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[]).push({});\r\n<\/script><\/div>\n\n<h2>\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u9280\u884c\u306e\u52a3\u5f8c\u50b5\u306f\u7d4c\u6e08\u5408\u7406\u6027\u304b\u3089\u511f\u9084\u3055\u308c\u306a\u3044\u306e\u306f\u5f53\u305f\u308a\u524d<\/h2>\n<p>\u307e\u305a\u3001\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u9280\u884c\u52a3\u5f8c\u50b5\u304c\u671f\u9650\u524d\u511f\u9084\u3092\u30b9\u30ad\u30c3\u30d7\u3057\u305f\u3053\u3068\u3067\u3001\u5f53\u6642\u306e\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u5e02\u5834\u306b\u60aa\u5f71\u97ff\u304c\u51fa\u305f\u304b\u3068\u3044\u3046\u3068\u3001\u307e\u3063\u305f\u304f\u5f71\u97ff\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u5b8c\u5168\u306b\u500b\u5225\u9298\u67c4\u306e\u56fa\u6709\u306e\u554f\u984c\u3067\u3059\u3002<\/p>\n<p>\u540c\u69d8\u306e\u554f\u984c\u70b9\u3092\u5185\u5305\u3057\u3066\u3044\u308b\u9298\u67c4\u306f\u5f71\u97ff\u3092\u53d7\u3051\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d9\u30fc\u30b9\u3067\u898b\u308b\u9650\u308a\u5f71\u97ff\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n<p>\u307e\u305f\u3001\u4e0b\u6bb5\u306e\u65b0\u805e\u8a18\u4e8b\u5185\u3067\u4e00\u90e8\u306e\u6295\u8cc7\u4fe1\u8a17\u3082\u5f71\u97ff\u304c\u3042\u3063\u305f\u3068\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u5168\u3066\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u9280\u884c\u52a3\u5f8c\u50b5\u3092\u7d44\u307f\u5165\u308c\u3066\u3044\u305f\u6295\u4fe1\u3067\u5f53\u8a72\u52a3\u5f8c\u50b5\u304c\u4e0b\u843d\u3057\u305f\u5206\u3060\u3051\u6295\u4fe1\u3082\u4e0b\u304c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u5546\u54c1\u306b\u3088\u3063\u3066\u306f25\uff05\u8fd1\u304f\u5f53\u8a72\u52a3\u5f8c\u50b5\u3092\u7d44\u307f\u5165\u308c\u3066\u3044\u305f\u3088\u3046\u3067\u3059\u3002\uff08\u3053\u308c\u306f\u904b\u7528\u4f1a\u793e\u306b\u554f\u984c\u304c\u3042\u308a\u307e\u3059\uff09<\/p>\n<p>\u305d\u3057\u3066\u3001\u4e0b\u8a18\u306e\u65b0\u805e\u8a18\u4e8b\u3067\u3082\u6307\u6458\u3057\u3066\u3044\u307e\u3059\u304c\u3001<span class=\"ymarker-s\">\u52a3\u5f8c\u50b5\u306e\u6761\u4ef6\u3092\u3057\u3063\u304b\u308a\u78ba\u8a8d\u3059\u308c\u3070\u511f\u9084\u3055\u308c\u306a\u3044\u53ef\u80fd\u6027\u304c\u76f8\u5fdc\u306b\u3042\u3063\u305f\u3053\u3068\u306f\u660e\u767d<\/span>\u3067\u3059\u3002<\/p>\n<p>\u305d\u308c\u306f\u671f\u9650\u524d\u511f\u9084\u3092\u30b9\u30ad\u30c3\u30d7\u3057\u305f\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u9280\u884c\u52a3\u5f8c\u50b5\u306e\u6761\u4ef6\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<p><span style=\"font-size: 16px;\"><strong>\u3010\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u9280\u884c\u52a3\u5f8c\u50b5\u306e\u6761\u4ef6\u3011<\/strong><\/span><\/p>\n<ul>\n<li>\u767a\u884c\u65e5\uff1a2006\/12\/8<\/li>\n<li>\u671f\u9593\uff1a\u6c38\u4e45\u50b5\uff08\u671f\u9650\u524d\u511f\u9084\u306f2017\/1\/30\u30012027\/1\/30\u30012037\/1\/30\u30012047\/1\/30\u306e4\u56de\u306e\u307f<\/li>\n<li><span class=\"rmarker-s\">\u5229\u7387\uff1a2017\/1\/30\u307e\u30676.409%\u30012017\/1\/30\u4ee5\u964d3MLibor+1.51%<\/span><\/li>\n<li>\u8cc7\u672c\u6027\uff1a2017\/1\/30\u307e\u3067AT1\u3001<span style=\"text-decoration: underline;\">2017\/1\/30\u4ee5\u964dTier2<\/span><\/li>\n<\/ul>\n<p><span