TLREF\u2019e endeksli devlet tahvillerinin de\u011fi\u015fken faizli yap\u0131lar\u0131 sayesinde k\u0131sa vadeli faiz seviyelerindeki de\u011fi\u015fimleri kupon getirisine yans\u0131tt\u0131\u011f\u0131 belirtilen de\u011ferlendirmede, d\u00fczenli nakit ak\u0131\u015f\u0131 ve stopaj avantaj\u0131yla TL cinsinden sabit getirili yat\u0131r\u0131m ara\u00e7lar\u0131 i\u00e7erisinde \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131 ifade edildi.<\/p>\n
\u00d6zellikle faizlerin y\u00fcksek ve para politikas\u0131 g\u00f6r\u00fcn\u00fcm\u00fcn\u00fcn belirsiz oldu\u011fu d\u00f6nemlerde, bu tahvillerin yat\u0131r\u0131mc\u0131 a\u00e7\u0131s\u0131ndan hem y\u00fcksek ta\u015f\u0131ma getirisi sundu\u011fu hem de faizlerdeki olas\u0131 yukar\u0131 y\u00f6nl\u00fc hareketlere kar\u015f\u0131 daha s\u0131n\u0131rl\u0131 fiyat duyarl\u0131l\u0131\u011f\u0131 ta\u015f\u0131d\u0131\u011f\u0131 kaydedildi. Bu \u00f6zelliklerin s\u00f6z konusu k\u0131ymetleri portf\u00f6ylerin savunmac\u0131 b\u00f6l\u00fcm\u00fcnde \u00f6nemli bir alternatif haline getirdi\u011fi aktar\u0131ld\u0131.<\/p>\n
Bu kapsamda, 11 Eyl\u00fcl 2030 vadeli TLREF\u2019e Endeksli Devlet Tahvili\u2019nin (TRT110930T36), 14 Eyl\u00fcl 2026 tarihinde ger\u00e7ekle\u015ftirilen ilk ihrac\u0131n\u0131n ard\u0131ndan Ekim ay\u0131nda planlanan yeniden ihrac\u0131yla birlikte ikincil piyasada likit kalmaya devam edecek bir k\u0131ymet olarak \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131 belirtildi.<\/p>\n
Alt\u0131 ayda bir kupon \u00f6demeli tahvilin ilk kupon oran\u0131n\u0131n y\u00fczde 18,25 olarak belirlendi\u011fi, sonraki kupon d\u00f6nemlerinde uygulanacak getirinin ise TLREF endeksinin ilgili d\u00f6nem i\u00e7erisindeki bile\u015fik performans\u0131 \u00fczerinden hesapland\u0131\u011f\u0131 bildirildi. Bu yap\u0131n\u0131n k\u0131ymetin yaln\u0131zca tek bir tarihteki TLREF seviyesine de\u011fil, kupon d\u00f6nemi boyunca ger\u00e7ekle\u015fen gecelik faizlerin bile\u015fik etkisine duyarl\u0131 olmas\u0131n\u0131 sa\u011flad\u0131\u011f\u0131 ifade edildi.<\/p>\n
Kupon hesaplama metodolojisi a\u00e7\u0131s\u0131ndan en \u00f6nemli avantaj\u0131n TLREF\u2019in d\u00f6nem i\u00e7erisinde g\u00fcnl\u00fck olarak bile\u015fiklenmesinden kaynakland\u0131\u011f\u0131 belirtilen de\u011ferlendirmede, kupon d\u00f6neminin ba\u015flang\u0131\u00e7 ve biti\u015f tarihlerinden iki g\u00fcn \u00f6nceki BIST TLREF Endeksi seviyeleri kullan\u0131larak hesaplanan endeks de\u011fi\u015fiminin, ilgili d\u00f6nemde gecelik faizlerin \u00fcst \u00fcste bile\u015fiklenmi\u015f getirisini yans\u0131tt\u0131\u011f\u0131 aktar\u0131ld\u0131.<\/p>\n
Burada kullan\u0131lan oran\u0131n tek bir g\u00fcne ait TLREF faizinin basit \u015fekilde kupona aktar\u0131lmas\u0131ndan ziyade, yakla\u015f\u0131k alt\u0131 ayl\u0131k d\u00f6nem boyunca olu\u015fan gecelik faizlerin bile\u015fik getirisini temsil etti\u011fi kaydedildi. Bu nedenle \u00f6zellikle TLREF seviyelerinin y\u00fcksek kald\u0131\u011f\u0131 bir faiz ortam\u0131nda, endeksin bile\u015fiklenme etkisinin tahvilin d\u00f6nemsel kupon getirisinin tek ba\u015f\u0131na spot TLREF oran\u0131 \u00fczerinden yap\u0131lacak basit bir hesaplamadan daha y\u00fcksek olu\u015fmas\u0131na katk\u0131 sa\u011flad\u0131\u011f\u0131 belirtildi.<\/p>\n
