Yat\u0131r\u0131m derecesi<\/b><\/span><\/h3>\n+BB ve Ba1 \u00fczerinde derecelendirilen t\u00fcm tahvillerin ihtiyat fonlar\u0131 ve yat\u0131r\u0131m fonlar\u0131 i\u00e7in yat\u0131r\u0131m yapmas\u0131na izin verilmektedir. Faiz \u00f6dememe ve\/veya anaparay\u0131 geri \u00f6dememe riski \u00e7ok d\u00fc\u015f\u00fckt\u00fcr. <\/span>
\n<\/span>Bunlar yat\u0131r\u0131m ama\u00e7l\u0131<\/b> makinelerdir<\/span> .<\/span>
\n<\/span>Web sitesinde g\u00f6r\u00fcnen t\u00fcm derecelendirmelere spek\u00fclatif derecelendirmeler<\/b> denir<\/span> .<\/span><\/span><\/p><\/td>\n
![\"\u0130lgin\u00e7](\"https:\/\/globalfinanceschool.com\/wp-content\/uploads\/2024\/10\/guide-1031-2.png\" "\\"\u0130lgin\u00e7") <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nTablo 1<\/b><\/h3>\n![\"\u0130lgin\u00e7](\"https:\/\/globalfinanceschool.com\/wp-content\/uploads\/2024\/10\/guide-1041-2.webp\" "\\"\u0130lgin\u00e7") <\/p>\n
Tablo 1 i\u00e7in a\u00e7\u0131klama<\/b><\/p>\n Tablo, ba\u011flant\u0131l\u0131 olmayan \u015firket tahvillerini (=\u015fekel) ifade etmektedir. A\u00e7\u0131klamadaki veriler ilk sat\u0131ra at\u0131fta bulunmaktad\u0131r. <\/span><\/p>\n\n\n\n| Numaralama<\/span><\/td>\n | s\u00fctun<\/span><\/td>\n | S\u00fctunun ba\u015fl\u0131\u011f\u0131<\/span><\/td>\n | a\u00e7\u0131klama<\/span><\/td>\n<\/tr>\n\n| S\u00fctun 1<\/span><\/td>\n | isim<\/span><\/td>\n | Tahvilin ad\u0131 ve numaras\u0131.<\/span> Aura Bond Tu<\/span><\/td>\n<\/tr>\n\n| 2<\/span><\/td>\n | kapatma<\/span><\/td>\n | Fiyat i\u015flem g\u00fcn\u00fcn\u00fcn sonunu ifade eder<\/span><\/td>\n<\/tr>\n\n| 3<\/span><\/td>\n | son kap\u0131<\/span><\/td>\n | Hisse (=tahvil fiyat\u0131)<\/span> 99,51<\/span><\/td>\n<\/tr>\n\n| 4<\/span><\/td>\n | g\u00fcnl\u00fck de\u011fi\u015fim<\/span><\/td>\n | Agoralarda adland\u0131r\u0131lm\u0131\u015ft\u0131r. d\u00fc\u015ft\u00fc <\/span>0.19- <\/span>Aj. Yani bir kuru\u015fun 0,19\u2019u <\/span><\/td>\n<\/tr>\n\n| 5<\/span><\/td>\n | % olarak g\u00fcnl\u00fck de\u011fi\u015fim<\/span><\/td>\n | %0,19<\/span> (y\u00fczde birden az)<\/span><\/td>\n<\/tr>\n\n| 6<\/span><\/td>\n | \u0130\u015flem hacmi (A.NIS cinsinden)<\/span><\/td>\n | (A = binlerce)<\/span><\/td>\n | 300 bin NIS<\/span> (=300.000 NIS).<\/span><\/td>\n | \u0130\u015flem hacmi Aura tahvillerini ifade eder 10<\/span><\/td>\n<\/tr>\n\n| 7<\/span><\/td>\n | M.H.M<\/span><\/td>\n | MHAM (ortalama ya\u015fam s\u00fcresinin k\u0131saltmas\u0131). Bu, mevcut i\u015flem g\u00fcn\u00fcnden tahvilin nihai vadesine kadar ge\u00e7en s\u00fcreyi (y\u0131l cinsinden) ifade eder. [<\/span> <\/span>1,31<\/span> y\u0131l<\/span> ]<\/span><\/td>\n<\/tr>\n\n| 8<\/span><\/td>\n | br\u00fct getiri<\/span><\/td>\n | Tahvili elinde bulunduranlar\u0131n elde edece\u011fi y\u0131ll\u0131k getiri<\/span><\/td>\n | Son \u00f6demeye kadar [<\/span> %5,74<\/span> ]<\/span><\/td>\n<\/tr>\n\n| 9<\/span><\/td>\n | net getiri<\/span><\/td>\n | Getiri, eksi kar \u00fczerinden yap\u0131lan vergi \u00f6demeleri [<\/span> %4,78<\/span> ].