{"id":28866,"date":"2024-10-13T04:49:00","date_gmt":"2024-10-13T03:49:00","guid":{"rendered":"https:\/\/catalinx.ro\/wordpress\/?p=28866"},"modified":"2024-10-09T11:49:21","modified_gmt":"2024-10-09T10:49:21","slug":"elefant-online-alti-falimentari-cu-obligatiuni","status":"publish","type":"post","link":"https:\/\/catalinx.ro\/wordpress\/?p=28866","title":{"rendered":"Elefant online: Al\u021bi falimentari cu obliga\u021biuni"},"content":{"rendered":"
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\u00cen punctul \u0103sta consider c\u0103 este obligatoriu necesar ca la \u0219colile din Rom\u00e2nia s\u0103 se predea cursuri de Economie \u0219i Educa\u021bie Financiar\u0103, mai mult dec\u00e2t cursul de Economie de Baz\u0103 din clasa a XI-a, dac\u0103 o mai fi \u0219i \u0103la. <\/h2>\n\n\n\n

C\u0103 n-avem nimic; nici educa\u021bie, nici fler nativ pentru investi\u021bii, nici m\u0103car \u201d\u0219coala vie\u021bii\u201d, sau memorie. O zic la modul serios la persoana I plural, c\u0103 nu-s eu vreun geniu economic, iar eu am studiat un pic de economie, dar nu m\u0103 vede\u021bi l\u0103ud\u00e2ndu-m\u0103 cu ce profituri am f\u0103cut eu din scheme de investi\u021bii.
Gen, m\u0103 bat cu infla\u021bia de la egal la egal \u0219i \u00eemi cam umfl\u0103 muia. <\/p>\n\n\n\n

Am citit articolul \u0103sta<\/a> \u00een ziarul \u0103la care imit\u0103 Financial Times prin faptul c\u0103 e de economie \u0219i afi\u0219eaz\u0103 articolele pe o imita\u021bie de h\u00e2rtie reciclat\u0103, adic\u0103 , \u00eeng\u0103lbenit\u0103 a\u0219a. <\/p>\n\n\n\n

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Retailerul online Elefant, cu obliga\u0163iuni listate la Bursa de Valori Bucure\u015fti (ELF26) \u015fi care se tranzac\u0163ioneaz\u0103 la doar 2,19% din valoarea nominal\u0103 \u00een contextul \u00een care companie a intrat \u00een insolven\u0163\u0103, a publicat mar\u0163i contul de profit \u015fi pierdere aferent primului semestru din 2024.<\/p>\n<\/blockquote>\n\n\n\n

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Elefant a realizat \u00een noiembrie 2021 un plasament privat de obliga\u0163iuni\u00a0\u00een valoare de circa 17,5 mil. lei, la o rat\u0103\u00a0anual\u0103\u00a0fix\u0103\u00a0a cuponului (dob\u00e2nda) de 9%, pl\u0103tibil\u0103\u00a0semestrial. Aceasta a fost a doua emisiune de obliga\u0163iuni a retailerului, dup\u0103\u00a0cea de 7,7 mil. lei din 2018 care a ajuns la scaden\u0163\u0103.<\/p>\n<\/blockquote>\n\n\n\n

Pe scurt, compania Elefant sau cum s-o numi pe nume lung, care are de\u021binere privat\u0103, c\u0103 nu e listat\u0103 la vreo burs\u0103 per se, a emis doar obliga\u021biuni la bursa din Rom\u00e2nia, cu un randament ANUN\u021aAT de 9%. <\/strong><\/p>\n\n\n\n

\u0218i s-au g\u0103sit pro\u0219ti s\u0103 le cumpere. Sunt dezam\u0103git, pula mea. <\/p>\n\n\n\n

Aceea\u0219i schem\u0103 a fost derulat\u0103 de Vivre intre 2020 \u0219i 2022. <\/a><\/p>\n\n\n\n

\u00cen 2022 se alegea praful de ei. <\/p>\n\n\n\n

Efectiv, dup\u0103 situa\u021bia asta investitori au continuat s\u0103-\u0219i \u021bin\u0103 banii \u00een bonduri private. <\/strong> Las\u0103 c\u0103 \u00een Rom\u00e2nia, \u021bar\u0103 cu o economie de pia\u021b\u0103 imatur\u0103, zic c\u0103 bonduri emise de companii private, nu listate la burs\u0103. Why.The.Fuck? Av\u00e2nd experien\u021ba Vivre \u00een fa\u021ba lor.
Bondurile aveau maturitate \u00een 2026, ia pula, na.
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Sigur, aveau randament de 9%. Dar b\u0103i, garan\u021bii ? Cu ce garanteaz\u0103 compania?
M\u0103car, dac\u0103 te scoate din piele tupeul \u0219i vrei s\u0103 bagi la p\u0103c\u0103nele din astea, de ce \u021bii bondurile \u0103stea mai mult de 1 an, 2? Le achizi\u021bionezi c\u00e2nd se emit, le \u021bii un an s\u0103 \u00eencasezi dob\u00e2nda \u0219i dup\u0103 aia te ui\u021bi s\u0103 le vinzi, nu s\u0103 te apropii cu ele de maturitate, c\u0103 cre\u0219te riscul s\u0103 iei pula \u00een bra\u021be. <\/p>\n\n\n\n

Te-ai \u00eentrebat DE CE \u00ee\u021bi emite compania \u021bie bonduri cu randament 9% , ci nu negociaz\u0103 cu o banc\u0103 o finan\u021bare pe dob\u00e2nd\u0103 similar\u0103 , hai cu 1-2 puncte procentuale mai mare? Pentru c\u0103 cel mai probabil c\u0103 nu le d\u0103 nici pula mea bani, de aia.

