{"id":52944,"date":"2018-01-12T18:44:53","date_gmt":"2018-01-12T15:44:53","guid":{"rendered":"https:\/\/www.bilgeyatirimci.com\/?p=52944"},"modified":"2018-01-13T11:46:17","modified_gmt":"2018-01-13T08:46:17","slug":"mahfi-egilmez-hazine-nicin-disaridan-borclaniyor","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/mahfi-egilmez-hazine-nicin-disaridan-borclaniyor\/","title":{"rendered":"Mahfi E\u011filmez &#8211; Hazine Ni\u00e7in D\u0131\u015far\u0131dan Bor\u00e7lan\u0131yor?"},"content":{"rendered":"<h2>Mahfi E\u011filmez&#8217;in bug\u00fcnk\u00fc yaz\u0131s\u0131<\/h2>\n<p><strong>Hazinenin 2018 y\u0131l\u0131nda uluslararas\u0131 sermaye piyasalar\u0131na yapt\u0131\u011f\u0131 ilk tahvil ihrac\u0131<\/strong><br \/>\nHazine, 2018 y\u0131l\u0131 finansman program\u0131 \u00e7er\u00e7evesinde uluslararas\u0131 sermaye piyasalar\u0131ndan tahvil ihrac\u0131 yoluyla 6,5 milyar dolar tutar\u0131na kadar bor\u00e7lanma yapmay\u0131 planlam\u0131\u015f bulunuyor. Bu program\u0131n ilk aya\u011f\u0131nda Dolar cinsinden 10 y\u0131l vadeli (2028 vadeli) bir tahvil ihrac\u0131 i\u00e7in Citigroup, Deutsche Bank ve HSBC\u2019ye yetki verildi.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3140637097\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>S\u00f6z konusu ihra\u00e7 09.01.2018 tarihinde sonu\u00e7land\u0131 ve ihra\u00e7 miktar\u0131 2 milyar Dolar olarak ger\u00e7ekle\u015fti. Bu tahvillerin kupon oran\u0131 y\u00fczde 5,125, yat\u0131r\u0131mc\u0131ya getiri\u015f y\u00fczde 5,2 oldu. Tahvile toplamda 200\u2019den fazla yat\u0131r\u0131mc\u0131, ihra\u00e7 tutar\u0131n\u0131n yakla\u015f\u0131k \u00fc\u00e7 kat\u0131 talep g\u00f6sterdi. Tahvilin y\u00fczde 35\u2019i \u0130ngiltere, y\u00fczde 25\u2019i ABD, y\u00fczde 15\u2019i T\u00fcrkiye, y\u00fczde 15\u2019i di\u011fer Avrupa \u00fclkeleri ve y\u00fczde 10\u2019u di\u011fer \u00fclkelerdeki yat\u0131r\u0131mc\u0131lara sat\u0131ld\u0131.<\/p>\n<p>\u00d6zetle Hazine 2018 y\u0131l\u0131n\u0131n ilk d\u0131\u015f tahvil ihrac\u0131nda y\u00fczde 5,2 maliyetle 2 milyar Dolar bor\u00e7 alm\u0131\u015f oldu.<\/p>\n<p><strong>Hazinenin bor\u00e7lanma maliyeti olan y\u00fczde 5,2 Dolar faizi d\u00fc\u015f\u00fck bir faiz mi?<\/strong><br \/>\nBu soruyu yan\u0131tlamak i\u00e7in iki kar\u015f\u0131la\u015ft\u0131rma \u00f6l\u00e7\u00fcs\u00fcne ba\u015fvuraca\u011f\u0131z. \u0130lk olarak Hazinenin bir y\u0131l \u00f6nce yapt\u0131\u011f\u0131 ayn\u0131 miktar ve vadeli tahvil ihrac\u0131n\u0131n kupan oran\u0131na bakaca\u011f\u0131z. 18.01.2017 tarihinde 10,2 y\u0131l vadeli tahvil ihrac\u0131n\u0131n kupan oran\u0131 y\u00fczde 6 olmu\u015ftu. Bu y\u0131lki bor\u00e7lanman\u0131n kupon faizi y\u00fczde 5,125 oldu\u011funa g\u00f6re ge\u00e7en y\u0131la g\u00f6re daha d\u00fc\u015f\u00fck faizle bor\u00e7lan\u0131lm\u0131\u015f g\u00f6r\u00fcn\u00fcyor. \u0130kinci olarak kar\u015f\u0131la\u015ft\u0131rmay\u0131 ABD 10 y\u0131ll\u0131k tahvil faizleriyle yapaca\u011f\u0131z. ABD Hazinesi 10 y\u0131ll\u0131k tahvillerinin faizi 09.01.2017\u2019de y\u00fczde 2,81, 09.01.2018\u2019de ise 2,79 imi\u015f. Yani ABD 10 y\u0131ll\u0131k tahvil faizleri bir y\u0131lda pek de\u011fi\u015fmemi\u015f. T\u00fcrkiye Hazinesinin d\u0131\u015f tahvil maliyetleri ABD Hazinesinin tahvil faiziyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda yakla\u015f\u0131k iki kat daha y\u00fcksek maliyetli oldu\u011fu g\u00f6r\u00fcl\u00fcyor. Bunda da ters bir durum yok. \u00c7\u00fcnk\u00fc ABD\u2019nin risk primi (CDS primi) bizimkinden \u00e7ok daha d\u00fc\u015f\u00fck.<\/p>\n<p>Bu durumda Hazinenin bu son bor\u00e7lanmas\u0131n\u0131n ge\u00e7en y\u0131lki bor\u00e7lanmas\u0131na g\u00f6re d\u00fc\u015f\u00fck, ABD Hazinesinin bor\u00e7lanmas\u0131na g\u00f6re y\u00fcksek oldu\u011funu s\u00f6yleyebiliriz.<\/p>\n<h6>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <a href=\"http:\/\/www.mahfiegilmez.com\/2018\/01\/hazine-nicin-dsardan-borclanyor.html\" target=\"_blank\" rel=\"noopener nofollow external\" data-wpel-link=\"external\">TIKLAYINIZ<\/a>.<\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Mahfi E\u011filmez&#8217;in bug\u00fcnk\u00fc yaz\u0131s\u0131 Hazinenin 2018 y\u0131l\u0131nda uluslararas\u0131 sermaye piyasalar\u0131na yapt\u0131\u011f\u0131 ilk tahvil ihrac\u0131 Hazine, 2018 y\u0131l\u0131 finansman program\u0131 \u00e7er\u00e7evesinde uluslararas\u0131 sermaye piyasalar\u0131ndan tahvil ihrac\u0131&hellip;<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[808,801,847],"class_list":["post-52944","post","type-post","status-publish","format-standard","hentry","category-tumyazilar","tag-ekonomi-makaleleri","tag-ekonomi-yazarlari-listesi","tag-mahfi-egilmez-yazilari"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/52944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=52944"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/52944\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=52944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=52944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=52944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}