class=\"rmarker-s\">\u671f\u9650\u524d\u511f\u9084\u3092\u30b9\u30ad\u30c3\u30d7\u3057\u305f2016\u5e7411\u6708\u6642\u70b9\u3067\u3001\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u9280\u884c\u304cTier2\u52a3\u5f8c\u50b5\u3092\u767a\u884c\u3059\u308b\u306810\u5e744.7%\u7a0b\u5ea6\u306e\u6c34\u6e96\u3067\u3057\u305f\u3002<\/span><\/p>\n<p><span class=\"rmarker-s\">\u3053\u308c\u306b\u5bfe\u3057\u3066\u4e0a\u8a18\u52a3\u5f8c\u50b5\u306e2017\u5e741\u670830\u65e5\u4ee5\u964d\u306e\u30af\u30fc\u30dd\u30f3\u306f3MLibor+1.51%\u3067\u3059\u306e\u3067\u30012016\u5e7411\u6708\u306e\u91d1\u5229\u6c34\u6e96\u3092\u5f53\u3066\u306f\u3081\u308b\u30682.4%\u7a0b\u5ea6\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span class=\"ymarker-s\">\u3082\u3061\u308d\u3093\u56fa\u5b9a\u91d1\u5229\u3068\u5909\u52d5\u91d1\u5229\u306e\u9055\u3044\u306f\u3042\u308a\u307e\u3059\u304c\u3001\u3053\u308c\u3060\u3051\u8abf\u9054\u30b3\u30b9\u30c8\u304c\u9055\u3046\u3068\u7d4c\u6e08\u5408\u7406\u6027\u304b\u3089\u511f\u9084\u3057\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u304c\u3042\u308b\u7a0b\u5ea6\u306f\u4e88\u60f3\u3067\u304d\u305d\u3046\u3067\u3059\u3002<\/span><\/p>\n<p>\u4eca\u56de\u306e\u52a3\u5f8c\u50b5\u306f2006\u5e7412\u6708\u3068\u3044\u3046\u30af\u30ec\u30b8\u30c3\u30c8\u74b0\u5883\u304c\u6700\u3082\u826f\u304b\u3063\u305f\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u767a\u884c\u3055\u308c\u3066\u304a\u308a\u30b9\u30d7\u30ec\u30c3\u30c9\uff08\u4e0a\u4e57\u305b\u91d1\u5229\uff09\u304c\u304b\u306a\u308a\u4f4e\u3044\u6761\u4ef6\u3068\u306a\u3063\u3066\u3044\u307e\u3059\uff61<\/p>\n<p>2006\u5e7412\u6708\u306e\u7c73\u56fd\u91d1\u5229\u306f\u77ed\u671f\u91d1\u5229\u3082\u9577\u671f\u91d1\u5229\u30825\uff05\u7a0b\u5ea6\u3068\u3044\u3046\u7279\u6b8a\u306a\u74b0\u5883\u3067\u3042\u308a\u3001\u5f53\u521d\u7d0410\u5e74\u306f\u56fa\u5b9a\u91d1\u5229\u3067\u30b9\u30d7\u30ec\u30c3\u30c9\u304c1.5%\u7a0b\u5ea6\u3068\u3044\u3046\u4f4e\u3044\u30ec\u30d9\u30eb\u3067\u3082\u30af\u30fc\u30dd\u30f3\u306f6.409%\u3068\u3044\u3046\u597d\u6761\u4ef6\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>2016\u5e7411\u6708\u306f3\u30f6\u6708Libor\u304c\u5f53\u6642\u3088\u308a\u3082\u5927\u5e45\u306b\u4f4e\u304f0.9%\u7a0b\u5ea6\u3067\u3042\u308a\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u5408\u8a08\u3057\u3066\u30822.4%\u7a0b\u5ea6\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b9\u30d7\u30ec\u30c3\u30c9\uff08\u4e0a\u4e57\u305b\u91d1\u5229\uff09\u306b\u3064\u3044\u3066\u306e\u8a73\u3057\u3044\u8aac\u660e\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=511\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0066cc;\">\u793e\u50b5\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066<\/span><\/a><\/li>\n<\/ul>\n<p><span class=\"ymarker-s\">\u30af\u30ec\u30b8\u30c3\u30c8\u74b0\u5883\u304c\u304d\u308f\u3081\u3066\u826f\u3044\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u52a3\u5f8c\u50b5\u3092\u8cfc\u5165\u3059\u308b\u3068\u3001\u671f\u9650\u524d\u511f\u9084\uff08\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\uff09\u6642\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u74b0\u5883\u304c\u60aa\u5316\u3057\u305f\u5834\u5408\u3001\u30b3\u30fc\u30eb\u3055\u308c\u306a\u3044\u53ef\u80fd\u6027\u304c\u76f8\u5fdc\u306b\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u899a\u3048\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span