\u0218tirile c\u0103 \u0103\u0219tia merg prost nu sunt de azi, sunt din 2023<\/a>. Toamna. Insolven\u021ba li s-a declarat \u00een Februarie anul \u0103sta<\/a>, c\u00e2nd bondurile se vindeau la 75 de lei, fa\u021b\u0103 de aproximativ 100 la lansare. Suntem \u00een Octombrie.

L\u0103s\u00e2nd la o parte astea, nu \u0219tiu de ce exist\u0103 op\u021biunea unei companii de a oferi bonduri, f\u0103r\u0103 s\u0103 fie sub un control strict al bonit\u0103\u021bii, dar nu \u0219tiu de ce cineva le cump\u0103r\u0103. <\/p>\n\n\n\n

\u00cen primul r\u00e2nd, ai informa\u021bii netransparente, zero control \u0219i predictibilitate redus\u0103 asupra unei companii care nu e listat\u0103 la burs\u0103. Obliga\u021biunile emise de aceasta f\u0103r\u0103 garan\u021bii colaterale – capital \u00een clar, nu apartenen\u021b\u0103 la masa credal\u0103 spart\u0103 de datorii, gen pe cine \u0219tie ce rang, e egal\u0103 cu o h\u00e2rtie pe care scriu eu cu pixul \u201dI owe you!\u201d \u0219i \u00eei rog pe \u0103ia de la BVB s\u0103-\u0219i pun\u0103 logo-ul \u00een col\u021b, c\u0103 e clar c\u0103 nu valoreaz\u0103 nimic \u0219tampila lor, se \u021bin lejer de potlog\u0103rii. <\/p>\n\n\n\n

\u00cen particular – iar asta e hindsight 20\/20 – nu e de \u00eenv\u0103\u021bat nimic despre tranzac\u021bii de genul \u0103sta – nu prea aveai cum s\u0103 faci bani cu obliga\u021biunile \u0103stea cam \u00een nicio schem\u0103. Erau ceva posibilit\u0103\u021bi, pe termen scurt, dar \u0219i alea cu risc. <\/p>\n\n\n\n

Nu au crescut niciun moment peste valoarea de emitere, din motive obiective, \u0219i, la mai pu\u021bin de 1 an de la emitere ( e important c\u0103 e momentul primului randament, colectarea dob\u00e2nzii) s-au pr\u0103bu\u0219it cu mai mult dec\u00e2t randamentul – peste 20%. Pe urm\u0103 \u0219i-au mai revenit, dar oricum SUB valoarea ini\u021bial\u0103, inclusiv sub valoarea cu randamentul primei dob\u00e2nzi anuale dedus . Pe urm\u0103 s-a ales pula de ei.<\/p>\n\n\n\n

Nu e vorba c\u0103 \u00eenv\u0103\u021b pe cineva \u00een ce s\u0103 investeasc\u0103, c\u0103 nu-s eu vreun finan\u021bist, am mai luat \u0219i eu mui pe partea de asta – salut, Intel,Pfizer \u0219i Bayer – \u00eenc\u0103 n-am contabilizat efectiv pierderi – aka nu am v\u00e2ndut nimic \u00een pierdere contabil\u0103, dar \u0219tii cum e , c\u00e2nd m\u0103 bate infla\u021bia cu pijamaua ud\u0103, nu m\u0103 simt \u00een m\u0103sur\u0103 s\u0103 dau sfaturi financiare.
B\u0103, dar m\u0103car at\u00e2t, cum s\u0103 nu iei mui din \u0103stea care put de la o po\u0219t\u0103 a capcane \u00eentinse pentru chilipirgii needuca\u021bi. Efectiv j\u0103pci!<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00cen punctul \u0103sta consider c\u0103 este obligatoriu necesar ca la \u0219colile din Rom\u00e2nia s\u0103 se predea cursuri de Economie \u0219i Educa\u021bie Financiar\u0103, mai mult dec\u00e2t…<\/p>\n","protected":false},"author":2,"featured_media":28868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3499],"tags":[6114],"class_list":["post-28866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie","tag-obligatiuni-private"],"views":782,"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/catalinx.ro\/wordpress\/wp-content\/uploads\/2024\/10\/Insolventa-Elefant-obligatiuni.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4Eq23-7vA","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/28866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28866"}],"version-history":[{"count":2,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/28866\/revisions"}],"predecessor-version":[{"id":28870,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/28866\/revisions\/28870"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=\/wp\/v2\/media\/28868"}],"wp:attachment":[{"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/catalinx.ro\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}