Gedik Yat\u0131r\u0131m taraf\u0131ndan yay\u0131mlanan de\u011ferlendirmede, eyl\u00fcl ay\u0131nda Devlet \u0130\u00e7 Bor\u00e7lanma Senetleri (D\u0130BS) piyasas\u0131nda verim e\u011frisinin 1 Eyl\u00fcl sonuna k\u0131yasla t\u00fcm vadelerde yukar\u0131 kayd\u0131\u011f\u0131 belirtildi.<\/p>\n
Eyl\u00fcl ba\u015f\u0131nda y\u00fczde 35,0-35,2 band\u0131nda seyreden 3 ay ile 1 y\u0131l aras\u0131ndaki k\u0131sa vadeli faizlerin, 1 Ekim itibar\u0131yla yakla\u015f\u0131k 100 baz puan art\u0131\u015fla y\u00fczde 36,0-36,2 seviyelerine y\u00fckseldi\u011fi aktar\u0131ld\u0131. Eyl\u00fcl ba\u015f\u0131nda y\u00fczde 33,8-34,1 seviyelerinde bulunan 8-10 y\u0131ll\u0131k uzun vadeli tahvil faizlerinin de eyl\u00fcl sonu ve ekim ba\u015f\u0131 itibar\u0131yla y\u00fczde 35,2-35,4 seviyelerine \u00e7\u0131kt\u0131\u011f\u0131 ifade edildi.<\/p>\n
Verim e\u011frisindeki yukar\u0131 y\u00f6nl\u00fc paralel kayman\u0131n, enflasyon g\u00f6r\u00fcn\u00fcm\u00fcne ili\u015fkin temkinli duru\u015fun korunmas\u0131, piyasadaki likidite ad\u0131mlar\u0131 ve faiz patikas\u0131na y\u00f6nelik beklentilerin yeniden \u015fekillenmesinden kaynakland\u0131\u011f\u0131 de\u011ferlendirildi. K\u0131sa vadeli faizlerin uzun vadeli faizlerin \u00fczerindeki yatay ve ters e\u011fimli yap\u0131s\u0131n\u0131 korumas\u0131n\u0131n ise s\u0131k\u0131 para politikas\u0131 duru\u015funun fiyatlamalar \u00fczerindeki etkisinin s\u00fcrd\u00fc\u011f\u00fcne i\u015faret etti\u011fi belirtildi.<\/p>\n
Eyl\u00fcl ay\u0131nda D\u0130BS piyasas\u0131ndaki g\u00fcnl\u00fck i\u015flem hacimlerinin hareketli ve dalgal\u0131 bir seyir izledi\u011fi kaydedildi. Ay ba\u015f\u0131nda 20-22 milyar TL seviyesinde ba\u015flayan g\u00fcnl\u00fck toplam i\u015flem hacminin, ay\u0131n ilk yar\u0131s\u0131nda kademeli olarak artt\u0131\u011f\u0131 bildirildi.<\/p>\n
Hazine\u2019nin yo\u011fun ihale ve do\u011frudan sat\u0131\u015f ihra\u00e7 program\u0131n\u0131 ger\u00e7ekle\u015ftirdi\u011fi 14-15 Eyl\u00fcl tarihlerinden itibaren i\u015flem hacminde g\u00fc\u00e7l\u00fc bir ivme g\u00f6r\u00fcld\u00fc\u011f\u00fc ifade edildi. 14 Eyl\u00fcl\u2019de 32 milyar TL\u2019nin \u00fczerine \u00e7\u0131kan i\u015flem hacminin 16 Eyl\u00fcl\u2019de 40 milyar TL\u2019yi a\u015farak ay\u0131n zirvesine ula\u015ft\u0131\u011f\u0131 belirtildi.<\/p>\n
Ay\u0131n ikinci yar\u0131s\u0131nda, 18-22 Eyl\u00fcl d\u00f6neminde i\u015flem hacminin 18-22 milyar TL band\u0131na geriledi\u011fi, son haftaya girilirken ise aktivitenin belirgin \u015fekilde zay\u0131flad\u0131\u011f\u0131 ve hacmin 10 milyar TL\u2019nin alt\u0131na indi\u011fi aktar\u0131ld\u0131. Bu d\u00f6nemsel hareketlerin, Hazine\u2019nin yo\u011fun bor\u00e7lanma takvimi ve ihale g\u00fcnlerinde kurumsal yat\u0131r\u0131mc\u0131lar\u0131n pozisyon alma i\u015ftah\u0131ndaki art\u0131\u015f\u0131 yans\u0131tt\u0131\u011f\u0131, ay sonuna do\u011fru ise daha bekle-g\u00f6r a\u011f\u0131rl\u0131kl\u0131 bir seyir izlendi\u011fi de\u011ferlendirildi.<\/p>\n
