{"id":183348,"date":"2026-08-18T09:41:15","date_gmt":"2026-08-18T09:41:15","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/183348\/"},"modified":"2026-08-18T09:41:15","modified_gmt":"2026-08-18T09:41:15","slug":"neregulovane-dluhopisy-kazda-ctvrta-koruna-uz-shorela","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/183348\/","title":{"rendered":"Neregulovan\u00e9 dluhopisy: Ka\u017ed\u00e1 \u010dtvrt\u00e1 koruna u\u017e \u201esho\u0159ela\u201c"},"content":{"rendered":"

Ka\u017ed\u00e1 \u010dtvrt\u00e1 koruna vlo\u017een\u00e1 do korpor\u00e1tn\u00edch dluhopis\u016f distribuovan\u00fdch neregulovanou cestou \u201ese vypa\u0159ila\u201c. V\u00a0insolvenci skon\u010dili emitenti \u010dtvrtiny objemu neregulovan\u011b distribuovan\u00fdch korpor\u00e1tn\u00edch dluhopis\u016f, ukazuje anal\u00fdza Druh\u00e9 ekonomick\u00e9 transformace.<\/p>\n

Rizikovost t\u011bchto cenn\u00fdch pap\u00edr\u016f tak prudce narostla. Zat\u00edmco ke konci lo\u0148sk\u00e9ho roku \u201ezhavarovalo\u201c 14\u00a0procent objemu takto distribuovan\u00fdch dluhopis\u016f, po prvn\u00edm pololet\u00ed leto\u0161n\u00edho roku je to u\u017e 25\u00a0procent. Oproti tomu u\u00a0dluhopis\u016f distribuovan\u00fdch regulovanou cestou skon\u010dili v\u00a0insolvenci emitenti, kte\u0159\u00ed vydali jen dv\u011b procenta celkov\u00e9ho objemu emis\u00ed.<\/p>\n

Anal\u00fdza Druh\u00e9 ekonomick\u00e9 transformace zahrnula v\u0161echny prospekty schv\u00e1len\u00e9 \u010ceskou n\u00e1rodn\u00ed bankou od roku 2012\u00a0do poloviny lo\u0148sk\u00e9ho roku, t\u00e9m\u011b\u0159 dva tis\u00edce emis\u00ed za 538\u00a0miliard korun. V\u00edc ne\u017e polovina emitent\u016f, p\u0159esn\u011b 1138\u00a0z\u00a0necel\u00fdch dvou tis\u00edc, zvolila cestu neregulovan\u00e9 distribuce, tedy prodej mimo banky a\u00a0obchodn\u00edky s\u00a0cenn\u00fdmi pap\u00edry. Objemov\u011b jde o\u00a0p\u011btinu trhu, 101\u00a0miliard korun.<\/p>\n

Jen za prvn\u00ed pololet\u00ed leto\u0161n\u00edho roku skon\u010dilo v\u00a0insolvenci nebo ozn\u00e1milo v\u011b\u0159itel\u016fm neschopnost spl\u00e1cet sv\u00e9 z\u00e1vazky p\u011bt emitent\u016f neregulovan\u011b distribuovan\u00fdch dluhopis\u016f v\u00a0celkov\u00e9m objemu bezm\u00e1la 11\u00a0miliard korun. T\u00edm se rizikovost t\u011bchto cenn\u00fdch pap\u00edr\u016f bezm\u00e1la zdvojn\u00e1sobila. A\u00a0jestli\u017ee na konci lo\u0148sk\u00e9ho roku byla sedmkr\u00e1t vy\u0161\u0161\u00ed ne\u017e u\u00a0dluhopis\u016f distribuovan\u00fdch regulovanou cestou, nyn\u00ed je riziko u\u017e v\u00edce ne\u017e dvan\u00e1ctin\u00e1sobn\u00e9.<\/p>\n

