{"id":92469,"date":"2025-05-16T00:36:06","date_gmt":"2025-05-16T00:36:06","guid":{"rendered":"https:\/\/ekamu.net\/?p=92469"},"modified":"2025-05-16T00:36:06","modified_gmt":"2025-05-16T00:36:06","slug":"hazinenin-2025-finansman-programi-yayimlandi","status":"publish","type":"post","link":"https:\/\/ekamu.net\/index.php\/2025\/05\/16\/hazinenin-2025-finansman-programi-yayimlandi\/","title":{"rendered":"Hazine’nin 2025 Finansman Program\u0131 yay\u0131mland\u0131"},"content":{"rendered":"
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Hazine ve Maliye Bakanl\u0131\u011f\u0131n\u0131n internet sitesinden 2024 y\u0131l\u0131 geli\u015fmeleri ve 2025 y\u0131l\u0131 \u00f6ng\u00f6r\u00fclerini i\u00e7eren “Hazine Finansman Program\u0131” yay\u0131mland\u0131.<\/p>\n

Orta Vadeli Program ve Merkezi Y\u00f6netim B\u00fct\u00e7esi \u00f6ng\u00f6r\u00fcleri esas al\u0131narak haz\u0131rlanan 2025 y\u0131l\u0131 Hazine Finansman Program\u0131’na g\u00f6re ge\u00e7en y\u0131l 65,1 ay olan nakit i\u00e7 bor\u00e7lanman\u0131n ortalama vadesi, bu y\u0131l ocak-ekim d\u00f6neminde 48,6 ay oldu. Y\u00fczde 20,6 olan sabit getirili T\u00fcrk liras\u0131 cinsi i\u00e7 bor\u00e7lanma ortalama maliyeti de ayn\u0131 d\u00f6nemde y\u00fczde 36 seviyesinde ger\u00e7ekle\u015fti.<\/p>\n

Yat\u0131r\u0131mc\u0131 taban\u0131n\u0131n geni\u015fletilmesi ve bor\u00e7lanma ara\u00e7lar\u0131n\u0131n \u00e7e\u015fitlendirilmesi amac\u0131yla ilk defa 2012 y\u0131l\u0131nda ger\u00e7ekle\u015ftirilen kira sertifikas\u0131 ihra\u00e7lar\u0131na 2024 y\u0131l\u0131nda da devam edildi. Bu \u00e7er\u00e7evede s\u00f6z konusu d\u00f6nemde i\u00e7 piyasada toplam 69,7 milyar lira tutar\u0131nda T\u00fcrk liras\u0131 cinsi kira sertifikas\u0131 ihrac\u0131 yap\u0131ld\u0131.<\/p>\n<\/div>\n

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\u0130lk defa 2017 y\u0131l\u0131 Ekim ay\u0131nda ihra\u00e7 edilen alt\u0131n tahvili ve alt\u0131na dayal\u0131 kira sertifikas\u0131 ihra\u00e7lar\u0131 bu y\u0131l da s\u00fcrd\u00fcr\u00fcld\u00fc. Bu \u00e7er\u00e7evede sermaye piyasalar\u0131n\u0131n g\u00fc\u00e7lendirilmesi amac\u0131yla bankalara ve yat\u0131r\u0131m fonlar\u0131na y\u00f6nelik ihra\u00e7lar ger\u00e7ekle\u015ftirildi. 2024 y\u0131l\u0131nda toplam 126,4 ton alt\u0131n tahvili ve alt\u0131na dayal\u0131 kira sertifikas\u0131 itfas\u0131na kar\u015f\u0131l\u0131k, 48,5 tonu alt\u0131n tahvili ve 83,3 tonu alt\u0131na dayal\u0131 kira sertifikas\u0131 olmak \u00fczere toplam 131,8 ton alt\u0131n kar\u015f\u0131l\u0131\u011f\u0131 senet ihra\u00e7 edildi.<\/p>\n

