{"id":30107,"date":"2026-03-11T20:02:22","date_gmt":"2026-03-11T20:02:22","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/bob-savage-iran-gerilimi-nedeniyle-gelisen-piyasa-borclarinda-genis-capli-satislar-yasandigini-bunun-da-abd-hazine-tahvilleri-ve-alman-bundlarina-talebi-artirdigini-soyluyor\/"},"modified":"2026-03-11T20:02:22","modified_gmt":"2026-03-11T20:02:22","slug":"bob-savage-iran-gerilimi-nedeniyle-gelisen-piyasa-borclarinda-genis-capli-satislar-yasandigini-bunun-da-abd-hazine-tahvilleri-ve-alman-bundlarina-talebi-artirdigini-soyluyor","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/bob-savage-iran-gerilimi-nedeniyle-gelisen-piyasa-borclarinda-genis-capli-satislar-yasandigini-bunun-da-abd-hazine-tahvilleri-ve-alman-bundlarina-talebi-artirdigini-soyluyor\/","title":{"rendered":"Bob Savage, \u0130ran gerilimi nedeniyle geli\u015fen piyasa bor\u00e7lar\u0131nda geni\u015f \u00e7apl\u0131 sat\u0131\u015flar ya\u015fand\u0131\u011f\u0131n\u0131, bunun da ABD Hazine tahvilleri ve Alman Bund\u2019lar\u0131na talebi art\u0131rd\u0131\u011f\u0131n\u0131 s\u00f6yl\u00fcyor"},"content":{"rendered":"BNY verileri, \u0130ran \u00e7at\u0131\u015fmas\u0131 nedeniyle riskten ka\u00e7\u0131\u015f artt\u0131k\u00e7a geli\u015fmekte olan \u00fclke (GO\u00dc) devlet tahvillerinde e\u015f zamanl\u0131 bir sat\u0131\u015f dalgas\u0131 ya\u015fand\u0131\u011f\u0131n\u0131 g\u00f6steriyor. GO\u00dc sabit getirili piyasalar\u0131nda (tahvil gibi d\u00fczenli faiz geliri sa\u011flayan \u00fcr\u00fcnler) geni\u015f \u00e7apl\u0131 net sat\u0131\u015fa ge\u00e7ilirken, talep ABD Hazine tahvilleri (Treasuries), Alman devlet tahvilleri (Bund) ve di\u011fer daha y\u00fcksek kaliteli G10 (en geli\u015fmi\u015f 10 \u00fclke) varl\u0131klar\u0131na kayd\u0131.\n\nBu hareket, daha \u00f6nce GO\u00dc\u2019lerde \u201cvade riski\u201dne (duration: faiz de\u011fi\u015fimlerine kar\u015f\u0131 tahvil fiyat\u0131n\u0131n hassasiyeti) y\u00f6nelen \u00e7e\u015fitlendirmeyi tersine \u00e7eviriyor ve y\u0131lba\u015f\u0131ndan bu yana b\u00f6lgeler genelinde en g\u00fc\u00e7l\u00fc GO\u00dc sat\u0131\u015f\u0131 olarak tan\u0131mlan\u0131yor. \u00c7at\u0131\u015fman\u0131n kademeli olarak yumu\u015fayabilece\u011fine dair s\u00f6ylemlere ra\u011fmen sat\u0131\u015flar\u0131n kapsam\u0131 geni\u015fledi.\n\n<h3>Geli\u015fmekte Olan \u00dclke Bor\u00e7 Ak\u0131mlar\u0131 De\u011fi\u015fiyor<\/h3>\nBNY\u2019nin son g\u00fcncellemesine g\u00f6re, birka\u00e7 Latin Amerika piyasas\u0131 d\u0131\u015f\u0131nda neredeyse t\u00fcm GO\u00dc sabit getirili piyasalar\u0131nda net sat\u0131\u015f var. En b\u00fcy\u00fck fayday\u0131 ABD Hazine tahvillerinin g\u00f6rd\u00fc\u011f\u00fc, ayr\u0131ca Bund\u2019lara ve di\u011fer \u00e7ekirdek G10 varl\u0131klar\u0131na (en g\u00fcvenli kabul edilen ana piyasa tahvilleri) giri\u015f oldu\u011fu belirtiliyor.\n\n\u00dc\u00e7 GO\u00dc b\u00f6lgesinin tamam\u0131nda ge\u00e7en haftaki sat\u0131\u015flar, haftal\u0131k \u201cyumu\u015fat\u0131lm\u0131\u015f\u201d (k\u0131sa d\u00f6nem oynakl\u0131\u011f\u0131n\u0131 azaltmak i\u00e7in ortalamayla d\u00fczeltilmi\u015f) veriye g\u00f6re y\u0131l\u0131n en g\u00fc\u00e7l\u00fcs\u00fc oldu. G\u00fcncelleme ayr\u0131ca, \u00f6nceki ak\u0131m e\u011filimleri ile ge\u00e7en haftaki desen aras\u0131nda belirgin bir ba\u011f olmad\u0131\u011f\u0131n\u0131 s\u00f6yl\u00fcyor.