<\/span><\/td>\n | K\u00fc\u00e7\u00fck yat\u0131r\u0131mc\u0131lar belirli ko\u015fullar alt\u0131nda vergi muafiyetinden faydalanma hakk\u0131na sahiptir.<\/span><\/span><\/td>\n<\/tr>\n\n| 10<\/span><\/td>\n | d\u00fczeltilmi\u015f de\u011fer<\/span><\/td>\n | Tahvilin i\u015flem g\u00fcn\u00fc sonundaki teorik fiyat\u0131<\/span><\/td>\n<\/tr>\n\n| 11<\/span><\/td>\n | Son vade tarihi<\/span><\/td>\n | 13.12.23<\/span><\/td>\n<\/tr>\n\n| 12<\/span><\/td>\n | Derece derecelendirmesi<\/span><\/td>\n | \u015eirket Ma\u2019alot\u2019tan tahvilin derecelendirmesini talep etmedi\u011fi i\u00e7in derecelendirme yok<\/span><\/td>\n<\/tr>\n\n| 13<\/span><\/td>\n | Midrog de\u011ferlendirmesi<\/span><\/td>\n | A3il<\/span>. \u05dc\u05d3\u05d9\u05e8\u05d5\u05d2\u05d9\u05dd \u05d4\u05de\u05ea\u05d9\u05d9\u05d7\u05e1\u05d9\u05dd \u05dc\u05d0\u05d2\u05f4\u05d7 \u05d1\u05d9\u05e9\u05e8\u05d0\u05dc, \u05de\u05ea\u05d5\u05d5\u05e1\u05e4\u05ea \u05d4\u05e1\u05d9\u05d5\u05de\u05ea il <\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nkupon<\/b><\/h2>\nFaiz olarak al\u0131nan her t\u00fcrl\u00fc paraya<\/span> kupon denir.<\/b> Tutar, tutar\u0131ndan t\u00fcretilir. (nominal de\u011fer) sahip oldu\u011funuz.<\/span><\/p>\nBir \u00f6rnekle a\u00e7\u0131klayaca\u011f\u0131z. Mo\u015fe\u2019ye 10.000 E.N.<\/span> Eloni Hatz 12.<\/b> ba\u011f<\/span>\u015eirket alt\u0131 ayda bir %2 faiz \u00f6d\u00fcyor. her y\u0131l\u0131n 3\/31 ve 9\/31 tarihlerinde. Dolay\u0131s\u0131yla Moshe\u2019nin alt\u0131 ayda bir alaca\u011f\u0131 kupon miktar\u0131 200 NIS (=%2 * 10.000 NIS) <\/span>Tahvilin borsadaki fiyat\u0131n\u0131n kupon tutar\u0131na etkisi yoktur.<\/span><\/p>\nFaiz (y\u0131ll\u0131k) ve getiri (y\u0131ll\u0131k) aras\u0131ndaki fark<\/b><\/h2>\nFaiz.<\/b> (yukar\u0131daki \u00f6rne\u011fe bak\u0131n)<\/span><\/p>\nMoshe\u2019nin herhangi bir y\u0131lda ald\u0131\u011f\u0131 faiz miktar\u0131, alt\u0131 ayda bir %2 olan tahvilde belirtilen faiz y\u00fczdesinden t\u00fcretilir; yani: 400 NIS.<\/span><\/p>\nteslim olmak<\/b><\/p>\n Verim 2 bile\u015feni dikkate al\u0131r:<\/span><\/p>\n\n- al\u0131nan faiz<\/span><\/li>\n
- Tahvilin sat\u0131n alma an\u0131ndaki fiyat\u0131 ile vade sonunda al\u0131nan tutar aras\u0131ndaki fark, her zaman N ba\u015f\u0131na 1 NIS\u2019dir. Moshe her 1 p.n.\u2019nin paras\u0131n\u0131 \u00f6deseydi. Her A.N. i\u00e7in 0,9 NIS (90 AJ) ve ard\u0131ndan \u00f6deme s\u0131ras\u0131nda buna 10 AJ eklenir. bunlar faizin yan\u0131 s\u0131ra k\u00e2rd\u0131r.<\/span><\/span><\/li>\n<\/ol>\n
