{"id":85562,"date":"2026-05-14T14:21:08","date_gmt":"2026-05-14T14:21:08","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/85562\/"},"modified":"2026-05-14T14:21:08","modified_gmt":"2026-05-14T14:21:08","slug":"ocima-byznysu-financni-pady-kdyz-se-problemy-s-dluhopisy-presunou-do-fondu","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/85562\/","title":{"rendered":"O\u010dima byznysu: Finan\u010dn\u00ed p\u00e1dy? Kdy\u017e se probl\u00e9my s\u00a0dluhopisy p\u0159esunou do fond\u016f"},"content":{"rendered":"

Investice jsou nevyhnuteln\u011b spojen\u00e9 s\u00a0rizikem, r\u010den\u00ed \u201enen\u00ed zisku bez rizika\u201c nevzniklo bezd\u016fvodn\u011b. I\u00a0proto nen\u00ed p\u0159ekvapiv\u00e9, kdy\u017e se ve sv\u011bt\u011b investic ob\u010das n\u011bco nepovede. Nelze toti\u017e racion\u00e1ln\u011b p\u0159edpokl\u00e1dat, \u017ee se v\u0161em podnikatelsk\u00fdm \u010di investi\u010dn\u00edm z\u00e1m\u011br\u016fm v\u017edy povede naplnit o\u010dek\u00e1v\u00e1n\u00ed a\u00a0dos\u00e1hnout sv\u00fdch stanoven\u00fdch c\u00edl\u016f. Investo\u0159i i\u00a0jejich finan\u010dn\u00ed poradci by si toho m\u011bli b\u00fdt v\u011bdomi a\u00a0prost\u0159edky alokovat tak, aby s\u00a0p\u0159\u00edpadn\u00fdmi komplikacemi po\u010d\u00edtali.<\/p>\n

V posledn\u00edch letech se spousta probl\u00e9m\u016f mezi investi\u010dn\u00edmi produkty nab\u00edzen\u00fdmi retailov\u00fdm investor\u016fm t\u00fdkala p\u0159edev\u0161\u00edm korpor\u00e1tn\u00edch dluhopis\u016f. Kombinace n\u00edzk\u00e9 n\u00e1kladovosti a\u00a0r\u016fzn\u00fdch pr\u00e1vn\u00edch mezer \u010di kli\u010dek (podlimitn\u00ed emise, dluhopisov\u00e9 programy, prodej p\u0159es neregulovan\u00e9 subjekty atd.) pak zp\u016fsobila jejich enormn\u00ed rozmach a\u00a0vznik nejr\u016fzn\u011bj\u0161\u00edch platforem a\u00a0neregulovan\u00fdch subjekt\u016f, kter\u00e9 je vesele prod\u00e1valy retailov\u00fdm klient\u016fm. Ti si v\u00a0mnoha p\u0159\u00edpadech v\u016fbec nebyli v\u011bdomi, do \u010deho vlastn\u011b investuj\u00ed, a\u00a0\u010dasto jim byly poskytnuty zav\u00e1d\u011bj\u00edc\u00ed \u010di \u00fa\u010delov\u011b zkreslen\u00e9 informace.<\/p>\n

