{"id":69071,"date":"2026-09-29T09:51:32","date_gmt":"2026-09-29T09:51:32","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/rising-us-treasury-yields-reshape-bond-allocations-prompting-greater-use-of-rate-and-credit-derivatives-strategies\/"},"modified":"2026-09-29T09:51:32","modified_gmt":"2026-09-29T09:51:32","slug":"rising-us-treasury-yields-reshape-bond-allocations-prompting-greater-use-of-rate-and-credit-derivatives-strategies","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/rising-us-treasury-yields-reshape-bond-allocations-prompting-greater-use-of-rate-and-credit-derivatives-strategies\/","title":{"rendered":"Y\u00fckselen ABD Hazine tahvili getirileri, tahvil portf\u00f6y da\u011f\u0131l\u0131mlar\u0131n\u0131 yeniden \u015fekillendiriyor; faiz ve kredi t\u00fcrevlerine dayal\u0131 stratejilerin kullan\u0131m\u0131n\u0131 art\u0131r\u0131yor"},"content":{"rendered":"

Tahvil getirileri keskin \u015fekilde y\u00fckselerek, y\u0131llard\u0131r d\u00fc\u015f\u00fck getirilerin ard\u0131ndan sabit getirili menkul k\u0131ymetlerin gelir potansiyelini art\u0131rd\u0131 ve portf\u00f6y olu\u015fturma yakla\u015f\u0131mlar\u0131n\u0131 de\u011fi\u015ftirdi. ABD 10 y\u0131ll\u0131k Hazine tahvili getirisi, bir ba\u015fka k\u00fcresel sat\u0131\u015f dalgas\u0131n\u0131n ard\u0131ndan %5\u2019in \u00fczerine \u00e7\u0131kt\u0131. ABD Merkez Bankas\u0131 (Fed), \u00fc\u00e7 y\u0131ldan uzun bir aradan sonra ilk kez politika faizini %3,75\u2013%4,00 aral\u0131\u011f\u0131na y\u00fckseltti ve oda\u011f\u0131 enflasyonda tutarken; y\u00fckselen petrol fiyatlar\u0131, diren\u00e7li b\u00fcy\u00fcme ve kamu bor\u00e7lanmas\u0131na ili\u015fkin endi\u015feler daha uzun vadeli bor\u00e7lanma maliyetleri \u00fczerinde yukar\u0131 y\u00f6nl\u00fc bask\u0131y\u0131 art\u0131rd\u0131. Daha y\u00fcksek ba\u015flang\u0131\u00e7 getirileri, yat\u0131r\u0131mc\u0131lar\u0131n elde edebilece\u011fi ta\u015f\u0131ma getirisini (carry) iyile\u015ftirir; ancak \u00f6zellikle enflasyonun kal\u0131c\u0131 olmas\u0131 veya faizlerin yeniden y\u00fckselmesi halinde, fiyatlarda ilave d\u00fc\u015f\u00fc\u015f riskini ortadan kald\u0131rmaz.<\/p>\n\n

Bu arka plan, tahvillerin farkl\u0131 zaman ufuklar\u0131nda nas\u0131l kullan\u0131labilece\u011fini yeniden \u015fekillendiriyor: istikrar ve gelir i\u00e7in k\u0131sa ve orta vadeli devlet tahvilleri, spread riski kar\u015f\u0131l\u0131\u011f\u0131nda ek getiri i\u00e7in yat\u0131r\u0131m yap\u0131labilir seviye (investment-grade) \u015firket tahvili, faiz indirimlerine duyarl\u0131l\u0131k i\u00e7in daha uzun vadeli devlet tahvilleri ve sat\u0131n alma g\u00fcc\u00fcn\u00fc korumak i\u00e7in TIPS gibi enflasyona endeksli menkul k\u0131ymetler. Tahvil ETF\u2019leri \u00e7e\u015fitlendirilmi\u015f eri\u015fim ve i\u015flem kolayl\u0131\u011f\u0131 sunar; ancak tekil tahvillerin aksine genellikle nihai bir vadesi olmad\u0131\u011f\u0131ndan, yat\u0131r\u0131mc\u0131lar\u0131 faiz ve kredi spreadlerindeki devam eden hareketlere a\u00e7\u0131k b\u0131rak\u0131r. Temel riskler; faiz oran\u0131, enflasyon, kredi, yeniden yat\u0131r\u0131m, kur ve likidite riskleri olmaya devam eder; bu da vade, kredi kalitesi ve hedefin tahsis kararlar\u0131nda merkezi \u00f6nem ta\u015f\u0131d\u0131\u011f\u0131 anlam\u0131na gelir.<\/p>\n\n

Y\u00fckselen Tahvil Getirilerine G\u00f6re T\u00fcrev Stratejilerinin Ayarlanmas\u0131<\/h3>\n\n

K\u00fcresel tahvil getirileri \u00fczerindeki kal\u0131c\u0131 yukar\u0131 y\u00f6nl\u00fc bask\u0131y\u0131 dikkate alarak t\u00fcrev stratejilerimizi derhal ayarlamal\u0131y\u0131z. ABD 10 y\u0131ll\u0131k Hazine tahvili getirisinin son aylarda %4,3 civar\u0131nda seyretmesi ve k\u00fcresel tahvil volatilitesinin y\u00fcksek kalmas\u0131yla, k\u0131sa vadeli sabit getirili t\u00fcrevler olduk\u00e7a cazip bir risk-getiri profili sunuyor. Getiri yakalarken merkez bankalar\u0131ndan gelebilecek ani \u015fahinle\u015fmelere kar\u015f\u0131 korunmak i\u00e7in k\u0131sa-orta vadeli faiz swaplar\u0131 ve opsiyonlar\u0131nda i\u015flem yapmaya odaklanmal\u0131y\u0131z.<\/p>\n\n

Swaption, Vadeli \u0130\u015flemler ve Kredi Temerr\u00fct Takaslar\u0131nda F\u0131rsatlar<\/h3>\n\n

Enflasyon riskleri s\u00fcrerken, ilave oynakl\u0131\u011fa kar\u015f\u0131 korunmak amac\u0131yla faiz swaption\u2019lar\u0131n\u0131n kullan\u0131m\u0131nda \u00f6nemli f\u0131rsatlar g\u00f6r\u00fcyoruz. Tarihsel veriler, vade priminin (term premium) y\u00fckseldi\u011fi d\u00f6nemlerde uzun vadeli varl\u0131klar\u0131n en fazla zarar g\u00f6rd\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor; bu da Hazine tahvilleri alan\u0131nda opsiyonlar\u0131n ima etti\u011fi volatiliteyi, prim net-sat\u0131c\u0131lar\u0131 i\u00e7in olduk\u00e7a k\u00e2rl\u0131 hale getiriyor. Hazine tahvili vadeli i\u015flemleriyle bear-flattener pozisyonlar\u0131 kurgulayarak, uzun vadeli tahvil fiyatlar\u0131ndaki d\u00fc\u015f\u00fc\u015flerin do\u011frudan a\u015fa\u011f\u0131 y\u00f6nl\u00fc riskine maruz kalmadan kal\u0131c\u0131 y\u00fcksek getirilerden faydalanabiliriz.<\/p>\n\n

Ayr\u0131ca, yat\u0131r\u0131m yap\u0131labilir seviye \u015firket borcu \u00fczerindeki kredi temerr\u00fct takaslar\u0131 (CDS), kredi spreadlerindeki geni\u015flemeden yararlanmak i\u00e7in kullan\u0131lmal\u0131d\u0131r. Son ekonomik g\u00f6stergeler, \u015firketlerin yeniden finansman maliyetlerinin y\u00fckseldi\u011fine i\u015faret ediyor; bu da tarihsel olarak kredi spreadlerinde 15 ila 30 baz puanl\u0131k geni\u015flemenin \u00f6nc\u00fcs\u00fc niteli\u011findedir. Bu y\u00fcksek getiri ortam\u0131nda g\u00fcvenli \u015fekilde ilerlemek i\u00e7in, CDS endekslerinde taktiksel uzun pozisyonlar\u0131n k\u0131sa vadeli faiz call\u2019lar\u0131 ile birlikte uygulanmas\u0131n\u0131 \u00f6neriyoruz.<\/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":"

Tahvil piyasas\u0131nda tablo tersine d\u00f6nd\u00fc: 10 y\u0131ll\u0131k ABD faizi %5\u2019i a\u015ft\u0131. Y\u00fcksek ba\u015flang\u0131\u00e7 getirileri carry\u2019i art\u0131r\u0131rken riskler s\u00fcr\u00fcyor. Portf\u00f6ylerde vade-kredi se\u00e7imi, TIPS\/ETF ve swaption-vadeli CDS\u2019lerle korunma \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":69070,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-69071","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