{"id":163657,"date":"2026-07-31T04:33:07","date_gmt":"2026-07-31T04:33:07","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/163657\/"},"modified":"2026-07-31T04:33:07","modified_gmt":"2026-07-31T04:33:07","slug":"investicni-sen-se-meni-v-nocni-muru-mnozi-nevi-zda-sve-penize-jeste-uvidi","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/163657\/","title":{"rendered":"Investi\u010dn\u00ed sen se m\u011bn\u00ed v no\u010dn\u00ed m\u016fru. Mnoz\u00ed nev\u00ed, zda sv\u00e9 pen\u00edze je\u0161t\u011b uvid\u00ed"},"content":{"rendered":"

Pan Vladim\u00edr dlouho zva\u017eoval, kam necel\u00fd milion sv\u00fdch \u00faspor vlo\u017eit tak, aby z nich n\u011bco m\u011bl. \u00darok na spo\u0159ic\u00edm \u00fa\u010dtu vyhodnotil jako nezaj\u00edmav\u00fd, na vstup na akciov\u00e9 trhy se nec\u00edtil p\u0159ipraven a n\u00e1kup investi\u010dn\u00edho bytu prov\u00e1hal. Kdy\u017e mu tak jednoho lednov\u00e9ho dne zazvonil telefon a prodejce mu nab\u00eddl dluhopisy startupu spojen\u00e9ho se zn\u00e1m\u00fdm byznysmenem<\/a> z Kladenska s ro\u010dn\u00edm \u00farokem na prahu 12 procent, vn\u00edmal to tak\u0159ka jako \u0159e\u0161en\u00ed spadl\u00e9 z nebe a nakoupil.\u00a0<\/p>\n

Nyn\u00ed m\u00e1 pan Vladim\u00edr t\u011b\u017ek\u00e9 span\u00ed. Po p\u016flroce od sv\u00e9 investice padla firma do insolvence a nad jeho pen\u011bzi vis\u00ed otazn\u00edk. \u00dat\u011bchou je, \u017ee v tom nen\u00ed s\u00e1m. Nelehk\u00e9 l\u00e9to maj\u00ed p\u0159ed sebou dr\u017eitel\u00e9 bond\u016f za miliardy korun.\u00a0<\/p>\n

\u010cesko v posledn\u00edch t\u00fddnech pro\u017e\u00edv\u00e1 dal\u0161\u00ed vlnu probl\u00e9m\u016f firem, kter\u00e9 sv\u00e9 podnik\u00e1n\u00ed vystav\u011bly na emisi obrovsk\u00fdch objem\u016f dluhopis\u016f<\/a> nab\u00edzen\u00fdch prim\u00e1rn\u011b drobn\u00fdm investor\u016fm, a to \u010dasto telemarket\u00e9ry bez kvalifikace i motivace dob\u0159e poradit. Zm\u00edn\u011bn\u00fd startup ybox24 z n\u011bkdej\u0161\u00ed rodiny firem bu\u0161t\u011bhradsk\u00e9ho podnikatele Petra \u0160t\u011bp\u00e1nka<\/a> je od konce \u010dervence v insolvenci, nespl\u00e1c\u00ed \u00farok a nem\u00e1 s\u00edlu d\u00e1l pokra\u010dovat v podnik\u00e1n\u00ed.\u00a0<\/p>\n

Miliardy v s\u00e1zce<\/p>\n

To je p\u0159itom jen nejviditeln\u011bj\u0161\u00edm fragmentem probl\u00e9m\u016f trhu jako celku. Starosti aktu\u00e1ln\u011b d\u011blaj\u00ed investor\u016fm p\u0159inejmen\u0161\u00edm t\u0159i velc\u00ed dluhopisov\u00ed emitenti, kte\u0159\u00ed mohli na z\u00e1klad\u011b sv\u00fdch prospekt\u016f nabrat v minul\u00fdch letech od drobn\u00fdch investor\u016f kapit\u00e1l a\u017e na prahu t\u0159\u00ed miliard korun. Studen\u00e1 letn\u00ed dluhopisov\u00e1 sprcha tak op\u011bt otev\u0159ela diskusi o tom, zda je tuzemsk\u00fd trh s firemn\u00edmi dluhopisy dostate\u010dn\u011b regulov\u00e1n.\u00a0<\/p>\n