Co jsou firemn\u00ed (neboli korpor\u00e1tn\u00ed) dluhopisy?Firemn\u00ed dluhopisy (naz\u00fdvan\u00e9 t\u00e9\u017e obligace nebo bondy) jsou standardn\u00edm n\u00e1strojem financov\u00e1n\u00ed. Jsou to cenn\u00e9 pap\u00edry vydan\u00e9 spole\u010dnostmi na financov\u00e1n\u00ed nov\u00fdch projekt\u016f, roz\u0161\u00ed\u0159en\u00ed v\u00fdrobn\u00edch kapacit, zaveden\u00ed nov\u00fdch produkt\u016f \u010di obchodn\u00ed expanzi. Investor n\u00e1kupem korpor\u00e1tn\u00edch dluhopis\u016f fakticky p\u016fj\u010duje spole\u010dnosti pen\u00edze. Firma se zav\u00e1\u017ee zaplatit zpravidla pevn\u011b stanoven\u00fd \u00farok (kupon) za pou\u017eit\u00ed pen\u011bz investora. Dluhopisy jsou splaceny ve stanovenou dobu. V\u00a0praxi to tedy znamen\u00e1, \u017ee emitent zaplat\u00ed dr\u017eitel\u016fm obligac\u00ed nomin\u00e1ln\u00ed hodnotu uvedenou na samotn\u00fdch dluhopisech.Dluhopisy r\u016fzn\u00fdch firem se od sebe mohou v\u00fdrazn\u011b li\u0161it. A to nejen dobou spl\u00e1cen\u00ed \u010di \u00farokem, ale tak\u00e9 m\u00edrou rizika a finan\u010dn\u00ed situac\u00ed spole\u010dnosti, je\u017e dluhopisy vyd\u00e1v\u00e1. Podle \u010cesk\u00e9 n\u00e1rodn\u00ed banky<\/a> by z\u00e1jemci o firemn\u00ed dluhopisy m\u011bli zv\u00e1\u017eit rizika takov\u00e9ho kroku. Nap\u0159\u00edklad je dobr\u00e9 si uv\u011bdomit, \u017ee s rostouc\u00edm v\u00fdnosem tak\u00e9 roste riziko. Stejn\u011b tak je d\u016fle\u017eit\u00e9 zjistit si co nejv\u00edce informac\u00ed o bonit\u011b emitenta. <\/p>\n

V\u00fdsledek? \u0160edes\u00e1t bankrot\u016f v\u00a0lo\u0148sk\u00e9m roce a\u00a0ztr\u00e1ta investovan\u00fdch prost\u0159edk\u016f ve v\u00fd\u0161i 31,7\u00a0miliard korun. Mezi lety 2013\u00a0a\u017e 2025\u00a0skon\u010dil v\u00a0pr\u016fm\u011bru ka\u017ed\u00fd des\u00e1t\u00fd emitent podnikov\u00fdch dluhopis\u016f v\u00a0insolvenci, u\u00a0podlimitn\u00edch emis\u00ed je tento pod\u00edl dokonce 12,9\u00a0%.<\/p>\n

V lo\u0148sk\u00e9m roce se ale za\u010dal projevovat i\u00a0jin\u00fd \u201ene\u0161var\u201c. Probl\u00e9my a\u00a0praktiky typicky spojovan\u00e9 sp\u00ed\u0161e s\u00a0korpor\u00e1tn\u00edmi dluhopisy se za\u010daly objevovat i\u00a0mezi produkty, kter\u00e9 jsou spojeny s\u00a0vy\u0161\u0161\u00ed \u00farovn\u00ed regulace a\u00a0ochrany investora\u00a0\u2013 s\u00a0fondy kvalifikovan\u00fdch investor\u016f.<\/p>\n

Prvn\u00edm velk\u00fdm \u201eot\u0159esem\u201c byl p\u00e1d skupiny Solek (do kter\u00e9 spad\u00e1 i\u00a0fond MW Investi\u010dn\u00ed fond SICAV, a.s.) hned v\u00a0po\u010d\u00e1tku roku, na kter\u00fd pak nav\u00e1zaly probl\u00e9my v\u00a0dal\u0161\u00edch investi\u010dn\u00edch skupin\u00e1ch jako RSBC (pod kter\u00e9 spad\u00e1 DEFENCE SICAV a.s.), YD Capital (YDeal Funds SICAV a.s.) \u010di \u010cSNF (\u010cSNF SICAV a.s.), kter\u00e9\u00a0\u2013 stejn\u011b jako Solek\u00a0\u2013 zalo\u017eily i\u00a0sv\u00e9 vlastn\u00ed fondy.<\/p>\n

