LIBOR, iyo imaze kuba umubare w'ingenzi ku masoko y’imari, izacika mu mateka nyuma ya Kamena 2023 kandi ntizongera gukoreshwa mu gutanga inguzanyo.

Guhera mu 2022, inguzanyo nyinshi zinguzanyo zinguzanyo zishobora kugereranywa - SOFR.

Nigute SOFR igira ingaruka ku gipimo cyinguzanyo kireremba?Kuki SOFR igomba gukoreshwa aho gukoresha LIBOR?

Muri iyi ngingo tuzasobanura neza neza SOFR icyo aricyo nikihe gice cyingenzi gihangayikishije mugihe cyo kubara inyungu zishobora guhinduka.

 

Inguzanyo-Inguzanyo zinguzanyo (ARM)

Urebye igipimo cyinyungu kiriho ubu, abantu benshi bahitamo inguzanyo zishobora kugabanywa, zizwi kandi nka ARMs (Inguzanyo-Igiciro).

Ijambo "guhinduka" risobanura ko igipimo cyinyungu gihinduka mugihe cyimyaka yo kwishyura inguzanyo: Igipimo cyinyungu cyagenwe cyemeranijweho mumyaka mike yambere, mugihe igipimo cyinyungu kumyaka isigaye gihindurwa mugihe gisanzwe (mubisanzwe buri mezi atandatu cyangwa umwaka).

Kurugero, 5/1 ARM bivuze ko igipimo cyinyungu gishyirwaho mumyaka 5 yambere yo kwishyura kandi ihinduka buri mwaka nyuma.

Mugihe cyo kureremba, ariko, ihinduka ryinyungu naryo rirafatwa (caps), urugero 5/1 ARM ikurikirwa numubare wimibare 3/1/5.

·2 yerekeza kumutwe wambere kugirango uhindure inyungu (capa yambere yo guhindura).Niba inyungu yawe yambere mumyaka 5 yambere ari 6%, cap yumwaka wa gatandatu ntishobora kurenga 6% + 2% = 8%.

·1 yerekeza ku gipimo cya buri cyiciro cyo guhindura inyungu usibye icya mbere (cap kugirango ihindurwe nyuma), ni ukuvuga ntarengwa 1% kuri buri gipimo cy’inyungu guhera mu mwaka wa 7.

·5 bivuga imipaka yo hejuru yo guhindura igipimo cyinyungu mugihe cyigihe cyose cyinguzanyo (capage yoguhindura ubuzima), ni ukuvuga igipimo cyinyungu ntigishobora kurenga 6% + 5% = 11% mumyaka 30.

Kuberako kubara ARM bigoye, abahawe inguzanyo batamenyereye ARM bakunze kugwa mumwobo!Kubwibyo, ni ngombwa cyane kubasaba inguzanyo kumva uburyo bwo kubara igipimo cyinyungu gihinduka.

 

Nibihe bintu nyamukuru SOFR ihangayikishije mugihe ubara igipimo kireremba?

Kuri 5/1 ARM, igipimo cyinyungu cyagenwe mumyaka 5 yambere cyitwa igipimo cyo gutangira, naho igipimo cyinyungu gitangira mumwaka wa 6 nigipimo cyuzuye cyerekana inyungu, kibarwa na index + margin, aho marike iri ikosowe kandi indangagaciro muri rusange ni iminsi 30 ya SOFR.

Hafi ya 3% naho impuzandengo yiminsi 30 ya SOFR ni 4.06%, inyungu yumwaka wa 6 yaba 7.06%.

Niki cyerekana neza iki SOFR?Reka duhere ku buryo inguzanyo zishobora guhinduka.

I Londres mu myaka ya za 1960, igihe ifaranga ryazamutse cyane, nta banki zigeze zitanga inguzanyo z'igihe kirekire ku gipimo cyagenwe kuko zari hagati y’izamuka ry’ifaranga kandi hari ingaruka zikomeye zo kuzamuka ku nyungu.

Kugira ngo iki kibazo gikemuke, amabanki yashyizeho inguzanyo zishobora kugabanywa (ARMs).

Kuri buri tariki yo gusubiramo, abanyamuryango ba syndicat ku giti cyabo bakusanya amafaranga yinguzanyo zabo nkurwego rwo kugarura igipimo, bahindura igipimo cyinyungu basabwa kugirango bagaragaze ikiguzi cyamafaranga.

Kandi ibivugwa kuri iki gipimo cyo gusubiramo ni LIBOR (Londere Interbank Itangwa Igipimo), ibyo ukunze kubyumva - indangagaciro yagiye ivugwa kenshi mugihe cyashize iyo ubara inyungu zishobora guhinduka.

Kugeza mu mwaka wa 2008, mu gihe cy'ihungabana ry'ubukungu, amabanki amwe n'amwe yanze kuvuga igipimo cy’inguzanyo kiri hejuru kugira ngo bahishe ikibazo cyabo bwite.

Ibi byagaragaje intege nke zikomeye za LIBOR: LIBOR yanenzwe cyane kuberako idafite ishingiro ryubucuruzi kandi ikoreshwa byoroshye.Kuva icyo gihe, gusaba inguzanyo hagati ya banki byagabanutse cyane.

Mu rwego rwo guhangana n’ikibazo cyo kubura kwa LIBOR, Banki nkuru y’igihugu yashyizeho komite ishinzwe kugereranya ibiciro (ARRC) mu 2014 kugira ngo ibone igipimo gishya cyo gusimbuza LIBOR.

Nyuma yimyaka itatu yakazi, ARRC yahisemo kumugaragaro igipimo cy’amafaranga Yizewe Yijoro (SOFR) nkigipimo cyabasimbuye muri kamena 2017.

Kuberako SOFR ishingiye ku gipimo cyijoro mwisoko rya repo rishyigikiwe na Treasury, ntakibazo gihari;kandi irabaze ukoresheje igiciro cyigikorwa, bigatuma manipulation igorana;hiyongereyeho, SOFR nubwoko bugurishwa cyane ku isoko ryamafaranga, bushobora kwerekana neza urwego rwinyungu ku isoko ryinkunga.

Kubwibyo, guhera mu 2022, SOFR izakoreshwa nkigipimo cyo kugena ibiciro byinshi byinguzanyo.

 

Ni izihe nyungu z'inguzanyo zishobora kugabanywa inguzanyo?

Muri iki gihe Banki nkuru y’igihugu iri mu cyiciro cyo kuzamura ibiciro kandi igipimo cy’inguzanyo cy’imyaka 30 cyagenwe kiri ku rwego rwo hejuru.

Ariko, niba ifaranga rigabanutse ku buryo bugaragara, Banki nkuru y’igihugu izinjira mu cyiciro cyo kugabanya inyungu kandi igipimo cy’inguzanyo kizasubira ku rwego rusanzwe.

Niba igipimo cyinyungu cyisoko kigabanutse mugihe kizaza, abahawe inguzanyo barashobora kugabanya neza ikiguzi cyo kwishyura kandi bakungukirwa ninyungu ntoya batagombye gutera inkunga bahitamo inguzanyo ishobora kugabanywa.

Byongeye kandi, inguzanyo zishobora kugabanywa kandi mubisanzwe zifite inyungu nkeya mugihe cyo kwiyemeza kurusha izindi nguzanyo zigihe cyagenwe kandi ugereranije no kwishyura buri kwezi.

Muri iki gihe rero, inguzanyo ihinduka ihinduka yaba ihitamo ryiza.