\u201eJe to re\u00e1ln\u00fd a opakuj\u00edc\u00ed se probl\u00e9m: p\u0159\u00edpady jako \u0160t\u011bp\u00e1nek Auto, Wood Seeds \u010di Preston a dal\u0161\u00ed stoj\u00ed na t\u00e9\u017ee konstrukci, kdy firma se slab\u00fdm byznysem spl\u00e1c\u00ed star\u00e9 investory z pen\u011bz nov\u00fdch a nab\u00edz\u00ed sv\u00e9 dluhopisy drobn\u00fdm st\u0159adatel\u016fm p\u0159\u00edmo, s v\u00fdnosy deset i dvan\u00e1ct procent,\u201c uv\u00e1d\u00ed \u0161\u00e9f \u010cesk\u00e9 asociace spole\u010dnost\u00ed finan\u010dn\u00edho poradenstv\u00ed a zprost\u0159edkov\u00e1n\u00ed Marek \u010cernoch.\u00a0<\/p>\n

Kamenem \u00farazu je podle n\u011bho fakt, \u017ee p\u0159\u00edm\u00fd prodej dluhopis\u016f emitentem nen\u00ed investi\u010dn\u00ed slu\u017ebou, a emitent se tak zcela vyh\u00fdb\u00e1 regulatorn\u00edmu dohledu \u010cesk\u00e9 n\u00e1rodn\u00ed banky. Podle \u010cernocha neexistuje \u017e\u00e1dn\u00e1 pojistka, kter\u00e1 by pochybnou emisi v\u016fbec nepustila k retailu. \u201eVznik\u00e1 tak absurdn\u00ed asymetrie, kdy regulovan\u00fd distributor mus\u00ed klienta chr\u00e1nit, zat\u00edmco emitent pr\u00e1zdn\u00e9 schr\u00e1nky ho m\u016f\u017ee oslovit bez jak\u00e9koli bari\u00e9ry,\u201c dod\u00e1v\u00e1 \u010cernoch.\u00a0<\/p>\n

Zat\u00edmco \u0160t\u011bp\u00e1nk\u016fv startup ybox24 nabral podle dat z vlastn\u00edho \u010dervencov\u00e9ho insolven\u010dn\u00edho n\u00e1vrhu od drobn\u00fdch investor\u016f kolem 22 milion\u016f korun, firmy spojen\u00e9 s core byznysem Petra \u0160t\u011bp\u00e1nka, tedy obchodem s automobily, v minul\u00fdch letech nabraly p\u0159inejmen\u0161\u00edm ni\u017e\u0161\u00ed stamiliony korun, dluhopisov\u00e9 prospekty jim ale dovolovaly j\u00edt si na trh i pro v\u00edce ne\u017e miliardu korun. V z\u00e1v\u011bru \u010dervna a za\u010d\u00e1tkem \u010dervence prob\u011bhla ve firm\u011b \u0159ada netransparentn\u00edch transakc\u00ed, po nich\u017e se n\u011bkdej\u0161\u00ed zakladatel z vlastnick\u00fdch struktur emitenta vyv\u00e1zal.\u00a0<\/p>\n