Co tyto p\u0159\u00edpady a\u00a0skupiny spojuje? Nen\u00ed n\u00e1hoda, \u017ee se v\u00a0mnoha p\u0159\u00edpadech probl\u00e9my zp\u016fsoben\u00e9 neschopnost\u00ed spl\u00e1cet z\u00e1vazky z\u00a0dluhopisov\u00fdch emis\u00ed \u201ep\u0159elily\u201c i\u00a0do jejich fond\u016f kvalifikovan\u00fdch investor\u016f. Jak dluhopisy, tak fondov\u00e9 zdroje byly v\u00a0mnoha p\u0159\u00edpadech pou\u017e\u00edv\u00e1ny k\u00a0financov\u00e1n\u00ed t\u011bch sam\u00fdch projekt\u016f skupiny a\u00a0\u0161lo o\u00a0propojen\u00e9 n\u00e1doby. To samo o\u00a0sob\u011b nemus\u00ed p\u0159edstavovat probl\u00e9m a\u00a0nejde o\u00a0neobvyklou praxi, pokud se ov\u0161em dodr\u017e\u00ed jist\u00e9 limity a\u00a0opat\u0159en\u00ed. <\/p>\n

St\u00e1v\u00e1 se, \u017ee si pak FKI kupuje dluhopisy vyd\u00e1van\u00e9 tou samou skupinou. Investor do fondu tak sice je dr\u017eitelem akci\u00ed fondu, jeho podkladov\u00fdm aktivem jsou v\u0161ak ve skute\u010dnosti dluhopisy, p\u016fj\u010dky \u010di jin\u00e9 dluhov\u00e9 n\u00e1stroje. V\u00a0p\u0159\u00edpad\u011b probl\u00e9m\u016f se pak investor ocitne v\u00a0pom\u011brn\u011b nev\u00fdhodn\u00e9m v\u011b\u0159itelsk\u00e9m postaven\u00ed.<\/p>\n

Dluhopisov\u00e9 kauzy na Seznam Zpr\u00e1vy<\/p>\n

Ka\u017ed\u00e1 z\u00a0uveden\u00fdch skupin sice fungovala trochu odli\u0161n\u011b, m\u011bla odli\u0161nou strukturu a\u00a0v\u011bnovala se i\u00a0odli\u0161n\u00fdm druh\u016fm investi\u010dn\u00edch aktiv, i\u00a0tak se v\u0161ak nelze divit, \u017ee se probl\u00e9my \u201edluhopisov\u00e9\u201c \u010d\u00e1sti byznysu dotkly i\u00a0toho \u201efondov\u00e9ho\u201c. \u0158\u00edd\u00edc\u00ed a\u00a0vlastnick\u00e1 struktura t\u011bchto skupin se \u010dasto prol\u00edn\u00e1 s\u00a0tou fondovou, operuj\u00ed ze stejn\u00fdch kancel\u00e1\u0159\u00ed, sd\u00edl\u00ed stejn\u00fd \u201ebrand\u201c\u00a0\u2013 a\u00a0je tak jasn\u00e9, \u017ee se probl\u00e9my \u201emate\u0159sk\u00e9\u201c skupiny dotknou (a\u0165 ji\u017e zd\u00e1nliv\u011b, nebo skute\u010dn\u011b) i\u00a0odd\u011blen\u00fdch investi\u010dn\u00edch fond\u016f. O\u00a0reputa\u010dn\u00edm riziku nemluv\u011b.<\/p>\n

A jak se v\u0161echny tyto kauzy\u00a0\u2013 nav\u00edc zna\u010dn\u011b medializovan\u00e9 a\u00a0diskutovan\u00e9 na soci\u00e1ln\u00edch s\u00edt\u00edch\u00a0\u2013 projevily na trhu fond\u016f kvalifikovan\u00fdch investor\u016f? \u010c\u00edsla mluv\u00ed za v\u0161e.<\/p>\n

