refinansavimo ir biud\u017eeto planavimo rizikas.<\/p>\n","protected":false},"author":0,"featured_media":23320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[93],"tags":[6333,3056,8217,134,10246,12746],"miestas":[],"class_list":["post-23319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aplinka","tag-goldman-sachs","tag-jungtine-karalyste","tag-obligacijos","tag-palukanu-normos","tag-skolos-valdymas","tag-valstybes-skola"],"acf":[],"_links":{"self":[{"href":"https:\/\/cp.snarskis.lt\/index.php\/wp-json\/wp\/v2\/posts\/23319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cp.snarskis.lt\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cp.snarskis.lt\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/cp.snarskis.lt\/index.php\/wp-json\/wp\/v2\/comments?post=23319"}],"version-history":[{"count":0,"href":"https:\/\/cp.snarskis.lt\/index.php\/wp-json\/wp\/v2\/posts\/23319\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cp.snarskis.lt\/index.php\/wp-json\/wp\/v2\/media\/23320"}],"wp:attachment":[{"href":"https:\/\/cp.snarskis.lt\/index.php\/wp-json\/wp\/v2\/media?parent=23319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cp.snarskis.lt\/index.php\/wp-json\/wp\/v2\/categories?post=23319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cp.snarskis.lt\/index.php\/wp-json\/wp\/v2\/tags?post=23319"},{"taxonomy":"miestas","embeddable":true,"href":"https:\/\/cp.snarskis.lt\/index.php\/wp-json\/wp\/v2\/miestas?post=23319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}