Bu y\u0131l ocak-ekim d\u00f6neminde 2,9 milyar avro tutar\u0131ndaki D\u00f6viz cinsi i\u00e7 bor\u00e7 anapara itfas\u0131na kar\u015f\u0131l\u0131k i\u00e7 piyasada 1,2 milyar avro tutar\u0131nda d\u00f6viz cinsi i\u00e7 bor\u00e7lanma, 1,6 milyar dolar tutar\u0131ndaki d\u00f6viz cinsi i\u00e7 bor\u00e7 anapara itfas\u0131na kar\u015f\u0131l\u0131k da 1,6 milyar dolar tutar\u0131nda d\u00f6viz cinsi i\u00e7 bor\u00e7lanma ger\u00e7ekle\u015fti.<\/p>\n

Yaz d\u00f6nemine girmeden y\u0131ll\u0131k finansman ihtiyac\u0131n\u0131n y\u00fczde 70’i kar\u015f\u0131land\u0131<\/strong><\/b><\/p>\n

2024 y\u0131l\u0131nda k\u00fcresel ekonomik g\u00f6r\u00fcn\u00fcm, geli\u015fmi\u015f \u00fclke merkez bankalar\u0131n\u0131n para politikas\u0131 kararlar\u0131 ve ya\u015fanan jeopolitik geli\u015fmeler k\u00fcresel piyasalar\u0131 yak\u0131ndan etkilemeye devam etti.<\/p>\n

Y\u0131l i\u00e7inde ba\u015fta Avrupa Merkez Bankas\u0131 (AMB) ve ABD Merkez Bankas\u0131 (Fed) olmak \u00fczere geli\u015fmi\u015f \u00fclke merkez bankalar\u0131n\u0131n para politikas\u0131nda gev\u015femeye gitmeye ba\u015flad\u0131klar\u0131 g\u00f6zlendi. \u00dclkelerin artan finansman ihtiya\u00e7lar\u0131 ve k\u00fcresel olarak daha uygun oldu\u011fu g\u00f6zlenen piyasa ko\u015fullar\u0131 neticesinde, \u00f6zellikle geli\u015fmekte olan \u00fclkeler taraf\u0131ndan uluslararas\u0131 sermaye piyasalar\u0131nda sene ba\u015f\u0131ndan bu yana son y\u0131llara k\u0131yasla y\u00fcksek tutarlarda tahvil ihrac\u0131 ger\u00e7ekle\u015ftirildi.<\/p>\n

Bu y\u0131l \u015fubat ve mart aylar\u0131nda s\u0131ras\u0131yla 3 milyar dolar ve 2 milyar avro tutarlar\u0131nda ger\u00e7ekle\u015ftirilen iki tahvil ihrac\u0131 ile y\u0131l\u0131n ilk \u00e7eyre\u011finde y\u0131ll\u0131k finansman tutar\u0131n\u0131n yar\u0131s\u0131ndan fazlas\u0131 kar\u015f\u0131lanarak toplamda yakla\u015f\u0131k 5,2 milyar dolar tutar\u0131nda finansman sa\u011fland\u0131. Temmuz ay\u0131nda ger\u00e7ekle\u015ftirilen 1,75 milyar dolar tutar\u0131ndaki ihra\u00e7 ile piyasalar yaz d\u00f6nemine girmeden y\u0131ll\u0131k finansman ihtiyac\u0131n\u0131n y\u00fczde 70’i kar\u015f\u0131land\u0131.<\/p>\n

Ekim ay\u0131nda Bakanl\u0131k taraf\u0131ndan ihra\u00e7 edilen 3,5 milyar dolar tutar\u0131ndaki 2035 vadeli tahvil ihrac\u0131 ile e\u015f zamanl\u0131 olarak y\u00fck\u00fcml\u00fcl\u00fck y\u00f6netimi i\u015flemi y\u00fcr\u00fct\u00fcld\u00fc. Bu i\u015flem kapsam\u0131nda uluslararas\u0131 piyasalarda i\u015flem g\u00f6rmekte olan 2024 ve 2025 vadeli tahvillerin yakla\u015f\u0131k 1,8 milyar dolar tutar\u0131ndaki k\u0131sm\u0131n\u0131n, yeni ihra\u00e7 edilen tahvillerle de\u011fi\u015fimi sa\u011fland\u0131 ve s\u00f6z konusu tutar 2035 y\u0131l\u0131na \u00f6telendi. B\u00f6ylelikle d\u0131\u015f bor\u00e7 stokunun vadesi uzat\u0131ld\u0131, refinansman riski azalt\u0131ld\u0131 ve bu sayede itfa profili rahatlat\u0131ld\u0131. Gerek de\u011fi\u015fim i\u015flemine gerekse ihrac\u0131n de\u011fi\u015fime tabi olmayan nakit finansman k\u0131sm\u0131na yabanc\u0131 yat\u0131r\u0131mc\u0131n\u0131n yo\u011fun ilgisi g\u00f6zlendi. Y\u00fck\u00fcml\u00fcl\u00fck y\u00f6netimi i\u015flemi hari\u00e7 tutuldu\u011funda, bu tahvil ihrac\u0131 ile yakla\u015f\u0131k 1,7 milyar dolar tutar\u0131nda nakit finansman sa\u011fland\u0131.<\/p>\n