Bu senaryoda getiri faizden daha fazlad\u0131r. \u00d6te yandan, Moshe 1 A.N.\u2019nin tamam\u0131n\u0131 sat\u0131n ald\u0131ysa. tahvilin fiyat\u0131 1,05 NIS ise, itfa tarihinde 5 AZ tutar\u0131nda zarara u\u011frayacakt\u0131r (sat\u0131n alma fiyat\u0131 ile 1 NIS aras\u0131ndaki fark). Bu senaryoda getiri<\/b> faizden<\/b> daha azd\u0131r<\/span> .<\/span><\/span><\/p>\nGeri alma fiyat\u0131 ile sat\u0131n alma fiyat\u0131 aras\u0131ndaki farka sermaye kazanc\u0131<\/b> veya<\/span> sermaye kayb\u0131<\/b> denir.<\/span><\/p>\nFaiz oran\u0131 de\u011fi\u015fimlerinin tahvil fiyat\u0131na etkisi<\/h2>\n\u015eu senaryoya bakal\u0131m: 31.12.22 tarihinde ekonomideki faiz oran\u0131 %3, Elite tahvilinin fiyat\u0131 1,0 NIS ve y\u0131ll\u0131k faiz oran\u0131 %3\u2019t\u00fcr. (Bu ayn\u0131 zamanda y\u0131ll\u0131k getiridir). Moshe\u2019nin elinde 10.000 A.N. Elit Tahviller. 1 Mart 2023\u2019te ekonomideki faiz oran\u0131 y\u00fczde 10\u2019a \u00e7\u0131kar\u0131ld\u0131 (a\u00e7\u0131klama a\u00e7\u0131s\u0131ndan a\u015f\u0131r\u0131) ve bankalar da mevduatlara y\u00fczde 10 \u00f6demeye haz\u0131r. Bu senaryoda, Moshe elindeki (y\u0131ll\u0131k getirisi %3 olan) tahvilleri aceleyle satacak ve paray\u0131 y\u0131ll\u0131k %10 kar\u015f\u0131l\u0131\u011f\u0131nda bankaya yat\u0131racak ve bu da muhtemelen s\u00f6z konusu tahvillerin t\u00fcm sahipleri taraf\u0131ndan yap\u0131lacakt\u0131r. .<\/span><\/p>\nSoru, bankada %10 alabiliyorken NIS 1 kar\u015f\u0131l\u0131\u011f\u0131nda %3 getiri sa\u011flayan bir tahvili kimin sat\u0131n alaca\u011f\u0131d\u0131r. Tabii ki cevap \u015fu: hi\u00e7 kimse. Sat\u0131\u015fta ba\u015far\u0131l\u0131 olmak i\u00e7in tahvilin fiyat\u0131n\u0131n, tahvilin getirisinin %10\u2019a e\u015fit olaca\u011f\u0131 \u015fekilde d\u00fc\u015fmesi gerekir (bankadan ald\u0131\u011f\u0131n\u0131z gibi), ancak tahvillerin faiz oran\u0131 %3\u2019te sabitlendi\u011finden sermaye kazanc\u0131 elde edilir. yukar\u0131ya do\u011fru z\u0131plamak gerekiyor. Bu s\u0131\u00e7rama, tahvil fiyat\u0131 ile NIS 1 aras\u0131ndaki fark artt\u0131\u011f\u0131nda elde edilir. Ba\u015fka bir deyi\u015fle tahvilin fiyat\u0131n\u0131n d\u00fc\u015fmesi gerekiyor. Ve genel olarak ekonomide faiz oranlar\u0131n\u0131n artmas\u0131 tahvil fiyatlar\u0131n\u0131n d\u00fc\u015fmesine neden oluyor. \u00d6te yandan ekonomide faiz oran\u0131n\u0131n y\u00fczde 1\u2019e d\u00fc\u015fmesi durumunda banka da mevduata y\u00fczde 1 oran\u0131nda \u00f6deme yapacak. Yani hi\u00e7 kimse %3 getiri sa\u011flayan bir tahvili, %1 getiri sa\u011flayan bir mevduat kar\u015f\u0131l\u0131\u011f\u0131nda satmaz. Bu senaryoda tahvilin fiyat\u0131n\u0131n artmas\u0131 ve getirisinin %1\u2019e d\u00fc\u015fmesi gerekiyor. %1\u2019e d\u00fc\u015f\u00fc\u015f, tahvilin fiyat\u0131ndaki art\u0131\u015ftan kaynaklanacak ve bu da sermaye kazan\u00e7lar\u0131nda azalmaya neden olacak ve faizde \u00f6nemli bir d\u00fc\u015f\u00fc\u015f olmas\u0131 durumunda ayn\u0131 zamanda tahvilin fiyat\u0131 anlam\u0131na gelen sermaye kayb\u0131 da ya\u015fayaca\u011f\u0131z. borsa 1 NIS\u2019den y\u00fcksek olacakt\u0131r. <\/span><\/p>\nFaiz ve getiri aras\u0131ndaki ili\u015fkiden bilgiler<\/h2>\nTahvilin fiyat\u0131 NIS 1\u2019den d\u00fc\u015f\u00fck oldu\u011funda, faiz tutar\u0131na sermaye kazanc\u0131 eklendi\u011finden