class=\"ymarker-s\">\u3064\u307e\u308a\u3001\u52a3\u5f8c\u50b5\u306e\u671f\u9650\u524d\u511f\u9084\u306f\u3001\u511f\u9084\u3057\u306a\u304b\u3063\u305f\u5834\u5408\u306e\u30af\u30fc\u30dd\u30f3\u3068\u65b0\u305f\u306b\u50b5\u5238\u3092\u767a\u884c\u3057\u305f\u5834\u5408\u306e\u30af\u30fc\u30dd\u30f3\u3092\u6bd4\u8f03\u3057\u3001\u300c\u7d4c\u6e08\u5408\u7406\u6027\u300d\u306b\u3088\u308a\u5224\u65ad\u3055\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u305f\u3060\u3057\u3001\u6975\u7aef\u306a\u6761\u4ef6\u306e\u60aa\u5316\u3067\u306a\u3051\u308c\u3070\u3001\u4eca\u5f8c\u306e\u52a3\u5f8c\u50b5\u306e\u767a\u884c\u306b\u3082\u5f71\u97ff\u3059\u308b\u306e\u3067\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3067\u511f\u9084\u3055\u308c\u308b\u53ef\u80fd\u6027\u306f\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u9280\u884c\u52a3\u5f8c\u50b5\u306e\u671f\u9650\u524d\u511f\u9084\u30b9\u30ad\u30c3\u30d7\u306b\u3064\u3044\u3066\u306f\u4e0b\u8a18\u306e\u65b0\u805e\u8a18\u4e8b\u3092\u4f75\u305b\u3066\u8aad\u3080\u3053\u3068\u3067\u7406\u89e3\u304c\u6df1\u307e\u308a\u307e\u3059\u3002<\/p>\n<h2>\u3010\u53c2\u8003\u8a18\u4e8b\u30112016\/11\/5\u65e5\u7d4c\u671d\u520a<\/h2>\n<p><span style=\"text-decoration: underline;\">\u52a3\u5f8c\u50b5\u5d29\u308c\u305f\u6697\u9ed9\u306e\u4e86\u89e3\u82f1\u9280\u304c\u671f\u9650\u524d\u511f\u9084\u3092\u898b\u9001\u308a<\/span><\/p>\n<blockquote><p>\u52a3\u5f8c\u50b5\u5e02\u5834\u3067\u3001\u3042\u308b\u300c\u4e8b\u4ef6\u300d\u304c\u6ce2\u7d0b\u3092\u5e83\u3052\u3066\u3044\u308b\u3002\u82f1\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u9280\u884c\u304c\uff11\u65e5\u30012006\u5e74\u306b\u767a\u884c\u3057\u305f\u52a3\u5f8c\u50b5\u306e\u521d\u56de\u306e\u671f\u9650\u524d\u511f\u9084\u3092\u898b\u9001\u3063\u305f\u306e\u3060\u3002\u7d4c\u55b6\u72b6\u614b\u304c\u6975\u7aef\u306b\u60aa\u5316\u3057\u305f\u5834\u5408\u3092\u9664\u304d\u3001\u521d\u56de\u306e\u671f\u9650\u524d\u511f\u9084\u306f\u3053\u308c\u307e\u3067\u6697\u9ed9\u306e\u4e86\u89e3\u3060\u3063\u305f\u3002\u3053\u306e\u6163\u4f8b\u304c\u5d29\u308c\u3066\u300c\u511f\u9084\u3055\u308c\u306a\u3044\u30ea\u30b9\u30af\u300d\u304c\u6d6e\u304d\u5f6b\u308a\u306b\u306a\u308a\u3001\u95a2\u9023\u3059\u308b\u91d1\u878d\u5546\u54c1\u306f\u5927\u304d\u304f\u5024\u4e0b\u304c\u308a\u3057\u3066\u3044\u308b\u3002<\/p>\n<div class=\"cmn-photo_style2 cmn-position_right\">\n<div><a><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.nikkei.com\/content\/pic\/20161105\/96958A9E889DE2EBE3EAE1EAE4E2E2E6E3E3E0E2E3E4979CE0E2E2E2-DSXMZO0918387004112016EN2001-PN1-5.jpg\" alt=\"\" width=\"250\" height=\"208\" \/><\/a><\/div>\n<div class=\"cmnc-zoom\"><a class=\"m-button w96 a-p4\"><span style=\"color: #0066cc;\">\u753b\u50cf\u306e\u62e1\u5927<\/span><\/a><\/div>\n<\/div>\n<p>\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u304c\u671f\u9650\u524d\u511f\u9084\u3092\u898b\u9001\u3063\u305f\u306e\u306f\u300106\u5e74\u306b\u767a\u884c\u3057\u305f\u511f\u9084\u671f\u9650\u306e\u306a\u3044\u30c9\u30eb\u5efa\u3066\u306e\u6c38\u4e45\u52a3\u5f8c\u50b5\u3002\u511f\u9084\u3057\u3066\u540c\u69d8\u306e\u793e\u50b5\u3092\u767a\u884c\u3059\u308b\u3088\u308a\u30b3\u30b9\u30c8\u304c\u5b89\u3044\u306e\u304c\u898b\u9001\u308a\u306e\u7406\u7531\u3060\u3002\u65b0\u8208\u56fd\u7d4c\u6e08\u306e\u4e0d\u632f\u3067\u53ce\u76ca\u304c\u4f4e\u8abf\u306a\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u306b\u3068\u3063\u3066\u306f\u81f3\u6975\u3001\u5f53\u305f\u308a\u524d\u306e\u9078\u629e\u3067\u306f\u3042\u308b\u3002<\/p>\n<p>\u3060\u304c\u3001\u50b5\u5238\u5e02\u5834\u306e\u53d7\u3051\u6b62\u3081\u65b9\u306f\u9055\u3063\u305f\u3002\u540c\u9280\u306e\u6c38\u4e45\u52a3\u5f8c\u50b5\u306e\u521d\u56de\u306e\u671f\u9650\u524d\u511f\u9084\u306f17\u5e74\uff11\u6708\u306b\u8a2d\u5b9a\u3055\u308c\u3066\u304a\u308a\u3001\u5e02\u5834\u306f\u3053\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u306e\u511f\u9084\u3092\u524d\u63d0\u306b\u3057\u3066\u3044\u305f\u3002\u3064\u307e\u308a\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u300c10\u5e74\u50b5\u300d\u3060\u3063\u305f\u306e\u3060\u3002<\/p>\n<p>\u6163\u4f8b\u306b\u80cc\u3051\u3070\u5e02\u5834\u306e\u4fe1\u983c\u3092\u5931\u3044\u3001\u6b21\u56de\u4ee5\u964d\u306e\u793e\u50b5\u767a\u884c\u6642\u306e\u8abf\u9054\u91d1\u5229\u304c\u8df3\u306d\u4e0a\u304c\u308b\u30ea\u30b9\u30af\u304c\u3042\u308b\u3002\u3053\u306e\u305f\u3081\u3001\u91d1\u878d\u6a5f\u95a2\u306f\u76ee\u5148\u306e\u30b3\u30b9\u30c8\u3088\u308a\u5e02\u5834\u3067\u306e\u8a55\u5224\u3092\u512a\u5148\u3057\u3066\u304d\u305f\u3002<\/p>\n<div class=\"cmn-photo_style2 cmn-position_right\">\n<div><a><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.nikkei.com\/content\/pic\/20161105\/96958A9E889DE2EBE3EAE1EAE4E2E2E6E3E3E0E2E3E4979CE0E2E2E2-DSXMZO0918388004112016EN2001-PN1-5.jpg\" alt=\"\" width=\"250\" height=\"275\" \/><\/a><\/div>\n<div class=\"cmnc-zoom\"><a class=\"m-button w96 a-p4\"><span style=\"color: #0066cc;\">\u753b\u50cf\u306e\u62e1\u5927<\/span><\/a><\/div>\n<\/div>\n<p>\u305d\u308c\u3060\u3051\u306b\u3001\u511f\u9084\u898b\u9001\u308a\u306f\u300c\u5927\u304d\u306a\u9a5a\u304d\u300d\uff08\u5927\u624b\u751f\u547d\u4fdd\u967a\u4f1a\u793e\uff09\u3060\u3063\u305f\u3002\u767a\u8868\u3092\u53d7\u3051\u3001\u3053\u306e\u52a3\u5f8c\u50b5\u306e\u4fa1\u683c\u306f\uff13\u65e5\u6642\u70b9\u3067\u305d\u308c\u307e\u3067\u306b\u6bd4\u3079\u3066\u7d0414\uff05\u3082\u4e0b\u843d\u3057\u305f\u3002\u82f1\u30ed\u30a4\u30e4\u30eb\u30fb\u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30b9\u30b3\u30c3\u30c8\u30e9\u30f3\u30c9\u3084\u4ecf\u30af\u30ec\u30c7\u30a3\u30fb\u30a2\u30b0\u30ea\u30b3\u30eb\u306a\u3069\u306e\u985e\u4f3c\u306e\u50b5\u5238\u306b\u3082\u58f2\u308a\u304c\u5e83\u304c\u3063\u305f\u3002<\/p>\n<p>\u65e5\u672c\u306e\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u3082\u300c\u5bfe\u5cb8\u306e\u706b\u4e8b\u300d\u3067\u306f\u306a\u3044\u3002\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u306e\u50b5\u5238\u3092\u4fdd\u6709\u3059\u308b\u300c\u30d1\u30a4\u30f3\u30d6\u30ea\u30c3\u30b8\u91d1\u878d\u6a5f\u95a2\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u30d5\u30a1\u30f3\u30c92014\u201507\u300d\u3084\u300c\u30b0\u30ed\u30fc\u30d0\u30eb\u91d1\u878d\u6a5f\u95a2\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u30d5\u30a1\u30f3\u30c92013\u201511\uff08\u4e09\u83f1\uff35\uff26\uff2a\u56fd\u969b\u6295\u4fe1\uff09\u300d\u306a\u3069\u8907\u6570\u306e\u6295\u8cc7\u4fe1\u8a17\u306e\u57fa\u6e96\u4fa1\u683c\u304c\u