Konvansiyonel tahvil veya sukuk piyasas\u0131ndaki finansman imkanlar\u0131 de\u011ferlendirilebilecek<\/strong><\/b><\/p>\n

2024 y\u0131l\u0131nda \u00fclke kredi notundaki art\u0131r\u0131mlar ve risk primindeki iyile\u015fmenin etkisiyle, y\u0131l i\u00e7inde ger\u00e7ekle\u015ftirilen t\u00fcm tahvil ihra\u00e7lar\u0131na ve de\u011fi\u015fim i\u015flemine kat\u0131l\u0131m\u0131n y\u00fcksek olmas\u0131 ve 3 Ekim 2024 tarihli son ihra\u00e7ta ABD tahvili \u00fczerine \u00f6denen ilave risk priminin uzun bir aradan sonra ilk kez 300 baz puan\u0131n alt\u0131na gerilemesi, olumlu geli\u015fmeler olarak \u00f6ne \u00e7\u0131kt\u0131. Bu geli\u015fmeler \u00e7er\u00e7evesinde 2024 y\u0131l\u0131 i\u00e7inde uluslararas\u0131 sermaye piyasalar\u0131nda ger\u00e7ekle\u015ftirilen tahvil ihra\u00e7lar\u0131, toplam 10,5 milyar dolara ula\u015ft\u0131. Son tahvil ihrac\u0131n\u0131n y\u00fck\u00fcml\u00fcl\u00fck y\u00f6netimi k\u0131sm\u0131 hari\u00e7 tutuldu\u011funda ise bunun yakla\u015f\u0131k 8,6 milyar dolarl\u0131k k\u0131sm\u0131 nakit finansman olarak elde edildi.<\/p>\n

Piyasa ko\u015fullar\u0131n\u0131n uygunlu\u011fu \u00e7er\u00e7evesinde y\u0131l\u0131n geri kalan\u0131nda potansiyel bir finansman i\u015flemi i\u00e7in konvansiyonel tahvil veya sukuk piyasas\u0131ndaki finansman imkanlar\u0131 de\u011ferlendirilebilecek. Yat\u0131r\u0131mc\u0131 ili\u015fkileri kapsam\u0131nda ise 2024 y\u0131l\u0131 ocak-ekim d\u00f6neminde uluslararas\u0131 yat\u0131r\u0131mc\u0131lar, finansal kurulu\u015flar ve kredi derecelendirme kurulu\u015flar\u0131 ile T\u00fcrk ekonomisi, yerel ve k\u00fcresel sermaye piyasalar\u0131ndaki geli\u015fmelere ili\u015fkin \u00e7ok say\u0131da g\u00f6r\u00fc\u015fme ger\u00e7ekle\u015ftirilerek farkl\u0131 profil ve \u00e7e\u015fitlilikteki yat\u0131r\u0131mc\u0131 kitlesine ula\u015f\u0131ld\u0131.<\/p>\n

2025’te 2 trilyon 845,5 milyar lira i\u00e7 bor\u00e7lanma yap\u0131lmas\u0131 planlan\u0131yor<\/strong><\/b><\/p>\n