Fondy kvalifikovan\u00fdch investor\u016f nejsou v\u00a0\u010cR ni\u010d\u00edm nov\u00fdm, jejich rozmach ale nastal a\u017e po roce 2016, kdy se d\u00edky novele Z\u00e1kona o\u00a0investi\u010dn\u00edch spole\u010dnostech a\u00a0investi\u010dn\u00edch fondech staly dostupn\u011bj\u0161\u00edmi. Minim\u00e1ln\u00ed hranice pro investici se po spln\u011bn\u00ed dal\u0161\u00edch podm\u00ednek sn\u00ed\u017eila ze 125\u00a0tis\u00edc eur na 1\u00a0milion\u00a0korun. Zhruba od roku 2022\u00a0za\u010dal prudce r\u016fst jak jejich po\u010det, tak objem spravovan\u00fdch aktiv. Koncem lo\u0148sk\u00e9ho roku p\u0159ekro\u010dil jejich po\u010det 700\u00a0a\u00a0objem aktiv p\u0159ekonal 800\u00a0miliard.<\/p>\n

Od t\u0159et\u00edho kvart\u00e1lu se v\u0161ak za\u010daly objevovat prvn\u00ed n\u00e1znaky nejistoty jak na stran\u011b investor\u016f, tak na stran\u011b distributor\u016f investi\u010dn\u00edch produkt\u016f. V\u00a0druh\u00e9m \u010dtvrtlet\u00ed lo\u0148sk\u00e9ho roku\u00a0narostl objem majetku ve fondech kvalifikovan\u00fdch investor\u016f o\u00a089\u00a0miliard korun (tedy o\u00a012,3\u00a0%), ve t\u0159et\u00edm kvart\u00e1le to bylo ji\u017e pouze 18\u00a0miliard (tedy o\u00a02,3\u00a0%) a\u00a0v posledn\u00edm \u010dtvrtlet\u00ed\u00a0o\u00a023\u00a0miliard (tedy o\u00a02,8\u00a0%).<\/p>\n

Nav\u00edc je pot\u0159eba br\u00e1t v\u00a0potaz, \u017ee v\u00a0t\u011bchto \u010d\u00edslech je zapo\u010d\u00edt\u00e1n tak\u00e9 majetek nov\u011b vznikl\u00fdch fond\u016f a\u00a0hodnoty nav\u00fd\u0161en\u00e9 p\u0159ecen\u011bn\u00edm aktiv, nejedn\u00e1 se tedy pouze o\u00a0\u010dist\u00e9 p\u0159\u00edr\u016fstky majetku v\u00a0ji\u017e existuj\u00edc\u00edch fondech.<\/p>\n

Znamen\u00e1 to, \u017ee se z\u00a0FKI staly nov\u00e9 korpor\u00e1tn\u00ed dluhopisy? Takov\u00e1 generalizace a\u00a0novin\u00e1\u0159sk\u00e1 \u201ezkratka\u201c opravdu nen\u00ed nam\u00edst\u011b. D\u016fvod\u016f je n\u011bkolik:<\/p>\n

1.\u00a0Investi\u010dn\u00ed fond nen\u00ed dluhopis\u00a0\u2013 jedn\u00e1 se o\u00a0zcela odli\u0161n\u00e9 investi\u010dn\u00ed n\u00e1stroje, p\u0159i\u010dem\u017e investi\u010dn\u00ed fondy (v\u010detn\u011b FKI) se mus\u00ed \u0159\u00eddit \u010d\u00edm d\u00e1le p\u0159\u00edsn\u011bj\u0161\u00ed regulac\u00ed. Pokud si investor zjist\u00ed o\u00a0fondu dostupn\u00e9 (a povinn\u011b uve\u0159ej\u0148ovan\u00e9) informace a\u00a0v\u00ed, do \u010deho jde, v\u00fdrazn\u011b t\u00edm sn\u00ed\u017e\u00ed riziko zklam\u00e1n\u00ed.<\/p>\n

