<\/p>\n
Financial Times’ta yer alan habere g\u00f6re, negatif getirili devlet tahvilleri ilk kez 10 trilyon dolar limitini a\u015ft\u0131. Merkez bankalar\u0131n\u0131n te\u015fvikleri ve devlet tahvillerine y\u00f6nelik artan yat\u0131r\u0131mc\u0131 i\u015ftah\u0131yla negatif faizli devlet bor\u00e7lanma ara\u00e7lar\u0131 finansal piyasalar\u0131n giderek daha fazla k\u0131sm\u0131n\u0131 kaps\u0131yor.<\/p>\n
Kredi derecelendirme kurulu\u015fu Fitch verilerine g\u00f6re May\u0131s ay\u0131nda, negatif getiriyle i\u015flem g\u00f6ren devlet tahvili miktar\u0131 y\u00fczde 5 art\u0131\u015fla 10.4 trilyon dolar d\u00fczeyine \u00e7\u0131kt\u0131. Fitch’e g\u00f6re bu y\u00fckseli\u015fte \u0130talya, Almanya ve Fransa devlet tahvillerinin fiyatlar\u0131ndaki y\u00fckseli\u015f etkili oldu. Tahvil getirisiyle tahvil fiyat\u0131 ters hareket ediyor.<\/p>\n
\u0130lk olarak y\u00fcksek kredi notuna sahip k\u0131sa vadeli tahvilleri etkileyen negatif getirili tahvillerin y\u00fckseli\u015fi, Avrupa Merkez Bankas\u0131 (AMB) ve Japonya Merkez Bankas\u0131’n\u0131n (BoJ) faizleri d\u00fc\u015f\u00fcrmesi ve tahvil al\u0131m programlar\u0131 ba\u015flatmas\u0131yla, Almanya 7 y\u0131l vadeli Bundlar\u0131na ve 10 y\u0131l vadeli Japonya tahvillerine kadar yay\u0131ld\u0131.<\/p>\n
\u00c7ar\u015famba g\u00fcn\u00fc AMB mevduat faizini y\u00fczde -0.4’te sabit tuttu\u011funu duyurdu.<\/p>\n
Fitch analisti Robert Grossman, “Merkez bankas\u0131 hamleleri kesinlikle bu y\u00fckseli\u015fte etkili, ancak k\u00fcresel \u00e7apta getiri aray\u0131\u015f\u0131, y\u00fcksek kaliteli menkul k\u0131ymet bulma iste\u011fi de bu tahvillerde olan bitenin bir par\u00e7as\u0131” yorumunda bulundu.<\/p>\n
Grossman, bankalar\u0131n sermaye tamponlar\u0131n\u0131 y\u00fckseltmelerine y\u00f6nelik reg\u00fclasyonlar\u0131n da negatif getirili devlet tahvillerine ka\u00e7\u0131\u015f\u0131 yo\u011funla\u015ft\u0131rd\u0131\u011f\u0131n\u0131 s\u00f6yl\u00fcyor.<\/p>\n
Portf\u00f6y y\u00f6neticileri, emeklilik fonlar\u0131 ve sigorta \u015firketleri, vadeye kadar elde tutulmas\u0131 durumunda yat\u0131r\u0131mc\u0131s\u0131na negatif getiri sa\u011flayan negatif faizli tahviller konusunda s\u0131k\u0131nt\u0131 ya\u015f\u0131yor. Ancak, fon y\u00f6neticileri bu tahvillere ilgi g\u00f6steriyor \u00e7\u00fcnk\u00fc merkez bankas\u0131 sat\u0131n almalarl tahvil fiyatlar\u0131n\u0131 art\u0131r\u0131yor.<\/p>\n
Barclays verisine g\u00f6re, ortalama faizi y\u00fczde -0.1 seviyesinde olan Almanya devlet tahvili, y\u0131l ba\u015f\u0131ndan bu yana y\u00fczde 4.2 getiri sa\u011flad\u0131. Faizi y\u00fczde -0.06 seviyesinde olan Japonya devlet tahviliyse ayn\u0131 d\u00f6nemde y\u00fczde 5.2 getirdi.<\/p>\n
May\u0131s’ta Japonya ve \u0130talya negatif faizli tahvillerdeki art\u0131\u015fa \u00f6nc\u00fc oldu. \u0130talya’n\u0131n 3 ayl\u0131k tahvillerinin getirisi bu d\u00f6nemde s\u0131f\u0131r\u0131n alt\u0131na geriledi.<\/p>\n
Negatif getirili tahviller devlet tahvilleriyle de s\u0131n\u0131rl\u0131 de\u011fil. Negatif faizden i\u015flem g\u00f6ren \u015firket tahvillerinin miktar\u0131, Tradeweb verilerine g\u00f6re, 380 milyar dolara y\u00fckseldi.<\/p>\n
Wells Fargo Investment Institute’de stratejist Sameer Samana, petrolde son d\u00f6nemde sa\u011flanan istikrar ve geli\u015fmi\u015f \u00fclkelerde ekonomide k\u0131r\u0131lgan da olsa ya\u015fanan toparlanman\u0131n negatif getirili tahvilleri bask\u0131layaca\u011f\u0131 konusunda iyimser.<\/p>\n
Samana, “AMB ve BoJ, k\u0131sa vadeli faizleri negatif b\u00f6lgeye indirerek bize yapabileceklerinin bir s\u0131n\u0131r\u0131 oldu\u011funu s\u00f6yl\u00fcyor.\u00a0Negatif faizin getiri e\u011frisinde daha ileri vadelere yay\u0131lmas\u0131 muhtemelen geride b\u0131rakt\u0131\u011f\u0131m\u0131z bir s\u00fcre\u00e7” dedi.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bloomberght – Tahvil fiyatlar\u0131ndaki art\u0131\u015fa paralel olarak getirisi s\u0131f\u0131r\u0131n alt\u0131nda olan devlet tahvillerinin miktar\u0131 May\u0131s’ta bir \u00f6nceki aya g\u00f6re y\u00fczde 5 art\u0131\u015f g\u00f6sterdi<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"views":1758,"_links":{"self":[{"href":"https:\/\/adalethazar.com\/index.php\/wp-json\/wp\/v2\/posts\/847"}],"collection":[{"href":"https:\/\/adalethazar.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adalethazar.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adalethazar.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/adalethazar.com\/index.php\/wp-json\/wp\/v2\/comments?post=847"}],"version-history":[{"count":1,"href":"https:\/\/adalethazar.com\/index.php\/wp-json\/wp\/v2\/posts\/847\/revisions"}],"predecessor-version":[{"id":848,"href":"https:\/\/adalethazar.com\/index.php\/wp-json\/wp\/v2\/posts\/847\/revisions\/848"}],"wp:attachment":[{"href":"https:\/\/adalethazar.com\/index.php\/wp-json\/wp\/v2\/media?parent=847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adalethazar.com\/index.php\/wp-json\/wp\/v2\/categories?post=847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adalethazar.com\/index.php\/wp-json\/wp\/v2\/tags?post=847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}