Gedik Yat\u0131r\u0131m\u2019\u0131n portf\u00f6y de\u011ferlendirmesinde, \u00f6nerilen portf\u00f6y\u00fcn \u00f6ncelikle koruma odakl\u0131 ve temkinli yat\u0131r\u0131mc\u0131lar i\u00e7in tasarland\u0131\u011f\u0131 ve mevduat \u00fczeri getiri hedefledi\u011fi belirtildi.<\/p>\n
Portf\u00f6y\u00fcn defansif omurgas\u0131n\u0131 olu\u015fturan A grubundaki TLREF\u2019e endeksli devlet tahvillerinin (TRT030730T12, TRT090130T12 ve TRT110930T36) y\u00fczde 50 a\u011f\u0131rl\u0131kla portf\u00f6ydeki en b\u00fcy\u00fck paya sahip oldu\u011fu kaydedildi. Y\u00fcksek seyreden enerji fiyatlar\u0131, risk i\u015ftah\u0131n\u0131n hen\u00fcz yeterince artmamas\u0131 ve devam eden belirsizliklerin enflasyonist etkileri nedeniyle bu gruptaki a\u011f\u0131rl\u0131\u011f\u0131n y\u00fcksek tutuldu\u011fu ifade edildi.<\/p>\n
De\u011fi\u015fken kuponlu bu k\u0131ymetlerin, enflasyon ve faiz art\u0131\u015f\u0131 riskine kar\u015f\u0131 koruma sa\u011flad\u0131\u011f\u0131 ve y\u00fcksek kupon oranlar\u0131yla faizlerin y\u00fcksek seyretti\u011fi senaryolarda portf\u00f6ye gelir ak\u0131\u015f\u0131 sundu\u011fu belirtildi.<\/p>\n
B grubunda yer alan y\u00fczde 30 a\u011f\u0131rl\u0131\u011f\u0131ndaki sabit kuponlu devlet tahvillerinin (TRT150328T24 ve TRT130928T38) portf\u00f6y\u00fcn k\u0131sa-orta vadeli esneklik ve getiri bile\u015fenini olu\u015fturdu\u011fu aktar\u0131ld\u0131. G\u00f6sterge niteli\u011findeki 2 y\u0131l vadeli tahvilin y\u00fcksek likiditesi, faiz beklentilerine h\u0131zl\u0131 yan\u0131t verme kapasitesi ve fiyat kazanc\u0131 potansiyeliyle portf\u00f6y\u00fcn dengelenmesine katk\u0131 sa\u011flad\u0131\u011f\u0131 ifade edildi.<\/p>\n
C grubunda y\u00fczde 20 a\u011f\u0131rl\u0131kla yer alan uzun vadeli sabit kuponlu devlet tahvili (TRT160431T35) ise portf\u00f6y\u00fcn orta-uzun vadeli bile\u015feni olarak tan\u0131mland\u0131. Yakla\u015f\u0131k 5 y\u0131l vadeli bu k\u0131ymetin orta-uzun vadeli pozisyon almak isteyen yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan getiri f\u0131rsat\u0131 sundu\u011fu, faizlerin d\u00fc\u015fmesi durumunda sermaye kazanc\u0131 potansiyeli ta\u015f\u0131d\u0131\u011f\u0131 ve portf\u00f6y\u00fcn vade \u00e7e\u015fitlili\u011fini art\u0131rd\u0131\u011f\u0131 belirtildi.<\/p>\n
De\u011ferlendirmede, s\u00f6z konusu stratejinin TLREF\u2019e endeksli tahvillerle sa\u011flanan defansif yap\u0131y\u0131, k\u0131sa ve orta vadeli sabit kuponlu tahvillerin getiri ve potansiyel sermaye kazanc\u0131 imkanlar\u0131yla birle\u015ftirdi\u011fi ifade edildi.<\/p>\n
Hazine\u2019nin eyl\u00fcl ay\u0131 sonunda ekim-aral\u0131k d\u00f6nemine ili\u015fkin finansman program\u0131n\u0131 a\u00e7\u0131klad\u0131\u011f\u0131 hat\u0131rlat\u0131lan de\u011ferlendirmede, ekim ay\u0131nda 436,6 milyar TL i\u00e7 bor\u00e7 ve 178,7 milyar TL kar\u015f\u0131l\u0131\u011f\u0131 d\u0131\u015f bor\u00e7 geri \u00f6demesi ger\u00e7ekle\u015ftirilece\u011fi belirtildi. Buna kar\u015f\u0131l\u0131k ihale, do\u011frudan sat\u0131\u015f ve kamuya sat\u0131\u015flar yoluyla 414,8 milyar TL i\u00e7 bor\u00e7lanma hedeflendi\u011fi ve \u00f6ng\u00f6r\u00fclen bor\u00e7 \u00e7evirme oran\u0131n\u0131n y\u00fczde 95 seviyesinde bulundu\u011fu aktar\u0131ld\u0131.<\/p>\n