faiz getiriden daha azd\u0131r. Tahvil fiyat\u0131 NIS 1\u2019den b\u00fcy\u00fck oldu\u011funda faiz oran\u0131 getiriden y\u00fcksektir. Faiz tutar\u0131ndan sermaye kayb\u0131 d\u00fc\u015f\u00fcl\u00fcr. Tahvilin fiyat\u0131 1 NIS oldu\u011funda faiz oran\u0131 getiriye e\u015fit olur. <\/span><\/p>\nFaiz oranlar\u0131ndaki de\u011fi\u015fim sonras\u0131nda KDV\u2019nin tahvil fiyatlar\u0131na etkisi<\/h2>\nBir \u00f6rnek kullanarak:<\/span><\/p>\n<\/strong><\/p>\nBir tarih<\/p>\n <\/p>\n Moshe\u2019nin 10.000 A.N.\u2019si var. Elit tahviller 1 N.E i\u00e7in 1 NIS olarak fiyatland\u0131r\u0131l\u0131r. Y\u0131ll\u0131k faiz \u2013 %4 Y\u0131ll\u0131k getiri \u2013 %4 (fiyat 1 NIS oldu\u011fundan ve sermaye kazanc\u0131 veya kayb\u0131 olmad\u0131\u011f\u0131ndan) Banka mevduat\u0131na olan faiz \u2013 %4<\/span><\/p>\n<\/strong><\/p>\nikinci d\u00f6nem<\/p>\n <\/p>\n Ekonomideki faiz oran\u0131 %6\u2019ya y\u00fckselir ve banka mevduat\u0131 faiz oran\u0131 da \u00f6yle. Elbette hi\u00e7bir yat\u0131r\u0131mc\u0131, her 1 NIS i\u00e7in bankadan %6 (6 AZ) alabilecekken, 1 NIS fiyat\u0131ndan Elite tahvilleri sat\u0131n al\u0131p %4 (= 4 AZ) getiri elde etmeye istekli olmayacakt\u0131r. Tahvili elinde bulunduran Mo\u015fe, paras\u0131n\u0131 bankaya yat\u0131ran \u0130brahim\u2019den 2 aj daha az alacak. Tahvilin faiz oran\u0131 10 y\u0131l ise Moshe d\u00f6nem boyunca 20 AJ (=10 y\u0131l * 2 AJ) kaybedecektir. Buna g\u00f6re yat\u0131r\u0131mc\u0131n\u0131n tahvili sat\u0131n almakla bankaya yat\u0131rmak aras\u0131nda kay\u0131ts\u0131z kalabilmesi i\u00e7in tahvilin fiyat\u0131n\u0131n 20 AZ (%20) d\u00fc\u015fmesi gerekiyor. S\u00f6zle\u015fme 30 y\u0131ll\u0131ksa, fiyat\u0131n 60 AED (%60) yani 40 AED\u2019ye d\u00fc\u015fmesi gerekecek. <\/span><\/p>\n<\/strong><\/p>\nSon Tarih B \u2013 Se\u00e7enek II \u2013 Ekonomideki faiz oran\u0131 %4\u2019ten %1\u2019e d\u00fc\u015fer<\/p>\n <\/p>\n Faiz oran\u0131 %4\u2019ten %1\u2019e d\u00fc\u015ft\u00fc\u011f\u00fcnde Moshe\u2019nin Avraham\u2019a kar\u015f\u0131 \u00f6nceli\u011fi olacak. Moshe y\u0131lda 4 AJ (%4) al\u0131rken, Avraham banka mevduat\u0131 olarak 1 AJ (%1) alacak. Y\u0131lda 3 AJ\u2019lik bir bo\u015fluk. 10 y\u0131ll\u0131k s\u00f6zle\u015fmede Moshe lehine k\u00fcm\u00fclatif fark 30 AJ olacak. Bu nedenle tahvilin borsadaki 10 fiyat\u0131n\u0131n 30 AZ (1,30 NIS) art\u0131r\u0131lmas\u0131 gerekiyor, b\u00f6ylece Moshe\u2019nin tahvili banka mevduat\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda satmas\u0131 faydal\u0131 olabilir. 1.30 NIS kar\u015f\u0131l\u0131\u011f\u0131nda tahvil sat\u0131n alanlar toplamda \u015funlar\u0131 alacak: <\/span><\/p>\n![\"\u0130lgin\u00e7](\"https:\/\/globalfinanceschool.com\/wp-content\/uploads\/2024\/10\/guide-1042-2.png\" "\\"\u0130lgin\u00e7") <\/p>\n