6025\u843d\u3057\u305f\u3002<\/p>\n<p>\u3055\u3089\u306b\u300c\u56fd\u5185\u306e\u52a3\u5f8c\u50b5\u5e02\u5834\u306b\u3082\u51b7\u6c34\u3092\u6d74\u3073\u305b\u304b\u306d\u306a\u3044\u300d\uff08\uff22\uff2e\uff30\u30d1\u30ea\u30d0\u8a3c\u5238\u306e\u4e2d\u7a7a\u9ebb\u5948\u6c0f\uff09\u3002\u671f\u9650\u524d\u306b\u511f\u9084\u3055\u308c\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u52a3\u5f8c\u50b5\u306e\u767a\u884c\u306f\u4eca\u5e74\u306b\u5165\u3063\u3066\u6025\u5897\u3057\u3001\u3059\u3067\u306b\uff13\u5146\u5186\u3092\u8d85\u3048\u305f\u3002\u7d99\u7d9a\u7684\u306b\u52a3\u5f8c\u50b5\u3092\u767a\u884c\u3059\u308b\u5fc5\u8981\u6027\u304c\u4f4e\u3044\u4e8b\u696d\u4f1a\u793e\u3092\u4e2d\u5fc3\u306b\u300c\u30b3\u30b9\u30c8\u524a\u6e1b\u52b9\u679c\u3092\u512a\u5148\u3057\u3001\u671f\u9650\u524d\u511f\u9084\u898b\u9001\u308a\u306b\u52d5\u304f\u53ef\u80fd\u6027\u3082\u3042\u308b\u300d\uff08\u308a\u305d\u306a\u9280\u884c\u306e\u6749\u6d66\u516c\u5f66\u6c0f\uff09\u3068\u3044\u3046\u3002<\/p>\n<p>\u8d85\u4f4e\u91d1\u5229\u306e\u6628\u4eca\u3067\u306f\u3001\u3069\u3046\u3057\u3066\u3082\u5229\u56de\u308a\u306e\u9ad8\u3055\u306b\u76ee\u304c\u5411\u304b\u3044\u304c\u3061\u3002\u6295\u8cc7\u5bb6\u306f\u52a3\u5f8c\u50b5\u306e\u30ea\u30b9\u30af\u3092\u9069\u6b63\u306b\u8a55\u4fa1\u3067\u304d\u3066\u3044\u308b\u306e\u304b\u3002\u3082\u3046\u4e00\u5ea6\u3001\u51b7\u9759\u306b\u898b\u76f4\u3057\u3066\u307f\u308b\u5fc5\u8981\u304c\u3042\u308a\u305d\u3046\u3060\u3002<\/p><\/blockquote>\n<h2>\u52a3\u5f8c\u50b5\uff08CoCo\u50b5\uff09\u306e\u671f\u9650\u524d\u511f\u9084\uff08\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\uff09\u304c\u30b9\u30ad\u30c3\u30d7\u3055\u308c\u305f\u4e8b\u4f8b<\/h2>\n<p>\u904e\u53bb\u3001\u52a3\u5f8c\u50b5\u306e\u671f\u9650\u524d\u511f\u9084\u3092\u30b9\u30ad\u30c3\u30d7\u3057\u305f\u4e8b\u4f8b\u3092\u3044\u304f\u3064\u304b\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<p>\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u898b\u9001\u308a\u306b\u306f\u305d\u308c\u305e\u308c\u69d8\u3005\u306a\u7406\u7531\u304c\u3042\u308b\u306e\u304c\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002<\/p>\n<h3>\u307f\u305a\u307bFG\u7c73\u30c9\u30eb\u5efa\u3066\u6c38\u4e45\u52a3\u5f8c\u50b5\uff082009\u5e74\u30b9\u30ad\u30c3\u30d7\uff09<\/h3>\n<ul>\n<li>\u767a\u884c\u65e5\uff1a2004\u5e741\u6708<\/li>\n<li>\u511f\u9084\u6761\u4ef6\uff1a2009\u5e744\u6708\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3001\u4ee5\u964d3\u30f6\u6708\u6bce\u306b\u30b3\u30fc\u30eb\u53ef\u80fd<\/li>\n<li>2009\u5e744\u6708\u306e\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3092\u30b9\u30ad\u30c3\u30d7<\/li>\n<li>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u5f71\u97ff\u304c\u5927\u304d\u304f\u6b8b\u308b\u30de\u30fc\u30b1\u30c3\u30c8\u74b0\u5883\u4e0b\u3067\u3001\u65b0\u305f\u306a\u50b5\u5238\u306e\u767a\u884c\u304c\u96e3\u3057\u304f\u306a\u3063\u3066\u3044\u305f\u3053\u3068\u304c\u30b9\u30ad\u30c3\u30d7\u306e\u7406\u7531\u3067\u3059\u3002<\/li>\n<li>2009\u5e743\u6708\u306b\u521d\u56de\u30b3\u30fc\u30eb\u898b\u9001\u308a\u3092\u767a\u8868\u3057\u305f\u969b\u300195\u524d\u5f8c\u3067\u63a8\u79fb\u3057\u3066\u3044\u305f\u50b5\u5238\u4fa1\u683c\u306f81\u307e\u3067\u4e0b\u843d\u3057\u307e\u3057\u305f\u3002<\/li>\n<li>2010\u5e744\u6708\u306b\u5168\u984d\u3001