{"id":1417,"date":"2022-08-24T18:05:25","date_gmt":"2022-08-24T18:05:25","guid":{"rendered":"https:\/\/blog.spbinvest.hu\/?p=1417"},"modified":"2022-08-24T18:05:25","modified_gmt":"2022-08-24T18:05:25","slug":"a-privatbankarok-szerint-van-jobb-ellenszer-az-inflacio-ellen-a-pmap-nal","status":"publish","type":"post","link":"https:\/\/blog.spbinvest.hu\/?p=1417","title":{"rendered":"A priv\u00e1tbank\u00e1rok szerint van jobb ellenszer az infl\u00e1ci\u00f3 ellen a PM\u00c1P-n\u00e1l"},"content":{"rendered":"<p>B\u00e1r csak j\u00f6v\u0151re v\u00e1rhat\u00f3 a jelent\u0151s kamatugr\u00e1s, id\u00e9n egy\u00e9rtelm\u0171en az infl\u00e1ci\u00f3k\u00f6vet\u0151 \u00e1llampap\u00edr a favorit, heti 40-60 milli\u00e1rd forint\u00e9rt v\u00e1s\u00e1rolj\u00e1k a lakoss\u00e1gi befektet\u0151k.<\/p>\n<p>Kevesebb mint k\u00e9t h\u00f3napja forgalmazza az \u00c1llamad\u00f3ss\u00e1g Kezel\u0151 K\u00f6zpont (\u00c1KK) a j\u00fanius 23-t\u00f3l el\u00e9rhet\u0151 Pr\u00e9mium Magyar \u00c1llampap\u00edrokat \u2013 2026\/J \u00e9s 2028\/K sorozatsz\u00e1mokon \u2013 de a h\u00e9tr\u0151l h\u00e9tre\u00a0<a href=\"https:\/\/akk.hu\/content\/path=LAKFO33\">40-60 milli\u00e1rd forint k\u00f6zt alakul\u00f3 lakoss\u00e1gi kereslet<\/a>\u00a0l\u00e1tt\u00e1n hamarosan kimer\u00fclhet a 250, illetve 400 milli\u00e1rd forintos keret. A m\u00falt h\u00e9ten p\u00e9ld\u00e1ul 43 milli\u00e1rd forintnyi PM\u00c1P-ot vett a lakoss\u00e1g, az idei \u00e9vre 5,85 \u00e9s 6,6 sz\u00e1zal\u00e9kos kamat\u00e9rt cser\u00e9be.<\/p>\n<p>Az \u00c1KK oldal\u00e1n kedden jelentek meg a friss \u00e1llom\u00e1nyadatok, amely szerint augusztus 15-\u00e9vel bez\u00e1r\u00f3lag a jelenleg forgalmazott h\u00e1rom\u00e9ves PM\u00c1P-b\u00f3l 160 milli\u00e1rd fogyott mind\u00f6ssze h\u00e9t h\u00e9t alatt, ezzel a keret 64 sz\u00e1zal\u00e9ka mer\u00fclt ki.<\/p>\n<div class=\"highlightBlock-content\">\n<p>Az \u00f6t\u00e9ves PM\u00c1P \u00e9rt\u00e9kes\u00edt\u00e9se a h\u00f3nap k\u00f6zep\u00e9n 282 milli\u00e1rdn\u00e1l tartott, vagyis a j\u00fanius 23-\u00e1n indult \u00e9rt\u00e9kes\u00edt\u00e9s kezdet\u00e9t\u0151l a keret 70,5 sz\u00e1zal\u00e9ka fogyott el.<\/p>\n<\/div>\n<p>A stabil kereslet azonban nem az idei \u00e9vre \u00e9rv\u00e9nyes kamatoknak sz\u00f3l, hanem a j\u00f6v\u0151 \u00e9vi kamatv\u00e1rakoz\u00e1snak: a Magyar Nemzeti Bank legut\u00f3bbi infl\u00e1ci\u00f3s jelent\u00e9se szerint az idei \u00e9vi \u00e1tlagos infl\u00e1ci\u00f3 11\u201312,6 sz\u00e1zal\u00e9k k\u00f6zt alakulhat, ennek alapj\u00e1n a 2028\/K k\u00f6tv\u00e9ny j\u00f6v\u0151re (az 1,5 sz\u00e1zal\u00e9kos kamatpr\u00e9miummal) 12,5\u201314,1 sz\u00e1zal\u00e9k k\u00f6z\u00f6tt kamatozhat.