Trái phiếu phát hành riêng lẻ là gì?

Định nghĩa trái phiếu phát hành riêng lẻ

Một cách khái quát, trái phiếu phát hành riêng lẻ là một loại trái phiếu được công ty hoặc tổ chức phát hành một cách riêng rẽ, không thông qua việc chào bán rộng rãi trên thị trường chứng khoán. Thay vì mở bán rộng rãi cho công chúng như các trái phiếu công khai thông thường, trái phiếu phát hành riêng lẻ chỉ dành riêng cho một số nhà đầu tư đặc biệt mà công ty hướng tới.

Cụ thể tại Việt Nam, theo Nghị định 163/2018/NĐ-CP thì Trái phiếu doanh nghiệp phát hành riêng lẻ là trái phiếu doanh nghiệp được phát hành cho dưới 100 nhà đầu tư, không kể nhà đầu tư chứng khoán chuyên nghiệp và không sử dụng phương tiện thông tin đại chúng hoặc Internet.

Ưu điểm của trái phiếu phát hành riêng lẻ

Quyền kiểm soát: Việc phát hành riêng lẻ cho phép công ty có quyền kiểm soát việc lựa chọn nhà đầu tư của mình. Điều này giúp đảm bảo rằng công ty chỉ phát hành trái phiếu cho các nhà đầu tư đáng tin cậy, có tiềm lực tài chính, và có thể cùng hợp tác lâu dài.

Bảo mật thông tin: Do không công khai trên thị trường, thông tin về trái phiếu phát hành riêng lẻ ít bị rò rỉ ra ngoài. Điều này giữ cho thông tin về thỏa thuận và các yếu tố liên quan đến trái phiếu được bảo mật tốt hơn, giảm nguy cơ ảnh hưởng đến thị trường hoặc cạnh tranh.

Linh hoạt trong thiết kế: Trái phiếu phát hành riêng lẻ cho phép các công ty tùy chỉnh các điều khoản và điều kiện phát hành theo cách tốt nhất phù hợp với nhu cầu tài chính của họ và yêu cầu của nhà đầu tư. Điều này tạo ra sự linh hoạt đáng kể so với các trái phiếu công khai tiêu chuẩn.

Rủi ro khi đầu tư trái phiếu riêng lẻ

Mặc dù trái phiếu phát hành riêng lẻ có nhiều ưu điểm, nhưng cũng đi kèm với một số rủi ro nhất định. Dưới đây là một số rủi ro chính của trái phiếu phát hành riêng lẻ mà nhà đầu tư và doanh nghiệp cần xem xét:

  • Rủi ro thanh toán: Trái phiếu phát hành riêng lẻ không được niêm yết công khai, do đó việc theo dõi thanh toán lãi suất và vốn gốc có thể trở nên phức tạp. Có nguy cơ rằng công ty không thể thanh toán lãi suất hoặc vốn gốc đúng hạn, dẫn đến rủi ro mất vốn cho nhà đầu tư.
  • Hạn chế về tính thanh khoản: Do không niêm yết công khai, việc mua bán trái phiếu phát hành riêng lẻ trên thị trường thứ cấp hoặc thỏa thuận cá nhân có thể gặp khó khăn và không linh hoạt như thị trường trái phiếu niêm yết công khai. Điều này khiến trái phiếu phát hành riêng lẻ thiếu tính thanh khoản, và nhà đầu tư có thể gặp khó khăn trong việc tìm người mua hoặc bán.
  • Rủi ro tín dụng: Đánh giá khả năng thanh toán và tính ổn định tài chính của công ty phát hành trái phiếu phát hành riêng lẻ trở nên quan trọng. Nếu công ty không có khả năng thanh toán nợ một cách đáng tin cậy, rủi ro tín dụng sẽ tăng, và tỷ lệ lãi suất cần trả cho nhà đầu tư có thể tăng cao.
  • Rủi ro tài sản đảm bảo: Trái phiếu phát hành riêng lẻ có thể liên kết với các tài sản hoặc bất động sản cụ thể của công ty phát hành. Nếu giá trị của tài sản này giảm hoặc bị thất thoát, rủi ro cho nhà đầu tư sẽ tăng lên do giảm khả năng bảo đảm trái phiếu.
  • Rủi ro pháp lý và quy định: Các quy định pháp lý về phát hành trái phiếu riêng lẻ thường không chặt chẽ và nghiêm ngặt như trái phiếu phát hành ra công chúng. Vì vậy, sự không tuân thủ của đơn vị phát hành có thể dẫn đến các hậu quả pháp lý và tài chính nghiêm trọng cho công ty và nhà đầu tư.

Kết luận

Trái phiếu phát hành riêng lẻ là một công cụ tài chính đa dạng và hiệu quả để huy động vốn và đáp ứng nhu cầu tài chính của các doanh nghiệp. Dựa trên ưu điểm của sự linh hoạt và bảo mật thông tin, trái phiếu phát hành riêng lẻ trở thành lựa chọn hấp dẫn cho các công ty muốn hợp tác với các nhà đầu tư chọn lọc. Tuy nhiên, việc áp dụng và tuân thủ các quy định pháp luật liên quan là cần thiết để đảm bảo tính minh bạch và tránh rủi ro trong quá trình phát hành.

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