Gelecek y\u0131l 1 trilyon 373,2 milyar lira anapara ve 1 trilyon 868,7 milyar lira faiz olmak \u00fczere toplam 3 trilyon 241,9 milyar lira tutar\u0131nda bor\u00e7 servisi ger\u00e7ekle\u015ftirilmesi, bor\u00e7 servisinin 2 trilyon 385 milyar liras\u0131n\u0131n i\u00e7 bor\u00e7, 856,9 milyar liras\u0131n\u0131n ise d\u0131\u015f bor\u00e7 olarak yap\u0131lmas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcyor.<\/p>\n

\u0130\u00e7 bor\u00e7 servisinin 2 trilyon 229 milyar liral\u0131k k\u0131sm\u0131n\u0131n piyasaya yap\u0131lacak \u00f6demelerden, 156 milyar liral\u0131k k\u0131sm\u0131n\u0131n ise kamu kurumlar\u0131na rekabet\u00e7i olmayan teklif yoluyla ger\u00e7ekle\u015ftirilen sat\u0131\u015flar\u0131n \u00f6demelerinden olu\u015fmas\u0131 hedefleniyor.<\/p>\n

Nakit bazl\u0131 faiz d\u0131\u015f\u0131 denge, \u00f6zelle\u015ftirme gelirleri, 2\/B sat\u0131\u015f gelirleri, Tasarruf Mevduat\u0131 Sigorta Fonundan aktar\u0131lacak kaynaklar ile devirli ve garantili bor\u00e7 geri d\u00f6n\u00fc\u015fleri ve kasa\/banka kullan\u0131m\u0131 sonucu elde edilecek bor\u00e7lanma d\u0131\u015f\u0131 kaynaklar\u0131n toplam\u0131n\u0131n eksi 62,9 milyar lira olmas\u0131 bekleniyor.<\/p>\n

2025 y\u0131l\u0131nda uluslararas\u0131 sermaye piyasalar\u0131ndan tahvil ve kira sertifikas\u0131 ihra\u00e7lar\u0131 yoluyla 11 milyar dolar tutar\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda finansman sa\u011flanmas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcyor. Bu \u00f6ng\u00f6r\u00fcler do\u011frultusunda 2025 y\u0131l\u0131nda 2 trilyon 845,5 milyar lira i\u00e7 bor\u00e7lanma yap\u0131lmas\u0131 planlan\u0131yor.<\/p>\n

Piyasa ko\u015fullar\u0131 \u00e7er\u00e7evesinde de\u011fi\u015fim ve geri al\u0131m ihaleleri yap\u0131labilecek<\/strong><\/b><\/p>\n

Programa g\u00f6re, T\u00fcrk liras\u0131 cinsinden sabit kuponlu “g\u00f6sterge tahvil”lerinin ihrac\u0131na piyasa ko\u015fullar\u0131 \u00e7er\u00e7evesinde d\u00fczenli devam edilmesi ama\u00e7lan\u0131yor. T\u00fcrk liras\u0131 cinsinden kuponlu\/kuponsuz bonolar ve tahviller, farkl\u0131 vadeli de\u011fi\u015fken kuponlu tahviller, enflasyona endeksli tahviller, alt\u0131n tahvili ve alt\u0131na dayal\u0131 kira sertifikalar\u0131 itfa takvimine ve piyasa ko\u015fullar\u0131na ba\u011fl\u0131 olarak ihra\u00e7 edilebilecek. T\u00fcrk cinsi kira sertifikalar\u0131n\u0131n ihra\u00e7lar\u0131na 2025 y\u0131l\u0131nda da devam edilmesi \u00f6ng\u00f6r\u00fcl\u00fcyor. Piyasa kat\u0131l\u0131mc\u0131lar\u0131n\u0131n ilave talepleri de ayr\u0131ca de\u011ferlendirilebilecek.<\/p>\n