\u65e9\u671f\u511f\u9084\uff08\u3082\u3061\u308d\u3093\u50b5\u5238\u4fa1\u683c\u306f100\uff09\u3055\u308c\u307e\u3057\u305f<\/li>\n<\/ul>\n<h3>\u30af\u30ec\u30c7\u30a3\u30fb\u30a2\u30b0\u30ea\u30b3\u30eb\u7c73\u30c9\u30eb\u5efa\u3066\u6c38\u4e45\u52a3\u5f8c\u50b5\uff082017\u5e74\u30b9\u30ad\u30c3\u30d7\uff09<\/h3>\n<ul>\n<li>\u767a\u884c\u65e5\uff1a2007\u5e745\u6708<\/li>\n<li>\u511f\u9084\u6761\u4ef6\uff1a2017\u5e745\u6708\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3001\u4ee5\u964d10\u5e74\u6bce\u306b\u30b3\u30fc\u30eb\u53ef\u80fd<\/li>\n<li>2017\u5e745\u6708\u306e\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3092\u30b9\u30ad\u30c3\u30d7<\/li>\n<li><span class=\"bmarker-s\">2017\u5e743\u6708\u306b\u521d\u56de\u30b3\u30fc\u30eb\u898b\u9001\u308a\u3092\u767a\u8868\u3057\u305f\u969b\u3001\u540c\u6642\u306bECB\uff08\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff09\u306e\u627f\u8a8d\u3092\u6761\u4ef6\u306b\u516c\u958b\u5165\u672d\u306b\u3088\u308a\u50b5\u5238\u4fa1\u683c95\u3067\u306e\u8cb7\u5165\u308c\u3092\u516c\u8868\u3057\u307e\u3057\u305f\u3002<\/span>\u521d\u56de\u30b3\u30fc\u30eb\u898b\u9001\u308a\u767a\u8868\u524d\u306e\u50b5\u5238\u4fa1\u683c\u306f96\u524d\u5f8c\u3067\u3001\u3082\u3057\u8cb7\u5165\u308c\u3092\u516c\u8868\u3057\u306a\u3051\u308c\u307080\u524d\u5f8c\u307e\u3067\u306e\u4e0b\u843d\u3082\u60f3\u5b9a\u3055\u308c\u307e\u3057\u305f\u304c\u300195\u307e\u3067\u3057\u304b\u5024\u4e0b\u304c\u308a\u3057\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/li>\n<li>\u3064\u307e\u308a\u3001\u7d4c\u6e08\u5408\u7406\u6027\u304b\u3089100\u3067\u511f\u9084\u3055\u305b\u308b\u3053\u3068\u306f\u3067\u304d\u306a\u3044\u304c\u300195\u3067\u3042\u308c\u3070\u511f\u9084\u3057\u3066\u3082\u554f\u984c\u306a\u3044\u30de\u30fc\u30b1\u30c3\u30c8\u74b0\u5883\u306b\u306a\u3063\u3066\u3044\u305f\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\uff08\u50b5\u5238\u304c95\uff5e96\u524d\u5f8c\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u305f\u3053\u3068\u304b\u3089\u3082\u5206\u304b\u308a\u307e\u3059\uff09<\/li>\n<li>\u3053\u306e\u6c38\u4e45\u52a3\u5f8c\u50b5\u306f2019\u5e74\u307e\u3067\u306b\u307b\u307c\u5927\u534a\u304c\u8cb7\u5165\u308c\u306b\u3088\u308a\u511f\u9084\u3055\u308c\u307e\u3057\u305f<\/li>\n<li>\u672c\u4ef6\u306f\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3067\u511f\u9084\u3092\u671f\u5f85\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u304c\u591a\u3044\u3053\u3068\u3092\u7406\u89e3\u3057\u3001\u5358\u306a\u308b\u30b9\u30ad\u30c3\u30d7\u3067\u306f\u306a\u304f\u3001\u4fa1\u683c\u306f\u591a\u5c11\u4f4e\u304f\u306a\u308b\u304c\u8cc7\u91d1\u304c\u8fd4\u3063\u3066\u304f\u308b\u30d7\u30e9\u30f3\u3092\u63d0\u4f9b\u3057\u305f\u3053\u3068\u306f\u8a55\u4fa1\u3055\u308c\u3066\u826f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/li>\n<li>\u30af\u30ec\u30c7\u30a3\u30fb\u30a2\u30b0\u30ea\u30b3\u30eb\u306e\u65e9\u671f\u511f\u9084\u898b\u9001\u308a\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3082\u3054\u53c2\u7167\u304f\u3060\u3055\u3044\uff1a<a href=\"https:\/\/www.finance-lite.com\/entry\/2017\/03\/22\/094923\" target=\"_blank\" rel=\"noopener noreferrer\">\u30af\u30ec\u30c7\u30a3\u30a2\u30b0\u30ea\u30b3\u30eb \u6c38\u4e45\u52a3\u5f8c\u50b5 \u671f\u9650\u524d\u511f\u9084\u898b\u9001\u308a<\/a><\/li>\n<\/ul>\n<h3>\u30b5\u30f3\u30bf\u30f3\u30c7\u30fc\u30eb\u9280\u884c\u30e6\u30fc\u30ed\u5efa\u3066CoCo\u50b5\uff082019\u5e74\u30b9\u30ad\u30c3\u30d7\uff09<\/h3>\n<ul>\n<li>\u767a\u884c\u65e5\uff1a2014\u5e743\u6708<\/li>\n<li>\u511f\u9084\u6761\u4ef6\uff1a2019\u5e743\u6708\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3001\u4ee5\u964d3\u30f6\u6708\u6bce\u30b3\u30fc\u30eb\u53ef\u80fd<\/li>\n<li>\u30af\u30fc\u30dd\u30f3\uff1a\u5f53\u521d6.25\uff05\u3001<\/li>\n<li>2019\u5e743\u6708\u306e\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3092\u30b9\u30ad\u30c3\u30d7<\/li>\n<li>2020\u5e743\u670812\u65e5\u306b\u30b3\u30fc\u30eb\u306b\u3088\u308a\u511f\u9084<\/li>\n<li>\u5f53\u6642\u306e\u91d1\u5229\u72b6\u6cc1\u3092\u52d8\u6848\u3057\u3001\u7d4c\u6e08\u5408\u7406\u6027\u306e\u89b3\u70b9\u304b\u3089\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3092\u30b9\u30ad\u30c3\u30d7\u3057\u307e\u3057\u305f\u304c\u3001<span class=\"bmarker-s\">\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u65e5\u4ee5\u964d\u30823\u30f6\u6708\u6bce\u306b\u30b3\u30fc\u30eb\u304c\u53ef\u80fd\u3067\u3042\u3063\u305f\u3053\u3068\u3082\u3042\u308a\u3001\u50b5\u5238\u4fa1\u683c\u306f\u307b\u3068\u3093\u3069\u4e0b\u843d\u3057\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/span><\/li>\n<\/ul>\n<h3>\u30c9\u30a4\u30c4\u9280\u884c\u7c73\u30c9\u30eb\u5efa\u3066CoCo\u50b5\uff082020\u5e74\u30b9\u30ad\u30c3\u30d7\uff09<\/h3>\n<ul>\n<li>\u767a\u884c\u65e5\uff1a2014\u5e745\u6708<\/li>\n<li>\u511f\u9084\u6761\u4ef6\uff1a2020\u5e744\u6708\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3001\u4ee5\u964d5\u5e74\u6bce\u306b\u30b3\u30fc\u30eb\u53ef\u80fd<\/li>\n<li>\u30af\u30fc\u30dd\u30f3\uff1a2020\/4\/30\u307e\u30676.25%\u56fa\u5b9a\u30012020\/4\/30\u4ee5\u964d\u306f5\u5e74\u30b9\u30ef\u30c3\u30d7+4.358%<\/li>\n<li>2020\u5e744\u6708\u306e\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3092\u30b9\u30ad\u30c3\u30d7<\/li>\n<li><span class=\"bmarker-s\">\u672c\u4ef6\u306f\u30c9\u30a4\u30c4\u9280\u884c\u56fa\u6709\u306e\u554f\u984c\u3068\u8003\u3048\u3089\u308c\u304c\u3061\u3067\u3059\u304c\u3001\u305d\u3046\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u30022020\u5e742\u6708\u304b\u3089\u62e1\u5927\u3057\u305f\u65b0\u578b\u30b3\u30ed\u30ca\u30a6\u30a4\u30eb\u30b9\u306e\u5f71\u97ff\u3067\u30de\u30fc\u30b1\u30c3\u30c8\u304c\u30ea\u30b9\u30af\u30aa\u30d5\u3068\u306a\u3063\u305f\u3053\u3068\u304c\u8981\u56e0\u3067\u3059<\/span>\u3002\u5b9f\u969b\u3001\u30c9\u30a4\u30c4\u9280\u884c\u306f\u5f53\u8a72\u50b5\u5238\u306e\u511f\u9084\u539f\u8cc7\u3068\u306a\u308b\u540c\u3058\u767a\u884c\u91d1\u984d\uff0812.5\u5104\u30c9\u30eb\uff09\u306eCoCo\u50b5\u30922020\u5e742\u670814\u65e5\u306b\u767a\u884c\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<li>\u305d\u306e\u76f4\u5f8c\u306b\u65b0\u578b\u30b3\u30ed\u30ca\u30a6\u30a4\u30eb\u30b9\u306e\u554f\u984c\u304c\u4e16\u754c\u7684\u306b\u5e83\u304c\u308a\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u74b0\u5883\u304c\u60aa\u5316\u3057\u307e\u3057\u305f\u3002\u30d9\u30fc\u30b9\u91d1\u5229\u306f\u5927\u304d\u304f\u4f4e\u4e0b\u3059\u308b\u4e00\u65b9\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u62e1\u5927\u3057\u307e\u3057\u305f\u3002\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3092\u30b9\u30ad\u30c3\u30d7\u3057\u305fCoCo\u50