<\/p>\n<p>A kint l\u00e9v\u0151, az elm\u00falt n\u00e9gy \u00e9vben kibocs\u00e1tott PM\u00c1P-ok aktu\u00e1lis kamatai jelenleg 4,05 \u00e9s 6,6 sz\u00e1zal\u00e9k k\u00f6z\u00f6tt sz\u00f3r\u00f3dnak, azonban j\u00f6v\u0151re b\u0151ven a k\u00e9t sz\u00e1mjegy\u0171 tartom\u00e1nyba \u00e9rkezhetnek meg a kor\u00e1bbi kibocs\u00e1t\u00e1s\u00fa \u00e9s m\u00e1r lez\u00e1rt \u00e9rt\u00e9kes\u00edt\u00e9s\u0171 PM\u00c1P-ok j\u00f6v\u0151 \u00e9vi kamatai is. A folyamatosan emelked\u0151\u00a0<a href=\"https:\/\/www.vg.hu\/kiskereskedelem\/2022\/07\/atalakitotta-a-vasarlasi-szokasainkat-a-magas-inflacio\">infl\u00e1ci\u00f3\u00a0<\/a>l\u00e1tt\u00e1n nem is csoda, hogy a\u00a0<a href=\"https:\/\/www.vg.hu\/vilaggazdasag-magyar-gazdasag\/2022\/08\/itt-a-fordulat-egyre-kevesebb-keszpenzt-tarthatunk-a-magas-inflacio-miatt\">lakoss\u00e1g zs\u00e1kolja<\/a>\u00a0a PM\u00c1P-k\u00f6tv\u00e9nyeket: december v\u00e9g\u00e9n 2203 milli\u00e1rd forint volt a megtakar\u00edt\u00f3kn\u00e1l l\u00e9v\u0151 PM\u00c1P \u00e1llom\u00e1ny, augusztus 15-\u00e9vel bez\u00e1r\u00f3lag 3586 milli\u00e1rdra n\u0151tt.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-1418\" src=\"https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2022\/08\/spb.jpg\" alt=\"\" width=\"550\" height=\"255\" srcset=\"https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2022\/08\/spb.jpg 900w, https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2022\/08\/spb-300x139.jpg 300w, https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2022\/08\/spb-768x356.jpg 768w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/p>\n<p>A Pr\u00e9mium Magyar \u00c1llampap\u00edrok n\u00e9pszer\u0171s\u00e9ge mellett azonban m\u00e1r egy \u00e9ve a doll\u00e1ralap\u00fa eszk\u00f6z\u00f6k ir\u00e1nti ig\u00e9ny is n\u00f6vekszik Doernbrack Sven, az\u00a0<a href=\"https:\/\/www.vg.hu\/penz-es-tokepiac\/2022\/06\/legyen-eleg-keszpenz-a-portfoliokban-erkezhet-a-veteli-jelzes\">SPB Befektet\u00e9si Zrt<\/a>. vezet\u0151 priv\u00e1tbank\u00e1ra szerint, aki a VG-nek azt mondta, hogy b\u00e1r ut\u00f3bbiaknak az emelked\u0151\u00a0<a href=\"https:\/\/www.vg.hu\/penz-es-tokepiac\/2022\/08\/kotvenyrali-indult-az-amerikai-inflacios-adatra\">amerikai kamatk\u00f6rnyezet<\/a>\u00a0miatt cs\u00f6kkenhetett ugyan az \u00e1rfolyama, de a\u00a0<a href=\"https:\/\/www.vg.hu\/nemzetkozi-gazdasag\/2022\/08\/mar-csak-egy-dollart-er-egy-euro-reszket-a-forint-is\">doll\u00e1r-forint deviza\u00e1rfolyam v\u00e1ltoz\u00e1sa<\/a>\u00a0ezt sokszorosan kompenz\u00e1lta (egy \u00e9v alatt 41 sz\u00e1zal\u00e9kkal gyeng\u00fclt a forint a doll\u00e1rhoz k\u00e9pest).