\n\n\u0130ran \u00e7at\u0131\u015fmas\u0131n\u0131n t\u0131rmanmas\u0131n\u0131n ard\u0131ndan geni\u015f varl\u0131k sat\u0131\u015flar\u0131n\u0131n etkileri g\u00f6r\u00fcl\u00fcyor. GO\u00dc sabit getirili piyasalar\u0131ndaki e\u015f zamanl\u0131 sat\u0131\u015f, 2013\u2019teki \u201cTaper Tantrum\u201d (ABD Merkez Bankas\u0131\u2019n\u0131n varl\u0131k al\u0131mlar\u0131n\u0131 azaltaca\u011f\u0131 sinyaliyle piyasalarda sert sat\u0131\u015f dalgas\u0131) d\u00f6neminden bu yana en sert d\u00f6nemlerden biri olarak \u00f6ne \u00e7\u0131kt\u0131. iShares JP Morgan USD Emerging Markets Bond ETF (EMB) gibi tahvil fonlar\u0131nda tek \u00e7eyrekte 5 milyar dolar\u0131 a\u015fan \u00e7\u0131k\u0131\u015flar g\u00f6r\u00fcld\u00fc. \u201cG\u00fcvenli liman\u201d olarak g\u00f6r\u00fclen ABD Hazine tahvillerine y\u00f6neli\u015f, 10 y\u0131ll\u0131k faizi (10-year yield: 10 y\u0131ll\u0131k tahvilin faiz oran\u0131) ocakta k\u0131sa s\u00fcreli\u011fine %3,8\u2019in alt\u0131na itti; bu seviye 2025 ortas\u0131ndan beri g\u00f6r\u00fclmemi\u015fti.\n\nGO\u00dc sat\u0131\u015flar\u0131n\u0131n ayr\u0131m g\u00f6zetmeyen yap\u0131s\u0131, fiyat bozulmalar\u0131 (dislocation: varl\u0131k fiyatlar\u0131n\u0131n temellerden kopmas\u0131) yaratt\u0131. \u00c7at\u0131\u015fmaya do\u011frudan maruziyeti s\u0131n\u0131rl\u0131 Brezilya ve Meksika gibi \u00fclkelerde bile temerr\u00fct risk g\u00f6stergeleri y\u00fckseldi. Kredi temerr\u00fct takas\u0131 (CDS: bir \u00fclke\/\u015firket borcunun \u00f6denmeme riskine kar\u015f\u0131 sigorta benzeri s\u00f6zle\u015fme) primleri bu \u00fclkelerde de \u201cbula\u015fma\u201d etkisiyle geni\u015fledi; CDX Emerging Markets Index (GO\u00dc CDS sepet endeksi) 75 baz puan\u0131n (basis point: y\u00fczde 0,01) \u00fczerinde s\u0131\u00e7rad\u0131. Bu ortam, a\u015f\u0131r\u0131 sat\u0131lan ancak i\u00e7 dinamikleri g\u00fc\u00e7l\u00fc \u00fclkelerin ETF\u2019lerinde (borsada i\u015flem g\u00f6ren fon) toparlanma potansiyeli i\u00e7in daha se\u00e7ici f\u0131rsatlar yarat\u0131yor.\n<p>\n\n<p><strong>Hemen i\u015flem yapmaya ba\u015flay\u0131n &#8211; Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr\/trade-now\/\">buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\u0130ran \u00e7at\u0131\u015fmas\u0131 risk i\u015ftah\u0131n\u0131 vurdu: GO\u00dc devlet tahvillerinde y\u0131l\u0131n en sert, ayr\u0131m g\u00f6zetmeyen sat\u0131\u015f dalgas\u0131 ya\u015fan\u0131rken para Treasuries, Bund ve \u00e7ekirdek G10\u2019a ka\u00e7\u0131yor; CDS\u2019ler s\u0131\u00e7rad\u0131.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-30107","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/30107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=30107"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/30107\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=30107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=30107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=30107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}