b5\u306f5\u5e74\u30b9\u30ef\u30c3\u30d7\u30ec\u30fc\u30c8\u304c0.6\uff05\u524d\u5f8c\u307e\u3067\u4f4e\u4e0b\u3057\u305f\u3053\u3068\u3067\u30012020\u5e744\u670830\u65e5\u4ee5\u964d\u306e\u30af\u30fc\u30dd\u30f3\u304c5\uff05\u672a\u6e80\u306b\u306a\u308b\u898b\u901a\u3057\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u305d\u306e\u305f\u3081\u3001\u7d4c\u6e08\u5408\u7406\u6027\u3092\u8003\u616e\u3057\u305f\u7d50\u679c\u3001\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3092\u30b9\u30ad\u30c3\u30d7\u3068\u3044\u3046\u5224\u65ad\u306b\u306a\u3063\u305f\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/li>\n<li>\u5f53\u8a72\u50b5\u5238\u306e\u8a73\u7d30\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=21008\" target=\"_blank\" rel=\"noopener\">\u30c9\u30a4\u30c4\u9280\u884c\u306e\u4e8b\u4f8b\u3067AT1\u50b5\uff08CoCo\u50b5\uff09\u306e\u7406\u89e3\u3092\u6df1\u3081\u308b<\/a><\/li>\n<\/ul>\n<p>\u4e0a\u8a18\u4ee5\u5916\u306b\u3082AIG\u3001\u30a6\u30a7\u30eb\u30ba\uff65\u30d5\u30a1\u30fc\u30b4\u7b49\u3082\u52a3\u5f8c\u50b5\u306e\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3092\u898b\u9001\u3063\u305f\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h2>\u52a3\u5f8c\u50b5\u306e\u95a2\u9023\u30da\u30fc\u30b8<\/h2>\n<p>\u91d1\u878d\u6a5f\u95a2\u304c\u767a\u884c\u3059\u308b\u52a3\u5f8c\u50b5\uff08CoCo\u50b5\u306a\u3069\uff09\u3067\u904b\u7528\u3059\u308b\u6295\u4fe1\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\uff01<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=229\" target=\"_blank\" rel=\"noopener noreferrer\">\u30cb\u30c3\u30bb\u30a4\u4e16\u754c\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u6226\u7565\u30d5\u30a1\u30f3\u30c9\uff08\u30a2\u30c9\u30d0\u30f3\u30b9\u30c9\u30fb\u30a4\u30f3\u30ab\u30e0\uff09<\/a><\/li>\n<\/ul>\n<p>\u30d0\u30fc\u30bc\u30eb\u2162\u5bfe\u5fdc\u306e\u65b0\u578b\u52a3\u5f8c\u50b5\u306b\u3064\u3044\u3066\u306e\u8a73\u3057\u3044\u5185\u5bb9\u306f\u3053\u3061\u3089\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\uff01<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=2149\" target=\"_blank\" rel=\"noopener noreferrer\">\u30d0\u30fc\u30bc\u30eb3\u5bfe\u5fdc 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rel=\"noopener\">\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\uff65\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u306e\u4ed5\u7d44\u307f\u30fb\u7279\u5fb4\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u8aac\u660e<\/a><\/li>\n<\/ul>\n<p>\u91d1\u878d\u6a5f\u95a2\u304c\u767a\u884c\u3059\u308b\u50b5\u5238\u306e\u6bd4\u8f03\u306f\u3053\u3061\u3089\uff01<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=21061\" target=\"_blank\" rel=\"noopener\">\u90a6\u9280\u767a\u884c\u306e\u30b7\u30cb\u30a2\u50b5\u30fbTLAC\u50b5\u30fbB3T2\u50b5\u30fbAT1\u50b5\u306f\u3069\u306e\u3088\u3046\u306a\u30b1\u30fc\u30b9\u3067\u640d\u5931\u304c\u767a\u751f\u3059\u308b\u306e\u304b<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u3053\u3061\u3089\u306e\u30da\u30fc\u30b8\u3067\u306f2016\u5e7411\u6708\u306b\u52a3\u5f8c\u50b5\u306e\u671f\u9650\u524d\u511f\u9084\uff08\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\uff09\u3092\u30b9\u30ad\u30c3\u30d7\u3057\u305f\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9 &#8230; 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