<\/p>\n<h2>Eladni nem kell a PM\u00c1P-ot, de a friss p\u00e9nzb\u0151l m\u00e1r m\u00e1st \u00e9rdemes keresni<\/h2>\n<p>Persze az SPB \u00fcgyfelei k\u00f6zt is van, aki a forint megtakar\u00edt\u00e1sokat keresi. Eset\u00fckben\u00a0<strong>a portf\u00f3li\u00f3kban m\u00e1r megl\u00e9v\u0151 Pr\u00e9mium Magyar \u00c1llampap\u00edrok tov\u00e1bbra is tart\u00e1sra javasoltak,<\/strong>\u00a0azonban a friss p\u00e9nzek befektet\u00e9s\u00e9re sz\u00e1mos egy\u00e9b, kedvez\u0151bb hozam\u00fa lehet\u0151s\u00e9g is k\u00edn\u00e1lkozik a priv\u00e1tbanki \u00fcgyfelek sz\u00e1m\u00e1ra, mint az id\u00e9n 6,6 sz\u00e1zal\u00e9kos kamatot fizet\u0151 (\u00f6t\u00e9ves) PM\u00c1P.<\/p>\n<p>Doernbrack Sven szerint egy \u00e9vn\u00e9l r\u00f6videbb id\u0151t\u00e1vra b\u00e1rmelyik DKJ jobb v\u00e1laszt\u00e1s (a 3, a 6 \u00e9s a 12 h\u00f3napos diszkontkincst\u00e1rjegy-hozamok jelenleg: 8,15 sz\u00e1zal\u00e9k, 8,24 sz\u00e1zal\u00e9k \u00e9s 9,77 sz\u00e1zal\u00e9k). Kevesebb figyelmet kap, de szint\u00e9n alkalmas r\u00f6vid t\u00e1vra a\u00a0<a href=\"https:\/\/www.vg.hu\/penz-es-tokepiac\/2022\/07\/uj-kedvenc-az-allampapirok-kozt-kozel-a-realkamat\">Bubor-k\u00f6vet\u0151<\/a>\u00a02027\/B \u00e9s 2029\/B v\u00e1ltoz\u00f3 kamatoz\u00e1s\u00fa \u00e1llampap\u00edr, ezeknek az aktu\u00e1lis negyed\u00e9vben 11,5 \u00e9s 12 sz\u00e1zal\u00e9k a kamata, mindk\u00e9t k\u00f6tv\u00e9ny \u00e9vente n\u00e9gy alkalommal fizet kamatot, \u00e9s mivel mindkett\u0151t 2019 j\u00fanius 1. ut\u00e1n bocs\u00e1tott\u00e1k ki, a kamatot nem terheli ad\u00f3fizet\u00e9si k\u00f6telezetts\u00e9g.<\/p>\n<h2>Bubor-k\u00f6vet\u00e9s \u00e1rfolyamkock\u00e1zattal<\/h2>\n<p>Annyit azonban \u00e9rdemes hozz\u00e1tenni, hogy a PM\u00c1P-ok tart\u00e1s\u00e1val nem mer\u00fcl fel az \u00e1rfolyamvesztes\u00e9g kock\u00e1zata, a Bubor-k\u00f6vet\u0151kkel viszont igen, ezeknek a k\u00f6tv\u00e9nyeknek a piaci \u00e1rfolyama akkor eshet, ha a Bubor tov\u00e1bb emelkedik.<\/p>\n<div class=\"highlightBlock-content\">\n<p>Doernbrack Sven szerint, ha a k\u00f6vetkez\u0151 hetekben kimer\u00fcl a 2028\/K keret, akkor ahogy azt eddig is, minden bizonnyal v\u00e1ltozatlan kond\u00edci\u00f3k mellett r\u00e1bocs\u00e1t\u00e1s k\u00f6vetkezik, vagyis nem m\u00f3dos\u00edt az 1,5 sz\u00e1zal\u00e9kos kamatpr\u00e9miumon az \u00c1KK. A VG k\u00e9rd\u00e9s\u00e9re az \u00c1KK sajt\u00f3oszt\u00e1lya is azt v\u00e1laszolta, hogy \u201eegy adott sorozat kamatpr\u00e9mium m\u00e9rt\u00e9ke nem v\u00e1ltozhat, abban az esetben sem, ha r\u00e1bocs\u00e1t\u00e1s t\u00f6rt\u00e9nik\u201d.