T\u0131pk\u0131 paras\u0131n\u0131 bankaya yat\u0131rsayd\u0131 alaca\u011f\u0131 gibi. Yukar\u0131daki hesaplamalar teoriktir. Ger\u00e7ekte bu e\u011filim mevcuttur ancak borsadaki fiyat \u00e7o\u011fu durumda teorik fiyattan farkl\u0131d\u0131r. Tablo 1, s\u00fctun 10 (teorik fiyat olan d\u00fczeltilmi\u015f fiyat) ile s\u00fctun 3\u2019e (borsadaki fiyat) bak\u0131n. <\/span><\/p>\nKabul edilebilir temel kurallar<\/b><\/h2>\n\n- Faiz oran\u0131ndaki her %1\u2019lik art\u0131\u015f, tahvilin fiyat\u0131nda %1*KDV d\u00fc\u015fecektir.<\/span>
\n 10 indirimle \u2013 fiyat %10 azal\u0131r<\/span>
\n 30 indirimle \u2013 %30 indirimli fiyatla<\/span>
\n Faiz oran\u0131 %2 d\u00fc\u015ferse tahvilin fiyat\u0131 %2 d\u00fc\u015fer * KDV<\/span>
\n 10 TL indirimle fiyatta %20 indirim yap\u0131l\u0131r<\/span><\/li>\n- Faiz oran\u0131ndaki her %1\u2019lik d\u00fc\u015f\u00fc\u015f, tahvilin fiyat\u0131nda %1*KDV artacakt\u0131r.<\/span>
\n<\/span>Faizdeki %1\u2019lik art\u0131\u015f ile faizdeki %1\u2019lik azalma aras\u0131nda ters i\u015faretli bir simetri vard\u0131r.<\/span><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"Pop\u00fcler yat\u0131r\u0131m yollar\u0131 Makale finansal alanda herhangi bir bilgisi olmayan genel kamuoyuna y\u00f6neliktir. \u00d6nce teoriyi a\u00e7\u0131klayaca\u011f\u0131z, sonra bunun ger\u00e7ekle nas\u0131l \u00f6rt\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6rece\u011fiz. Son olarak \u00f6nerimizi sunaca\u011f\u0131z. Yan\u0131tlar\u0131n\u0131, sorular\u0131n\u0131, a\u00e7\u0131klamalar\u0131n\u0131 ve uygun g\u00f6rd\u00fc\u011f\u00fcn\u00fcz di\u011fer yorumlar\u0131 sayfan\u0131n alt k\u0131sm\u0131ndaki yorumlarda duymaktan b\u00fcy\u00fck mutluluk duyar\u0131z. Genel halk paras\u0131n\u0131 esas olarak 3 kanal arac\u0131l\u0131\u011f\u0131yla biriktirme e\u011filimindedir. stoklamak tahviller (tahviller) […]<\/p>\n","protected":false},"author":9274,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16926],"tags":[],"class_list":["post-283284","post","type-post","status-publish","format-standard","hentry","category-makaleler-sermaye-piyasasi"],"_links":{"self":[{"href":"https:\/\/globalfinanceschool.com\/tr\/wp-json\/wp\/v2\/posts\/283284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalfinanceschool.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalfinanceschool.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalfinanceschool.com\/tr\/wp-json\/wp\/v2\/users\/9274"}],"replies":[{"embeddable":true,"href":"https:\/\/globalfinanceschool.com\/tr\/wp-json\/wp\/v2\/comments?post=283284"}],"version-history":[{"count":0,"href":"https:\/\/globalfinanceschool.com\/tr\/wp-json\/wp\/v2\/posts\/283284\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalfinanceschool.com\/tr\/wp-json\/wp\/v2\/media?parent=283284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalfinanceschool.com\/tr\/wp-json\/wp\/v2\/categories?post=283284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalfinanceschool.com\/tr\/wp-json\/wp\/v2\/tags?post=283284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | | | | | | | | | | | | | | |