{"id":68821,"date":"2026-09-24T23:51:25","date_gmt":"2026-09-24T23:51:25","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/abd-7-yillik-hazine-tahvili-ihalesinde-getiri-5085e-sicradi-daha-uzun-sure-yuksek-faiz-beklentileri-guclendi\/"},"modified":"2026-09-24T23:51:25","modified_gmt":"2026-09-24T23:51:25","slug":"abd-7-yillik-hazine-tahvili-ihalesinde-getiri-5085e-sicradi-daha-uzun-sure-yuksek-faiz-beklentileri-guclendi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/abd-7-yillik-hazine-tahvili-ihalesinde-getiri-5085e-sicradi-daha-uzun-sure-yuksek-faiz-beklentileri-guclendi\/","title":{"rendered":"ABD 7 y\u0131ll\u0131k Hazine tahvili ihalesinde getiri %5,085\u2019e s\u0131\u00e7rad\u0131; \u201cdaha uzun s\u00fcre y\u00fcksek faiz\u201d beklentileri g\u00fc\u00e7lendi"},"content":{"rendered":"

ABD Hazine\u2019sinin son 7 y\u0131ll\u0131k tahvil ihalesi %5,085 bile\u015fik faizle sonu\u00e7land\u0131; bu oran, bir \u00f6nceki ihaledeki %4,512 seviyesinin \u00fczerine \u00e7\u0131kt\u0131. Bu hareket, \u00f6nceki sat\u0131\u015fa k\u0131yasla ilgili vadede daha y\u00fcksek bir bor\u00e7lanma maliyetine i\u015faret ediyor.<\/p>\n

Art\u0131\u015f, ihale faizini \u00f6nceki seviyeye g\u00f6re 0,573 puan yukar\u0131 ta\u015f\u0131d\u0131. Bu t\u00fcr sonu\u00e7lar, ABD\u2019nin orta vadeli kamu borcuna y\u00f6nelik talep ve daha geni\u015f faiz beklentilerine dair verdikleri sinyaller nedeniyle yak\u0131ndan izleniyor.<\/p>\n

Faiz S\u0131\u00e7ramas\u0131n\u0131n Piyasa A\u00e7\u0131s\u0131ndan Sonu\u00e7lar\u0131<\/h3>\n

ABD 7 y\u0131ll\u0131k Hazine tahvili getirisinin \u00f6nceki %4,512 seviyesinden %5,085\u2019e ani s\u0131\u00e7ramas\u0131, sabit getirili piyasalar i\u00e7in g\u00fc\u00e7l\u00fc bir uyar\u0131 niteli\u011finde. Bizim g\u00f6r\u00fc\u015f\u00fcm\u00fcze g\u00f6re bu keskin y\u00fckseli\u015f, uzun vadeli enflasyon ve kamu borcu arz\u0131na y\u00f6nelik derin bir tedirginli\u011fe i\u015faret ediyor; bu da tahvil fiyatlar\u0131n\u0131 h\u0131zla a\u015fa\u011f\u0131 \u00e7ekiyor. T\u00fcrev piyasas\u0131 yat\u0131r\u0131mc\u0131lar\u0131 a\u00e7\u0131s\u0131ndan bu h\u0131zl\u0131 yeniden fiyatlama, sakin faiz beklentileri d\u00f6neminin resmen sona erdi\u011fi anlam\u0131na geliyor.<\/p>\n

Yat\u0131r\u0131mc\u0131lara, iShares 7-10 Year Treasury Bond ETF (IEF) gibi orta vadeli tahvil \u00fcr\u00fcnlerinde put opsiyonu alarak getiri oynakl\u0131\u011f\u0131n\u0131n s\u00fcrmesine y\u00f6nelik agresif pozisyon al\u0131nmas\u0131n\u0131 \u00f6neriyoruz. Tarihsel olarak 7 y\u0131ll\u0131k getiri psikolojik %5 e\u015fi\u011fini a\u015ft\u0131\u011f\u0131nda\u2014Ekim 2023\u2019teki tahvil piyasas\u0131 sat\u0131\u015f dalgas\u0131na benzer \u015fekilde\u2014tahvil fiyatlar\u0131nda g\u00fc\u00e7l\u00fc bir a\u015fa\u011f\u0131 y\u00f6nl\u00fc ivme g\u00f6r\u00fcl\u00fcyor. Hazine tahvili vadeli i\u015flemlerinde bear put spread kullan\u0131m\u0131, risk sermayesini korurken bu a\u015fa\u011f\u0131 hareketlerden faydalanmaya yard\u0131mc\u0131 olacakt\u0131r.<\/p>\n

Portf\u00f6y Korunmas\u0131 ve Faiz T\u00fcrevleri Stratejisi<\/h3>\n

Daha y\u00fcksek getiriler do\u011fal olarak hisse senedi de\u011ferlemeleri \u00fczerinde bask\u0131 yarat\u0131r; bu da \u00f6n\u00fcm\u00fczdeki haftalarda portf\u00f6ylerimiz i\u00e7in hisse endeksi putlar\u0131n\u0131 \u00f6nemli bir korunma arac\u0131 haline getirir. Orta vadeli getiriler %5\u2019in \u00fczerine s\u0131\u00e7rad\u0131\u011f\u0131nda tarihsel olarak y\u00fckselen CBOE Volatilite Endeksi (VIX) \u00fczerinde al\u0131m opsiyonu al\u0131nmas\u0131n\u0131 \u00f6neriyoruz. Ge\u00e7mi\u015f veriler, bu \u00f6l\u00e7ekte h\u0131zl\u0131 bir getiri art\u0131\u015f\u0131n\u0131n \u00e7o\u011fu zaman bir ay i\u00e7inde S&P 500\u2019de %3 ila %5\u2019lik bir geri \u00e7ekilmeyi tetikledi\u011fini g\u00f6steriyor.<\/p>\n

Son olarak, \u201cdaha uzun s\u00fcre y\u00fcksek\u201d (higher-for-longer) ger\u00e7e\u011fini yans\u0131tacak \u015fekilde SOFR vadeli i\u015flemleri gibi k\u0131sa vadeli faiz t\u00fcrevlerindeki pozisyonlar\u0131m\u0131z\u0131 g\u00fcncellememiz gerekiyor. Piyasa, yat\u0131r\u0131mc\u0131lar\u0131n art\u0131k devlet borcunu ta\u015f\u0131mak i\u00e7in talep etti\u011fi vade primini (term premium) oldu\u011fundan d\u00fc\u015f\u00fck fiyatl\u0131yor. Vadesiz\/d\u00fc\u015f\u00fck olas\u0131l\u0131kl\u0131 (out-of-the-money) SOFR put opsiyonlar\u0131 almak, yat\u0131r\u0131mc\u0131lar\u0131n yak\u0131n vadeli faiz indirimi beklentilerini h\u0131zla fiyat d\u0131\u015f\u0131na itmesiyle olu\u015facak hareketten faydalanmam\u0131z\u0131 sa\u011flayacakt\u0131r.<\/p>\n\n\n\n

Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

ABD 7 y\u0131ll\u0131k tahvil ihalesinde faiz %5,085\u2019e s\u0131\u00e7rad\u0131: Bor\u00e7lanma maliyeti artarken tahvillerde sat\u0131\u015f, hisselerde bask\u0131 sinyali. Uzmanlar IEF put, VIX call ve SOFR put\u2019la korunma \u00f6neriyor.<\/p>\n","protected":false},"author":87,"featured_media":50073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-68821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t