Ekim-aral\u0131k d\u00f6neminin tamam\u0131nda Hazine\u2019nin 219,9 milyar TL\u2019si anapara, 456,7 milyar TL\u2019si faiz olmak \u00fczere toplam yakla\u015f\u0131k 676,6 milyar TL i\u00e7 bor\u00e7 geri \u00f6demesi ger\u00e7ekle\u015ftirece\u011fi \u00f6ng\u00f6r\u00fcld\u00fc. Anapara \u00f6demelerinin ekimde 188,8 milyar TL, kas\u0131mda 29,6 milyar TL ve aral\u0131kta 1,5 milyar TL; faiz \u00f6demelerinin ise ekimde 247,8 milyar TL, kas\u0131mda 93,1 milyar TL ve aral\u0131kta 115,8 milyar TL olmas\u0131 bekleniyor.<\/p>\n
D\u0131\u015f bor\u00e7 geri \u00f6demelerinin TL kar\u015f\u0131l\u0131\u011f\u0131n\u0131n yakla\u015f\u0131k 241,2 milyar TL olaca\u011f\u0131 \u00f6ng\u00f6r\u00fcl\u00fcrken, bu tutar\u0131n ekimde 178,7 milyar TL, kas\u0131mda 41,9 milyar TL ve aral\u0131kta 20,6 milyar TL seviyesinde ger\u00e7ekle\u015fmesi bekleniyor.<\/p>\n
Hazine\u2019nin s\u00f6z konusu \u00fc\u00e7 ayl\u0131k d\u00f6nemde toplam 630,7 milyar TL i\u00e7 bor\u00e7lanma ger\u00e7ekle\u015ftirmeyi planlad\u0131\u011f\u0131 belirtildi. Bu tutar\u0131n ekimde 414,8 milyar TL, kas\u0131mda 110,4 milyar TL ve aral\u0131kta 105,5 milyar TL olmas\u0131 bekleniyor. B\u00f6ylece d\u00f6nem genelinde ortalama yakla\u015f\u0131k y\u00fczde 93,2 i\u00e7 bor\u00e7 \u00e7evirme rasyosu olu\u015faca\u011f\u0131 ifade edildi.<\/p>\n
Bu rakamlara g\u00f6re Hazine\u2019nin ekim-aral\u0131k d\u00f6neminde net i\u00e7 bor\u00e7lanma tutar\u0131n\u0131n yakla\u015f\u0131k 410,8 milyar TL seviyesinde ger\u00e7ekle\u015fmesinin \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc belirtildi. Net i\u00e7 bor\u00e7lanman\u0131n ekimde 226 milyar TL, kas\u0131mda 80,8 milyar TL ve aral\u0131kta 104 milyar TL olmas\u0131 bekleniyor.<\/p>\n
<\/strong> \u0130stanbul, 8 Ekim (Hibya) – Gedik Yat\u0131r\u0131m\u2019\u0131n de\u011ferlendirmesine g\u00f6re eyl\u00fcl ay\u0131nda Devlet \u0130\u00e7 Bor\u00e7lanma Senetleri (D\u0130BS) piyasas\u0131nda verim e\u011frisi t\u00fcm vadelerde yukar\u0131 kayarken, Hazine\u2019nin ekim-aral\u0131k d\u00f6neminde 630,7 milyar TL i\u00e7 bor\u00e7lanma ger\u00e7ekle\u015ftirmesi bekleniyor.<\/p>\n","protected":false},"author":1,"featured_media":163572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[4,1,9],"tags":[],"class_list":["post-163571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dunya","category-ekonomi","category-manset"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/163571","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=163571"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/163571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/163572"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=163571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=163571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=163571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"