2.\u00a0Nen\u00ed fond jako fond (stejn\u011b jako nen\u00ed dluhopis jako dluhopis)\u00a0\u2013 FKI je v\u00a0\u010cesku aktu\u00e1ln\u011b p\u0159es 800\u00a0a\u00a0v\u00edce ne\u017e 200\u00a0z\u00a0nich je p\u0159\u00edstupn\u00fdch investor\u016fm z\u00a0\u0159ad ve\u0159ejnosti. Za celou dobu existence tohoto druhu fond\u016f se dostalo do probl\u00e9m\u016f pouze velmi m\u00e1lo z\u00a0nich, a\u00a0to v\u00a0podstatn\u011b men\u0161\u00edm pom\u011bru ne\u017e u\u00a0korpor\u00e1tn\u00edch dluhopis\u016f.<\/p>\n

3.\u00a0Zalo\u017een\u00ed a\u00a0veden\u00ed fondu je n\u00e1ro\u010dn\u00e9 a\u00a0n\u00e1kladn\u00e9\u00a0\u2013 za v\u011bt\u0161inou fond\u016f stoj\u00ed zku\u0161en\u00ed zakladatel\u00e9 a\u00a0kvalifikovan\u00fd management, kter\u00fd do fondu p\u0159in\u00e1\u0161\u00ed kompetence, majetek a\u00a0stabilitu. Nejedn\u00e1 se o\u00a0lehkov\u00e1\u017en\u00e1 ani levn\u00e1 rozhodnut\u00ed; na provozu fondu se nav\u00edc pod\u00edl\u00ed \u0159ada dal\u0161\u00edch subjekt\u016f (depozit\u00e1\u0159, administr\u00e1tor, obhospoda\u0159ovatel, auditor a\u00a0oce\u0148ovatel).<\/p>\n

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

Medializace probl\u00e9m\u016f n\u011bkter\u00fdch investi\u010dn\u00edch skupin a\u00a0fond\u016f m\u00e1 v\u0161ak i\u00a0svou sv\u011btlou str\u00e1nku: zv\u00fd\u0161en\u00e9 pov\u011bdom\u00ed a\u00a0lep\u0161\u00ed edukaci nejen v\u00a0oblasti FKI, ale i\u00a0investi\u010dn\u00edch produkt\u016f celkov\u011b. Za posledn\u00ed rok eviduji mezi distribu\u010dn\u00edmi s\u00edt\u011bmi i\u00a0jednotliv\u00fdmi finan\u010dn\u00edmi poradci v\u00fdrazn\u011b vy\u0161\u0161\u00ed z\u00e1jem o\u00a0d\u016fkladn\u011bj\u0161\u00ed nastudov\u00e1n\u00ed a\u00a0lep\u0161\u00ed vn\u00edm\u00e1n\u00ed t\u011bchto produkt\u016f. Ptaj\u00ed se mnohem kvalifikovan\u011bj\u0161\u00edmi dotazy a\u00a0maj\u00ed tak\u00e9 v\u011bt\u0161\u00ed z\u00e1jem o\u00a0\u0161kolen\u00ed a\u00a0prezentace.<\/p>\n

Stranou nez\u016fst\u00e1vaj\u00ed ani samotn\u00ed investo\u0159i, kte\u0159\u00ed se o\u00a0d\u011bn\u00ed na kapit\u00e1lov\u00e9m trhu aktivn\u011b zaj\u00edmaj\u00ed a\u00a0v n\u00e1vaznosti na prob\u00edhaj\u00edc\u00ed kauzy jsou v\u00a0rozhodov\u00e1n\u00ed o\u00a0sv\u00e9m portfoliu mnohem pe\u010dliv\u011bj\u0161\u00ed a\u00a0opatrn\u011bj\u0161\u00ed.<\/p>\n

