{"id":2745,"date":"2026-04-07T00:02:41","date_gmt":"2026-04-06T17:02:41","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/07\/apollo-han-che-rut-tien-lan-song-cang-thang-tin-dung-tu-nhan-lan-rong-thi-truong-chung-doi-mat-rui-ro-thanh-khoan\/"},"modified":"2026-04-07T00:02:41","modified_gmt":"2026-04-06T17:02:41","slug":"apollo-han-che-rut-tien-lan-song-cang-thang-tin-dung-tu-nhan-lan-rong-thi-truong-chung-doi-mat-rui-ro-thanh-khoan","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/07\/apollo-han-che-rut-tien-lan-song-cang-thang-tin-dung-tu-nhan-lan-rong-thi-truong-chung-doi-mat-rui-ro-thanh-khoan\/","title":{"rendered":"Apollo H\u1ea1n Ch\u1ebf R\u00fat Ti\u1ec1n: L\u00e0n S\u00f3ng C\u0103ng Th\u1eb3ng T\u00edn D\u1ee5ng T\u01b0 Nh\u00e2n Lan R\u1ed9ng, Th\u1ecb Tr\u01b0\u1eddng Chung \u0110\u1ed1i M\u1eb7t R\u1ee7i Ro Thanh Kho\u1ea3n"},"content":{"rendered":"
\n

G\u00e3 kh\u1ed5ng l\u1ed3 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n Apollo Global Management v\u1eeba gi\u00f3ng l\u00ean h\u1ed3i chu\u00f4ng c\u1ea3nh b\u00e1o v\u1ec1 r\u1ee7i ro thanh kho\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n, m\u1ed9t ph\u00e2n kh\u00fac \u0111ang \u0111\u01b0\u1ee3c nh\u00e0 \u0111\u1ea7u t\u01b0 quan t\u00e2m \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh l\u00e3i su\u1ea5t cao. \u0110\u1ed9ng th\u00e1i h\u1ea1n ch\u1ebf r\u00fat v\u1ed1n t\u1eeb qu\u1ef9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n h\u00e0ng \u0111\u1ea7u c\u1ee7a Apollo kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh \u00e1p l\u1ef1c hi\u1ec7n h\u1eefu m\u00e0 c\u00f2n c\u00f3 th\u1ec3 \u0111\u1ecbnh h\u00ecnh l\u1ea1i k\u1ef3 v\u1ecdng c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ed1i v\u1edbi c\u00e1c t\u00e0i s\u1ea3n \u00edt thanh kho\u1ea3n, t\u1eeb \u0111\u00f3 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng chung<\/a>.<\/p>\n

\"tin<\/p>\n

Theo h\u1ed3 s\u01a1 g\u1eedi l\u00ean \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch Hoa K\u1ef3 (SEC) v\u00e0o cu\u1ed1i ng\u00e0y th\u1ee9 Hai, qu\u1ef9 Apollo Debt Solutions BDC, m\u1ed9t c\u00f4ng ty ph\u00e1t tri\u1ec3n kinh doanh (BDC) kh\u00f4ng ni\u00eam y\u1ebft, \u0111\u00e3 ghi nh\u1eadn y\u00eau c\u1ea7u r\u00fat v\u1ed1n l\u00ean t\u1edbi 11.2%<\/strong> s\u1ed1 c\u1ed5 phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh trong qu\u00fd \u0111\u1ea7u ti\u00ean, v\u01b0\u1ee3t xa m\u1ee9c gi\u1edbi h\u1ea1n 5%<\/strong> m\u00e0 qu\u1ef9 cho ph\u00e9p h\u00e0ng qu\u00fd. \u0110i\u1ec1u n\u00e0y \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ec9 nh\u1eadn l\u1ea1i kho\u1ea3ng 45%<\/strong> s\u1ed1 v\u1ed1n y\u00eau c\u1ea7u, v\u1edbi t\u1ed5ng c\u1ed9ng kho\u1ea3ng 730 tri\u1ec7u USD<\/strong> \u0111\u01b0\u1ee3c ho\u00e0n tr\u1ea3 tr\u00ean c\u01a1 s\u1edf t\u1ef7 l\u1ec7 t\u1eeb t\u1ed5ng gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng (NAV) 15.1 t\u1ef7 USD<\/strong> t\u00ednh \u0111\u1ebfn ng\u00e0y 28 th\u00e1ng 2.<\/p>\n

Ph\u00e2n T\u00edch Bi\u1ebfn \u0110\u1ed9ng v\u00e0 T\u00e1c \u0110\u1ed9ng Th\u1ecb Tr\u01b0\u1eddng<\/h3>\n

