{"id":70436,"date":"2022-02-18T07:14:43","date_gmt":"2022-02-18T04:14:43","guid":{"rendered":"http:\/\/www.korhanyilmaz.com\/?p=70436"},"modified":"2025-12-31T15:53:58","modified_gmt":"2025-12-31T12:53:58","slug":"hazine-yuzde-33-5-faizle-borclaniyor","status":"publish","type":"post","link":"http:\/\/www.korhanyilmaz.com\/?p=70436","title":{"rendered":"Hazine y\u00fczde 33.5 faizle bor\u00e7lan\u0131yor"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Hazine 5 y\u0131l vadeli sukuk ihrac\u0131 ile dolara %7.25 getiri vererek 3 milyar dolar bor\u00e7land\u0131. Bor\u00e7lanman\u0131n TL cinsi maliyeti ise y\u0131ll\u0131k %33.5 oldu.<\/p>\n

\u0130ktidar\u0131n d\u00fc\u015f\u00fck faiz \u0131srar\u0131 yurti\u00e7i kredi maliyetlerine yans\u0131mad\u0131\u011f\u0131 gibi Hazine’nin d\u0131\u015f piyasalardan \u00e7ok daha y\u00fcksek bir faizle bor\u00e7lanmak zorunda kalmas\u0131na yol a\u00e7\u0131yor. Hazine, yakla\u015fan bor\u00e7 \u00f6demelerine kar\u015f\u0131n bu y\u0131l ilk yurtd\u0131\u015f\u0131n\u0131 bor\u00e7lanmas\u0131n\u0131 sukuk ihrac\u0131 ile ger\u00e7ekle\u015ftirdi. Hazine 5 y\u0131l vadeli sukuk ihrac\u0131 ile dolara %7.25 getiri vererek 3 milyar\u00a0dolar\u00a0bor\u00e7land\u0131. Bor\u00e7lanman\u0131n TL cinsi maliyeti ise y\u0131ll\u0131k %33.5 oldu.<\/p>\n

2 M\u0130LYAR DOLARI ORTA DO\u011eU’YA<\/strong><\/p>\n

Kira sertifikas\u0131n\u0131n %66’s\u0131 Ortado\u011fu, %12’si\u00a0ABD, %12’si Birle\u015fik Krall\u0131k, %5’i di\u011fer Avrupa \u00fclkeleri, %4’\u00fc T\u00fcrkiye ve %1’i Asya’daki yat\u0131r\u0131mc\u0131lara sat\u0131ld\u0131. \u0130hraca, 10.8 milyar dolar talep gelirken, bu rakam T\u00fcrkiye’nin bug\u00fcne kadar sukuk ihra\u00e7lar\u0131nda ula\u015ft\u0131\u011f\u0131 en y\u00fcksek talep oldu.\u00a0 Riskler y\u00fcksek olunca yurtd\u0131\u015f\u0131 yat\u0131r\u0131mc\u0131lar da y\u00fcksek getiri talep ediyor. Bu da bor\u00e7lanma maliyetlerinin katlanmas\u0131na neden oluyor. Hazine kur riskini ortadan kald\u0131rmak i\u00e7in dolar cinsinden \u00f6dedi\u011fi 7.25 faiz kar\u015f\u0131l\u0131\u011f\u0131nda %33.5 TL faizi \u00f6demek durumunda kalacak.<\/p>\n

Y\u00dcKSEK R\u0130SK\u0130N BEDEL\u0130<\/strong><\/p>\n

\u0130hraca 200’den fazla yat\u0131r\u0131mc\u0131, ihra\u00e7 tutar\u0131n\u0131n 3 kat\u0131ndan fazla talep g\u00f6sterdi. Ancak talebin y\u00fcksek olmas\u0131 bor\u00e7lanma maliyetini d\u00fc\u015f\u00fcrmedi. Aksine ge\u00e7en y\u0131lki son bor\u00e7lanmaya g\u00f6re maliyette 70 baz puan art\u0131\u015f g\u00f6r\u00fcld\u00fc. Hazine uluslararas\u0131 piyasalardaki bundan \u00f6nceki son ihrac\u0131n\u0131 kur krizi \u00f6ncesi eyl\u00fcl ay\u0131nda yapm\u0131\u015ft\u0131. Eyl\u00fcl’de 2028 ve 2033 vadeli bor\u00e7lanmalarda nihai getiriler s\u0131ras\u0131yla %5.7 ve %6.5 olmu\u015ftu.<\/p>\n

\u2018K\u00e2r pay\u0131 de\u011fil fahi\u015f faiz oran\u0131’<\/strong><\/p>\n

Eski Hazineci, finans uzman\u0131 \u00d6mer R\u0131fat Gencal, yat\u0131r\u0131mc\u0131ya faizsiz sabit getiri imkan\u0131 sunan sukuk ihrac\u0131nda ortaya \u00e7\u0131kan k\u00e2r pay\u0131n\u0131n\u00a0 tam anlam\u0131yla fahi\u015f bir faize denk geldi\u011fini s\u00f6yledi. D\u00f6viz cinsinden bor\u00e7 stokunun son 6-7 y\u0131lda \u00e7ok artt\u0131\u011f\u0131na i\u015faret eden Gencal, \u201cHazine bug\u00fcn kur riskini ortadan kald\u0131rmak i\u00e7in dolar cinsinden \u00f6denen %7.25 faiz kar\u015f\u0131l\u0131\u011f\u0131nda %33.5 TL faizi \u00f6demek durumumda kalacak\u201d dedi.<\/p>\n

MEHTAP \u00d6ZCAN ERT\u00dcRK<\/p>\n

Kaynak : sozcu.com.tr<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<\/p>\n

Hazine 5 y\u0131l vadeli sukuk ihrac\u0131 ile dolara %7.25 getiri vererek 3 milyar dolar bor\u00e7land\u0131. Bor\u00e7lanman\u0131n TL cinsi maliyeti ise y\u0131ll\u0131k %33.5 oldu.<\/p>\n

\u0130ktidar\u0131n d\u00fc\u015f\u00fck faiz \u0131srar\u0131 yurti\u00e7i kredi maliyetlerine yans\u0131mad\u0131\u011f\u0131 gibi Hazine’nin d\u0131\u015f piyasalardan \u00e7ok daha y\u00fcksek bir faizle bor\u00e7lanmak zorunda kalmas\u0131na yol a\u00e7\u0131yor. Hazine, yakla\u015fan bor\u00e7 \u00f6demelerine <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,7,105],"tags":[6461,6459,6456,6455,6453,3273,6454,6460,6458,6457],"class_list":["post-70436","post","type-post","status-publish","format-standard","hentry","category-dunya","category-ekonomi","category-gundem","tag-borc-odemeleri","tag-borc-stoku","tag-borclanma","tag-dis-piyasalar","tag-dusuk-faiz","tag-hazine","tag-kredi-maliyetleri","tag-kur-riski","tag-omer-rifat-gencal","tag-sukuk-ihraclari","odd"],"_links":{"self":[{"href":"http:\/\/www.korhanyilmaz.com\/index.php?rest_route=\/wp\/v2\/posts\/70436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.korhanyilmaz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.korhanyilmaz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.korhanyilmaz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.korhanyilmaz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=70436"}],"version-history":[{"count":0,"href":"http:\/\/www.korhanyilmaz.com\/index.php?rest_route=\/wp\/v2\/posts\/70436\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.korhanyilmaz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=70436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.korhanyilmaz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=70436"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.korhanyilmaz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=70436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}