Kolem \u010dtvrt miliardy korun pak nabrala skupina Preston, jej\u00ed\u017e situace se vyhrotila rovn\u011b\u017e v posledn\u00edch t\u00fddnech, kdy nena\u0161la prost\u0159edky na aktu\u00e1ln\u011b splatn\u00e9 dluhy. Kone\u010dn\u011b investo\u0159i zbyst\u0159ili i v p\u0159\u00edpad\u011b firmy Wood Seeds. Ta jako\u017eto dluhopisov\u00fd matador \u010desk\u00e9ho trhu nabrala v minul\u00fdch letech \u010d\u00e1stku kolem 1,7 miliardy korun. N\u011bkter\u00fdm dr\u017eitel\u016fm bond\u016f v l\u00e9t\u011b p\u0159estala vypl\u00e1cet \u00faroky z jejich investic.\u00a0<\/p>\n

Velc\u00ed hr\u00e1\u010di by se ani nedotkli<\/p>\n

\u201eRetailov\u00e9 pen\u00edze tak \u010dasto kon\u010d\u00ed v projektech, na kter\u00e9 by profesion\u00e1ln\u00ed investor v\u016fbec nes\u00e1hl,\u201c uv\u00e1d\u00ed dluhopisov\u00fd expert a zakladatel dluhopisov\u00e9ho port\u00e1lu Dluhopisar.cz<\/a> Martin Do\u010dekal. Transakci podle n\u011bho zprost\u0159edkov\u00e1vaj\u00ed subjekty, jejich\u017e ekonomick\u00fd z\u00e1jem je opa\u010dn\u00fd ne\u017e z\u00e1jem investora: emitent chce z\u00edskat co nejlevn\u011bj\u0161\u00ed kapit\u00e1l a distributor chce z\u00edskat provizi. \u201eKlient je jedin\u00fdm \u00fa\u010dastn\u00edkem, kter\u00fd nese investi\u010dn\u00ed ztr\u00e1tu, ale \u010dasto z\u00e1rove\u0148 jedin\u00fdm, kdo nem\u00e1 pot\u0159ebn\u00e9 informace ani odborn\u00e9 schopnosti riziko posoudit,\u201c varuje Do\u010dekal.\u00a0\u00a0<\/p>\n

Probl\u00e9m je podle expert\u016f nejen obt\u00ed\u017en\u00e1 ochrana nekvalifikovan\u00e9ho investora a selh\u00e1n\u00ed distributora, ale tak\u00e9 chyb\u011bj\u00edc\u00ed precedens o potrest\u00e1n\u00ed vin\u00edk\u016f d\u0159\u00edv\u011bj\u0161\u00edch dluhopisov\u00fdch kauz. \u201eTrh sleduji p\u0159ibli\u017en\u011b deset let a za tu dobu si nevybavuji p\u0159\u00edpad, kter\u00fd by skon\u010dil pravomocn\u00fdm odsouzen\u00edm podnikatele za dluhopisov\u00fd podvod a sou\u010dasn\u011b postihem poradc\u016f \u010di distributor\u016f, kte\u0159\u00ed se na jeho financov\u00e1n\u00ed aktivn\u011b pod\u00edleli. Nejv\u011bt\u0161\u00ed ztr\u00e1tu nakonec zpravidla nesou investo\u0159i, \u010dasto je\u0161t\u011b za v\u00fdrazn\u00e9 asistence pr\u00e1vn\u00edch kancel\u00e1\u0159\u00ed placen\u00fdch z majetku dlu\u017en\u00edka,\u201c dod\u00e1v\u00e1 Do\u010dekal.\u00a0<\/p>\n