TLREF\u2019e endeksli yap\u0131n\u0131n yat\u0131r\u0131mc\u0131ya faiz g\u00f6r\u00fcn\u00fcm\u00fcndeki de\u011fi\u015fimlere kar\u015f\u0131 \u00f6nemli bir esneklik sundu\u011fu ifade edilen de\u011ferlendirmede, politika faizinin ve piyasa faizlerinin y\u00fcksek kald\u0131\u011f\u0131 d\u00f6nemlerde artan TLREF\u2019in takip eden kupon d\u00f6nemlerinde tahvilin getirisine yans\u0131yaca\u011f\u0131, faizlerin a\u015fa\u011f\u0131 y\u00f6nl\u00fc hareket etti\u011fi senaryoda ise kupon getirisinin zaman i\u00e7erisinde bu de\u011fi\u015fimi takip edece\u011fi bildirildi.<\/p>\n
Bu \u00f6zelli\u011fin sabit kuponlu tahvillere k\u0131yasla yeniden fiyatlama riskini azaltt\u0131\u011f\u0131 ve yat\u0131r\u0131mc\u0131n\u0131n y\u00fcksek faiz ortam\u0131ndaki ta\u015f\u0131ma getirisinden yararlanmas\u0131n\u0131 m\u00fcmk\u00fcn k\u0131ld\u0131\u011f\u0131 belirtildi.<\/p>\n
Gedik Yat\u0131r\u0131m, Ekim ay\u0131nda planlanan yeniden ihrac\u0131yla birlikte likiditesinin desteklenmesini bekledi\u011fi TRT110930T36\u2019n\u0131n, y\u00fcksek TLREF seviyelerinin devam etti\u011fi mevcut konjonkt\u00fcrde de\u011fi\u015fken faiz yap\u0131s\u0131, bile\u015fik endeksleme mekanizmas\u0131 ve d\u00fczenli kupon \u00f6demeleriyle TL sabit getirili portf\u00f6ylerde de\u011ferlendirilebilecek alternatiflerden biri oldu\u011funu bildirdi.<\/p>\n
De\u011ferlendirmede, \u00f6zellikle faizlerin k\u0131sa vadede y\u00fcksek seyretmeye devam etti\u011fi g\u00f6r\u00fcn\u00fcmde TLREF\u2019in bile\u015fik getiri mekanizmas\u0131n\u0131n kuponlara yans\u0131mas\u0131n\u0131n k\u0131ymetin ta\u015f\u0131ma getirisini destekleyen temel unsurlardan biri olaca\u011f\u0131 ifade edildi.<\/p>\n
<\/strong> \u0130stanbul, 24 Eyl\u00fcl (Hibya) \u2013 Gedik Yat\u0131r\u0131m, T\u00fcrk Liras\u0131 Gecelik Referans Faiz Oran\u0131\u2019na (TLREF) endeksli devlet tahvillerini \u00f6ne \u00e7\u0131karmaya devam etti\u011fini bildirdi.<\/p>\n","protected":false},"author":1,"featured_media":156019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[12,4,1,9],"tags":[],"class_list":["post-156018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spor","category-dunya","category-ekonomi","category-manset"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/156018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/comments?post=156018"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/156018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/156019"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=156018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=156018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=156018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"