Ayl\u0131k olarak nakit giri\u015fleri ile \u00e7\u0131k\u0131\u015flar\u0131 aras\u0131nda g\u00f6zlenebilecek ge\u00e7ici uyumsuzlu\u011fun giderilmesi amac\u0131yla k\u0131sa vadeli Hazine bonolar\u0131 ve “Para Piyasas\u0131 Nakit \u0130\u015flemleri Arac\u0131l\u0131\u011f\u0131 ile Sa\u011flanacak Finansman Hakk\u0131nda Y\u00f6netmelik”te yer alan finansman ara\u00e7lar\u0131 kullan\u0131labilecek. Bor\u00e7 servisinin d\u00f6nemler aras\u0131 dengeli da\u011f\u0131l\u0131m\u0131n\u0131n sa\u011flanmas\u0131 ve ikincil piyasada fiyat etkinli\u011finin art\u0131r\u0131lmas\u0131 hedefleriyle piyasa ko\u015fullar\u0131 \u00e7er\u00e7evesinde de\u011fi\u015fim ve geri al\u0131m ihaleleri yap\u0131labilecek, ihalelere ili\u015fkin detaylar ihale g\u00fcn\u00fcnden en az bir i\u015f g\u00fcn\u00fc \u00f6nce kamuoyuna duyurulacak<\/p>\n

Uluslararas\u0131 sermaye piyasalar\u0131ndan finansman sa\u011flanmas\u0131 amac\u0131yla \u00e7e\u015fitli vadelerde konvansiyonel tahviller, kira sertifikalar\u0131, ye\u015fil tahviller, sosyal tahviller ve\/veya s\u00fcrd\u00fcr\u00fclebilir tahviller piyasa ko\u015fullar\u0131na ba\u011fl\u0131 olarak ihra\u00e7 edilebilecek. Piyasa \u00e7e\u015fitlili\u011finin sa\u011flanabilmesi i\u00e7in uluslararas\u0131 piyasalarda ABD dolar\u0131n\u0131n yan\u0131nda imkan olmas\u0131 durumunda di\u011fer d\u00f6viz cinslerinden ihra\u00e7lar da yap\u0131labilecek. Yat\u0131r\u0131mc\u0131 ili\u015fkilerinin geli\u015ftirilmesi ile uluslararas\u0131 sermaye piyasalar\u0131nda \u00fclkeye y\u00f6nelik yat\u0131r\u0131mc\u0131 alg\u0131s\u0131n\u0131n g\u00fc\u00e7lendirilmesi amac\u0131yla uluslararas\u0131 yat\u0131r\u0131m bankalar\u0131, kredi derecelendirme kurulu\u015flar\u0131 ve uluslararas\u0131 yat\u0131r\u0131mc\u0131lar ile ger\u00e7ekle\u015ftirilen g\u00f6r\u00fc\u015fmelere devam edilecek.<\/p>\n<\/div>\n<\/p>\n

<\/p>\n

Kaynak :\u00a0Bloomberg HT<\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Hazine ve Maliye Bakanl\u0131\u011f\u0131nca, gelecek y\u0131l 1 trilyon 373,2 milyar liras\u0131 anapara ve 1 trilyon 868,7 milyar liras\u0131 faiz olmak \u00fczere toplam 3 trilyon 241,9 milyar lira tutar\u0131nda bor\u00e7 servisi ger\u00e7ekle\u015ftirilmesi planlan\u0131yor.<\/p>\n","protected":false},"author":1,"featured_media":92470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[573,519,3067,395,2112],"class_list":["post-92469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi","tag-altin","tag-finansman","tag-ihrac","tag-piyasa","tag-tahvil"],"_links":{"self":[{"href":"https:\/\/ekamu.net\/index.php\/wp-json\/wp\/v2\/posts\/92469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ekamu.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ekamu.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ekamu.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ekamu.net\/index.php\/wp-json\/wp\/v2\/comments?post=92469"}],"version-history":[{"count":1,"href":"https:\/\/ekamu.net\/index.php\/wp-json\/wp\/v2\/posts\/92469\/revisions"}],"predecessor-version":[{"id":92471,"href":"https:\/\/ekamu.net\/index.php\/wp-json\/wp\/v2\/posts\/92469\/revisions\/92471"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekamu.net\/index.php\/wp-json\/wp\/v2\/media\/92470"}],"wp:attachment":[{"href":"https:\/\/ekamu.net\/index.php\/wp-json\/wp\/v2\/media?parent=92469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekamu.net\/index.php\/wp-json\/wp\/v2\/categories?post=92469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekamu.net\/index.php\/wp-json\/wp\/v2\/tags?post=92469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}