Bezpe\u010dno jen tak nebude<\/p>\n

V\u00fdvoj legislativy p\u0159itom nab\u00edz\u00ed sm\u011brem k v\u011bt\u0161\u00edmu bezpe\u010d\u00ed na trhu jen limitovan\u00e9 kroky. Letos na ja\u0159e p\u0159edlo\u017eila vl\u00e1da novelu z\u00e1kona o dluhopisech, kter\u00e1 mimo jin\u00e9 zav\u00e1d\u00ed povinnost, aby v ka\u017ed\u00e9 marketingov\u00e9 komunikaci k nab\u00eddce korpor\u00e1tn\u00edch dluhopis\u016f bylo obsa\u017eeno upozorn\u011bn\u00ed, \u017ee role \u010cesk\u00e9 n\u00e1rodn\u00ed banky nep\u0159edstavuje garanci bezpe\u010dnosti, v\u00fdnosu ani splacen\u00ed investice, \u010d\u00edm\u017e se \u0159ada emitent\u016f po schv\u00e1len\u00ed dluhopisov\u00e9ho prospektu mnohdy oh\u00e1n\u00ed.\u00a0<\/p>\n

\u201eDopln\u011bn\u00ed tohoto varov\u00e1n\u00ed \u010cNB sama iniciovala a p\u0159ijet\u00ed novely z\u00e1kona jednozna\u010dn\u011b podporuje,\u201c uv\u00e1d\u00ed mluv\u010d\u00ed \u010cNB Jaroslav Krej\u010d\u00ed s t\u00edm, \u017ee term\u00edn \u00fa\u010dinnosti z\u00e1kona je nicm\u00e9n\u011b zat\u00edm nejist\u00fd. Prvn\u00edm \u010dten\u00edm n\u00e1vrh z\u00e1kona pro\u0161el v polovin\u011b \u010dervence a byl p\u0159ik\u00e1z\u00e1n k projedn\u00e1n\u00ed v\u00fdbor\u016fm, co\u017e se o\u010dek\u00e1v\u00e1 a\u017e od z\u00e1\u0159\u00ed.\u00a0<\/p>\n

\u201eI po p\u0159ijet\u00ed novely v\u0161ak bude nad\u00e1le platit, \u017ee \u010cNB dohl\u00ed\u017e\u00ed na transparentn\u00ed informov\u00e1n\u00ed investor\u016f, ale bonitu emitenta, tedy riziko nesplacen\u00ed dluhopis\u016f, mus\u00ed vyhodnotit sami investo\u0159i,\u201c dod\u00e1v\u00e1 Krej\u010d\u00ed a p\u0159ipom\u00edn\u00e1 existenci Desatera pro drobn\u00e9 investory do korpor\u00e1tn\u00edch dluhopis\u016f, j\u00edm\u017e \u010cNB pom\u00e1h\u00e1 investor\u016fm vyhodnotit rizika z dluhopisov\u00fdch investic. Experti se nicm\u00e9n\u011b shoduj\u00ed, \u017ee skute\u010dn\u00e1 kultivace dluhopisov\u00e9ho trhu mus\u00ed p\u0159ij\u00edt spolu s p\u0159\u00edsn\u011bj\u0161\u00ed ochranou retailov\u00fdch investor\u016f p\u0159i distribuci a sou\u010dasn\u011b d\u016fsledn\u00fdm vy\u0161et\u0159ov\u00e1n\u00edm, rychlej\u0161\u00edmi soudn\u00edmi \u0159\u00edzen\u00edmi a re\u00e1ln\u00fdmi osobn\u00edmi d\u016fsledky pro ty, kte\u0159\u00ed dluhopisy v\u011bdom\u011b pou\u017e\u00edvaj\u00ed k podvodu.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Pan Vladim\u00edr dlouho zva\u017eoval, kam necel\u00fd milion sv\u00fdch \u00faspor vlo\u017eit tak, aby z nich n\u011bco m\u011bl. \u00darok na…\n","protected":false},"author":2,"featured_media":163658,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[67,68,3911,2138,69,1099,40697,32302,3453,259],"class_list":["post-163657","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-business","tag-byznys","tag-ceska-narodni-banka","tag-dluhopis","tag-investice","tag-investor","tag-marek-cernoch","tag-martin-docekal","tag-petr-stepanek","tag-podvod"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117012726285591461","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/163657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=163657"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/163657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/163658"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=163657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=163657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=163657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}