<\/p>\n<\/div>\n<p>Az SPB Befektet\u00e9si Zrt. vezet\u0151 priv\u00e1tbank\u00e1ra kiemelte m\u00e9g a 2028\/B sorozatsz\u00e1m\u00fa \u00e1llamk\u00f6tv\u00e9nyt is, amelynek k\u00f6zel 9 sz\u00e1zal\u00e9kos a hozama, magas \u00e1rfolyam-nyeres\u00e9gi potenci\u00e1llal. Az ut\u00f3bbib\u00f3l 325 milli\u00e1rd forintnyi van a befektet\u0151kn\u00e9l, m\u00edg a Bubor-k\u00f6vet\u0151 pap\u00edrokb\u00f3l 973 milli\u00e1rd (2027\/B), illetve 1158 milli\u00e1rd (2029\/B).<\/p>\n<p>Forr\u00e1s: <a href=\"https:\/\/www.vg.hu\/penz-es-tokepiac\/2022\/08\/a-privatbankarok-szerint-van-jobb-ellenszer-az-inflacio-ellen-a-pmap-nal\" target=\"_blank\" rel=\"noopener\">https:\/\/www.vg.hu\/penz-es-tokepiac\/2022\/08\/a-privatbankarok-szerint-van-jobb-ellenszer-az-inflacio-ellen-a-pmap-nal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>B\u00e1r csak j\u00f6v\u0151re v\u00e1rhat\u00f3 a jelent\u0151s kamatugr\u00e1s, id\u00e9n egy\u00e9rtelm\u0171en az infl\u00e1ci\u00f3k\u00f6vet\u0151 \u00e1llampap\u00edr a favorit, heti 40-60 milli\u00e1rd forint\u00e9rt v\u00e1s\u00e1rolj\u00e1k a lakoss\u00e1gi befektet\u0151k. Kevesebb mint k\u00e9t h\u00f3napja forgalmazza az \u00c1llamad\u00f3ss\u00e1g Kezel\u0151 K\u00f6zpont (\u00c1KK) a j\u00fanius 23-t\u00f3l el\u00e9rhet\u0151 Pr\u00e9mium Magyar \u00c1llampap\u00edrokat \u2013 2026\/J \u00e9s 2028\/K sorozatsz\u00e1mokon \u2013 de a h\u00e9tr\u0151l h\u00e9tre\u00a040-60 milli\u00e1rd forint k\u00f6zt alakul\u00f3 lakoss\u00e1gi kereslet\u00a0l\u00e1tt\u00e1n&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1419,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28,30,4,2,24],"tags":[],"class_list":["post-1417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-befektetes","category-investment","category-kotveny","category-reszveny","category-spb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A priv\u00e1tbank\u00e1rok szerint van jobb ellenszer az infl\u00e1ci\u00f3 ellen a PM\u00c1P-n\u00e1l - SPB Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.spbinvest.hu\/?p=1417\" \/>\n<meta property=\"og:locale\" content=\"hu_HU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A priv\u00e1tbank\u00e1rok szerint van jobb ellenszer az infl\u00e1ci\u00f3 ellen a PM\u00c1P-n\u00e1l - SPB Blog\" \/>\n<meta property=\"og:description\" content=\"B\u00e1r csak j\u00f6v\u0151re v\u00e1rhat\u00f3 a jelent\u0151s kamatugr\u00e1s, id\u00e9n egy\u00e9rtelm\u0171en az infl\u00e1ci\u00f3k\u00f6vet\u0151 \u00e1llampap\u00edr a favorit, heti 40-60 milli\u00e1rd forint\u00e9rt v\u00e1s\u00e1rolj\u00e1k a lakoss\u00e1gi befektet\u0151k. 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