Sou\u010dasn\u00e1 situace je tak\u00e9 p\u0159\u00edle\u017eitost\u00ed pro dal\u0161\u00ed hr\u00e1\u010de na trhu, aby sv\u00e9 investi\u010dn\u00ed produkty nastavovali a\u00a0komunikovali l\u00e9pe a\u00a0transparentn\u011bji. Investo\u0159i i\u00a0poradci maj\u00ed i\u00a0nad\u00e1le z\u00e1jem o\u00a0kvalitn\u00ed a\u00a0d\u016fv\u011bryhodn\u00e9 investi\u010dn\u00ed fondy\u00a0\u2013 sou\u010dasn\u00e9 ochlazen\u00ed trhu tedy neznamen\u00e1 ztr\u00e1tu z\u00e1jmu, pouze zv\u00fd\u0161en\u00ed n\u00e1rok\u016f a\u00a0o\u010dek\u00e1v\u00e1n\u00ed.<\/p>\n

Fondy kvalifikovan\u00fdch investor\u016f maj\u00ed na kapit\u00e1lov\u00e9m trhu sv\u00e9 pevn\u00e9 m\u00edsto. D\u00edky enormn\u00edmu objemu aktiv pod spr\u00e1vou a\u00a0p\u016fsoben\u00ed v\u00a0cel\u00e9 \u0159ad\u011b oblast\u00ed\u00a0\u2013 realitn\u00edm developmentu, v\u00fdnosov\u00fdch nemovitostech, private equity, senior care a\u00a0dal\u0161\u00edch\u00a0\u2013 se postupn\u011b staly nezanedbatelnou a\u00a0– dovol\u00edm si tvrdit – i\u00a0nenahraditelnou sou\u010d\u00e1st\u00ed \u010desk\u00e9 ekonomiky.<\/p>\n

Rok 2026\u00a0bude testem. Trh fond\u016f kvalifikovan\u00fdch investor\u016f m\u00e1 p\u0159ed sebou jedinou smysluplnou odpov\u011b\u010f na sou\u010dasnou krizi d\u016fv\u011bry: v\u011bt\u0161\u00ed transparentnost, p\u0159\u00edsn\u011bj\u0161\u00ed vnit\u0159n\u00ed kontroly a\u00a0poctiv\u011bj\u0161\u00ed komunikaci rizik\u00a0\u2013 ze strany regul\u00e1tora, distributor\u016f i\u00a0samotn\u00fdch zakladatel\u016f fond\u016f. Ti, kte\u0159\u00ed tuto p\u0159\u00edle\u017eitost uchop\u00ed, z\u00edskaj\u00ed konkuren\u010dn\u00ed v\u00fdhodu, kter\u00e1 p\u0159etrv\u00e1 daleko za horizont aktu\u00e1ln\u00edch turbulenc\u00ed. Investo\u0159i si to zaslou\u017e\u00ed.<\/p>\n","protected":false},"excerpt":{"rendered":"Investice jsou nevyhnuteln\u011b spojen\u00e9 s\u00a0rizikem, r\u010den\u00ed \u201enen\u00ed zisku bez rizika\u201c nevzniklo bezd\u016fvodn\u011b. I\u00a0proto nen\u00ed p\u0159ekvapiv\u00e9, kdy\u017e se ve…\n","protected":false},"author":2,"featured_media":27387,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[67,68,3903,26777,26478,69,3888,25731,5239,12418],"class_list":{"0":"post-85562","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-business","9":"tag-byznys","10":"tag-dluhopisy","11":"tag-fondy-kvalifikovanych-investoru","12":"tag-fondy-soukromeho-kapitalu","13":"tag-investice","14":"tag-investicni-fondy","15":"tag-rsbc","16":"tag-solek-holding","17":"tag-yd-capital"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116573378217544359","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/85562","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=85562"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/85562\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/27387"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=85562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=85562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=85562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}