Quy\u1ebft \u0111\u1ecbnh c\u1ee7a Apollo duy tr\u00ec m\u1ee9c gi\u1edbi h\u1ea1n 5%<\/strong>, m\u1ed9t ti\u00eau chu\u1ea9n ng\u00e0nh m\u00e0 c\u00e1c \u0111\u1ed1i th\u1ee7 nh\u01b0 Blackstone g\u1ea7n \u0111\u00e2y \u0111\u00e3 n\u1edbi l\u1ecfng, cho th\u1ea5y m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c th\u1eadn tr\u1ecdng trong vi\u1ec7c qu\u1ea3n l\u00fd thanh kho\u1ea3n. Trong khi vi\u1ec7c n\u1edbi l\u1ecfng c\u00f3 th\u1ec3 l\u00e0m h\u00e0i l\u00f2ng nh\u00e0 \u0111\u1ea7u t\u01b0 trong ng\u1eafn h\u1ea1n, n\u00f3 c\u0169ng ti\u1ec1m \u1ea9n r\u1ee7i ro v\u1ec1 c\u1ea5u tr\u00fac khi \u0111\u1ed1i m\u1eb7t v\u1edbi l\u00e0n s\u00f3ng r\u00fat v\u1ed1n l\u1edbn. Vi\u1ec7c Apollo ki\u00ean \u0111\u1ecbnh v\u1edbi gi\u1edbi h\u1ea1n c\u1ee7a m\u00ecnh cho th\u1ea5y \u01b0u ti\u00ean b\u1ea3o to\u00e0n gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n cho qu\u1ef9, thay v\u00ec ch\u1ea1y theo c\u00e1c \u00e1p l\u1ef1c thanh kho\u1ea3n nh\u1ea5t th\u1eddi.<\/p>\n

Trong ba th\u00e1ng t\u00ednh \u0111\u1ebfn ng\u00e0y 28 th\u00e1ng 2, gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng (NAV) tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu c\u1ee7a qu\u1ef9 \u0111\u00e3 gi\u1ea3m 1.2%<\/strong>. Tuy nhi\u00ean, Apollo nh\u1ea5n m\u1ea1nh r\u1eb1ng hi\u1ec7u su\u1ea5t n\u00e0y v\u1eabn v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi Ch\u1ec9 s\u1ed1 Kho\u1ea3n vay \u0110\u00f2n b\u1ea9y M\u1ef9 (U.S. Leveraged Loan Index), v\u1ed1n \u0111\u00e3 gi\u1ea3m 2.2%<\/strong> trong c\u00f9ng k\u1ef3. D\u00f9 v\u1eady, s\u1ef1 s\u1ee5t gi\u1ea3m NAV, k\u1ebft h\u1ee3p v\u1edbi c\u00e1c y\u00eau c\u1ea7u r\u00fat v\u1ed1n qu\u00e1 m\u1ee9c, cho th\u1ea5y m\u1ed9t \u00e1p l\u1ef1c ng\u1ea7m \u0111ang hi\u1ec7n h\u1eefu trong ph\u00e2n kh\u00fac t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n.<\/p>\n

C\u00e1c y\u00eau c\u1ea7u r\u00fat v\u1ed1n t\u0103ng cao t\u1ea1i Apollo, t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1c \u0111\u1ed1i th\u1ee7 kh\u00e1c, \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi lo ng\u1ea1i v\u1ec1 c\u00e1c kho\u1ea3n vay t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n cho c\u00e1c c\u00f4ng ty ph\u1ea7n m\u1ec1m. M\u1eb7c d\u00f9 c\u00e1c gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh c\u1ee7a Apollo \u0111\u00e3 c\u1ed1 g\u1eafng t\u00e1ch bi\u1ec7t m\u00ecnh kh\u1ecfi c\u00e1c \u0111\u1ed1i th\u1ee7 b\u1eb1ng c\u00e1ch tuy\u00ean b\u1ed1 t\u1eadp trung v\u00e0o c\u00e1c c\u00f4ng ty l\u1edbn v\u00e0 \u1ed5n \u0111\u1ecbnh h\u01a1n, nh\u01b0ng d\u1eef li\u1ec7u c\u1ee7a ch\u00ednh c\u00f4ng ty l\u1ea1i cho th\u1ea5y ph\u1ea7n m\u1ec1m l\u00e0 l\u0129nh v\u1ef1c \u0111\u01a1n l\u1ebb l\u1edbn nh\u1ea5t trong qu\u1ef9 Apollo Debt Solutions BDC, chi\u1ebfm 12.3%<\/strong> t\u1ed5ng c\u00e1c kho\u1ea3n vay. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7t ra c\u00e2u h\u1ecfi v\u1ec1 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro ti\u1ec1m \u1ea9n m\u00e0 qu\u1ef9 \u0111ang n\u1eafm gi\u1eef, \u0111\u1eb7c bi\u1ec7t khi c\u00e1c c\u00f4ng ty ph\u1ea7n m\u1ec1m, d\u00f9 c\u00f3 th\u1ec3 l\u1edbn, v\u1eabn nh\u1ea1y c\u1ea3m v\u1edbi chu k\u1ef3 kinh t\u1ebf v\u00e0 l\u00e3i su\u1ea5t cao.<\/p>\n