Fale\u0161n\u00fd pocit bezpe\u010d\u00ed<\/p>\n

Co neregulovan\u00e1 distribuce v\u00a0praxi znamen\u00e1? \u201eEmitent si dluhopisy prod\u00e1v\u00e1 s\u00e1m a\u00a0v mnoha p\u0159\u00edpadech jsou praktiky podobn\u00e9 podomn\u00edmu prodeji hrnc\u016f – p\u0159es najat\u00e9 tipa\u0159e, podomn\u00ed prodejce nebo navol\u00e1v\u00e1n\u00ed. Nikdo neprov\u011b\u0159uje, zda nab\u00edzen\u00fd \u00farok odpov\u00edd\u00e1 riziku. Nikdo neprov\u011b\u0159uje, jestli je jeho byznys pl\u00e1n aspo\u0148 trochu re\u00e1ln\u00fd. Nikdo neposuzuje, jestli investice sed\u00ed k\u00a0profilu a\u00a0mo\u017enostem konkr\u00e9tn\u00edho \u010dlov\u011bka,\u201c popisuje Petr Borkovec, spoluzakladatel skupiny Partners a\u00a0ambasador Druh\u00e9 ekonomick\u00e9 transformace.<\/p>\n

<\/a><\/a><\/p>\n

Schv\u00e1len\u00ed prospektu \u010ceskou n\u00e1rodn\u00ed bankou m\u016f\u017ee u\u00a0investora vyvolat fale\u0161n\u00fd pocit bezpe\u010d\u00ed. \u010cNB toti\u017e posuzuje p\u0159edev\u0161\u00edm \u00faplnost a\u00a0srozumitelnost dokumentu, nikoli kvalitu podnik\u00e1n\u00ed ani to, zda bude firma schopn\u00e1 dluhopis splatit. Investor tak podstupuje riziko, kter\u00e9 nemus\u00ed um\u011bt spr\u00e1vn\u011b vyhodnotit, a\u00a0p\u0159itom m\u016f\u017ee nab\u00fdt dojmu, \u017ee kupuje jeden z\u00a0nejkonzervativn\u011bj\u0161\u00edch finan\u010dn\u00edch n\u00e1stroj\u016f.<\/p>\n

Spolu s\u00a0Asociac\u00ed pro kapit\u00e1lov\u00fd trh prosazuje Druh\u00e1 ekonomick\u00e1 transformace n\u00e1vrh, aby prodej korpor\u00e1tn\u00edch dluhopis\u016f ve\u0159ejnosti byl mo\u017en\u00fd jen cestou regulovan\u00e9 distribuce, tedy p\u0159es licencovan\u00e9 obchodn\u00edky s\u00a0cenn\u00fdmi pap\u00edry nebo p\u0159es banky. <\/p>\n

K tomu pat\u0159\u00ed z\u00e1kaz listinn\u00fdch dluhopis\u016f, tedy povinnost vyd\u00e1vat je jen v\u00a0zaknihovan\u00e9 podob\u011b, a\u00a0p\u0159\u00edsn\u011bj\u0161\u00ed po\u017eadavky na transparentnost emitent\u016f v\u010detn\u011b re\u00e1ln\u00fdch sankc\u00ed za jejich nedodr\u017een\u00ed. Mal\u00e9 emise c\u00edlen\u00e9 na profesion\u00e1ln\u00ed investory nebo bl\u00edzk\u00e9 okol\u00ed emitenta by mohly z\u016fstat neregulovan\u00e9.<\/p>\n","protected":false},"excerpt":{"rendered":"Ka\u017ed\u00e1 \u010dtvrt\u00e1 koruna vlo\u017een\u00e1 do korpor\u00e1tn\u00edch dluhopis\u016f distribuovan\u00fdch neregulovanou cestou \u201ese vypa\u0159ila\u201c. V\u00a0insolvenci skon\u010dili emitenti \u010dtvrtiny objemu neregulovan\u011b…\n","protected":false},"author":2,"featured_media":183349,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[67,68,2165,3903,429,6221],"class_list":["post-183348","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-business","tag-byznys","tag-ceska-narodni-banka-cnb","tag-dluhopisy","tag-krach","tag-regulace"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117115858837610066","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/183348","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=183348"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/183348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/183349"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=183348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=183348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=183348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}