\u00dd Ngh\u0129a \u0110\u1ed1i V\u1edbi Th\u1ecb Tr\u01b0\u1eddng Chung<\/h3>\n

\u0110\u1ed9ng th\u00e1i c\u1ee7a Apollo kh\u00f4ng ch\u1ec9 l\u00e0 tin t\u1ee9c n\u1ed9i b\u1ed9 m\u00e0 c\u00f2n l\u00e0 m\u1ed9t ch\u1ec9 b\u00e1o quan tr\u1ecdng v\u1ec1 s\u1ee9c kh\u1ecfe c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n, m\u1ed9t ph\u00e2n kh\u00fac \u0111ang ng\u00e0y c\u00e0ng l\u1edbn m\u1ea1nh v\u00e0 c\u00f3 \u1ea3nh h\u01b0\u1edfng s\u00e2u r\u1ed9ng \u0111\u1ebfn h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh. Vi\u1ec7c h\u1ea1n ch\u1ebf r\u00fat v\u1ed1n cho th\u1ea5y \u00e1p l\u1ef1c thanh kho\u1ea3n \u0111ang gia t\u0103ng v\u00e0 c\u00f3 th\u1ec3 l\u00e0m thay \u0111\u1ed5i nh\u1eadn th\u1ee9c c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ec1 r\u1ee7i ro v\u00e0 ph\u1ea7n th\u01b0\u1edfng trong c\u00e1c t\u00e0i s\u1ea3n kh\u00f4ng ni\u00eam y\u1ebft.<\/p>\n

Tr\u00ean Ph\u1ed1 Wall, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch s\u1ebd theo d\u00f5i ch\u1eb7t ch\u1ebd c\u00e1ch c\u00e1c qu\u1ef9 t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n kh\u00e1c ph\u1ea3n \u1ee9ng v\u00e0 li\u1ec7u \u0111\u00e2y c\u00f3 ph\u1ea3i l\u00e0 kh\u1edfi \u0111\u1ea7u c\u1ee7a m\u1ed9t l\u00e0n s\u00f3ng r\u00fat v\u1ed1n r\u1ed9ng l\u1edbn h\u01a1n hay kh\u00f4ng. S\u1ef1 ki\u1ec7n n\u00e0y l\u00e0 l\u1eddi nh\u1eafc nh\u1edf r\u1eb1ng ngay c\u1ea3 nh\u1eefng g\u00e3 kh\u1ed5ng l\u1ed3 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n c\u0169ng kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi nh\u1eefng th\u00e1ch th\u1ee9c v\u1ec1 thanh kho\u1ea3n khi d\u00f2ng ti\u1ec1n nh\u00e0 \u0111\u1ea7u t\u01b0 thay \u0111\u1ed5i \u0111\u1ecbnh h\u01b0\u1edbng.<\/p>\n

Bi\u00ean t\u1eadp: Ph\u1ed1 Wall (Theo ngu\u1ed3n g\u1ed1c)<\/i><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

G\u00e3 kh\u1ed5ng l\u1ed3 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n Apollo Global Management v\u1eeba gi\u00f3ng l\u00ean h\u1ed3i chu\u00f4ng c\u1ea3nh b\u00e1o v\u1ec1 r\u1ee7i ro thanh kho\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n, m\u1ed9t ph\u00e2n kh\u00fac \u0111ang \u0111\u01b0\u1ee3c nh\u00e0 \u0111\u1ea7u t\u01b0 quan t\u00e2m \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh l\u00e3i su\u1ea5t cao. \u0110\u1ed9ng th\u00e1i h\u1ea1n ch\u1ebf r\u00fat v\u1ed1n t\u1eeb qu\u1ef9 […]<\/p>\n","protected":false},"author":1,"featured_media":2743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-2745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thi-truong-chung-khoan"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=2745"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/2743"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=2745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=2745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=2745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}