{"id":764,"date":"2021-03-23T12:31:45","date_gmt":"2021-03-23T12:31:45","guid":{"rendered":"https:\/\/blog.spbinvest.hu\/?p=764"},"modified":"2021-03-23T12:33:48","modified_gmt":"2021-03-23T12:33:48","slug":"a-kamatemelesi-ciklus-kozeledese-megmozgathatja-a-kotvenypiacot","status":"publish","type":"post","link":"https:\/\/blog.spbinvest.hu\/?p=764","title":{"rendered":"A kamatemel\u00e9si ciklus k\u00f6zeled\u00e9se megmozgathatja a k\u00f6tv\u00e9nypiacot"},"content":{"rendered":"<p>A tapasztalatok szerint a magasabb kock\u00e1zat\u00fa amerikai v\u00e1llalati k\u00f6tv\u00e9nyek lehetnek a nyertesei a kamatemel\u00e9si ciklus megkezd\u00e9s\u00e9ig h\u00e1tral\u00e9v\u0151 id\u0151szaknak. Az egyes szektorok k\u00f6z\u00f6tt jelent\u0151s k\u00fcl\u00f6nbs\u00e9gek alakulhatnak ki, de a hozamvad\u00e1szatra indul\u00f3knak az aut\u00f3iparban \u00e9s az energetik\u00e1ban lesz \u00e9rdemes k\u00f6r\u00fcln\u00e9zni\u00fck.<\/p>\n<p>Az Egyes\u00fclt \u00c1llamokban a pand\u00e9mi\u00e1ra adott gazdas\u00e1gpolitikai v\u00e1laszok sokak sz\u00e1m\u00e1ra a koronav\u00edrus \u00e1ltal el\u0151id\u00e9zett gazdas\u00e1gi v\u00e1ls\u00e1g t\u00falreag\u00e1l\u00e1s\u00e1nak t\u0171nnek. A Joe Biden eln\u00f6k \u00e1ltal a h\u00e9t v\u00e9g\u00e9n, hosszas el\u0151k\u00e9sz\u00edt\u00e9s \u00e9s vit\u00e1k ut\u00e1n szentes\u00edtett 1900 milli\u00e1rd doll\u00e1ros csomag \u00e9rt\u00e9ke a j\u00e1rv\u00e1ny el\u0151tti brutt\u00f3 hazai term\u00e9k (GDP) 9 sz\u00e1zal\u00e9k\u00e1t teszi ki, \u00e9s m\u00e9rete csaknem k\u00e9tszerese Barack Obama eln\u00f6k p\u00e9nz\u00fcgyi vil\u00e1gv\u00e1ls\u00e1got k\u00f6vet\u0151, 2009-es v\u00e1ls\u00e1gkezel\u0151 csomagj\u00e1nak. \u00cdgy a 2021-ben v\u00e1rhat\u00f3 \u00e9l\u00e9nk\u00edt\u00e9s \u00e9rt\u00e9ke nagyj\u00e1b\u00f3l megegyezik a tavalyi nagys\u00e1grenddel.<\/p>\n<div class=\"enews-highlighted\">A t\u00fal\u00e9l\u00e9nk\u00edt\u00e9s azonban k\u00f6nnyen nem k\u00edv\u00e1nt m\u00e9rt\u00e9k\u0171 \u00e9s gyorsul\u00f3 infl\u00e1ci\u00f3hoz vezethet \u2013 nem v\u00e9letlen, hogy sok piaci szerepl\u0151 m\u00e1r a kamatok emelked\u00e9s\u00e9re sz\u00e1m\u00edt, amit a t\u00edz\u00e9ves amerikai k\u00f6tv\u00e9nyhozamok elm\u00falt id\u0151szakban l\u00e1tott, szokatlanul gyors \u00fctem\u0171 n\u00f6veked\u00e9se is jelez.<\/div>\n<p>Ugyanakkor a jegybank szerepk\u00f6r\u00e9t bet\u00f6lt\u0151 Federal Reserve (Fed) kommunik\u00e1ci\u00f3ja a kamatok szinten tart\u00e1s\u00e1t vet\u00edti el\u0151re eg\u00e9szen addig, am\u00edg az infl\u00e1ci\u00f3 \u201eegy ideig meg nem haladja a 2 sz\u00e1zal\u00e9kot\u201d.<\/p>\n<p>B\u00e1r az infl\u00e1ci\u00f3 egyel\u0151re nem \u00e9ri el a beavatkoz\u00e1si szintet, nem tudni, hogy az eddig felhalmozott megtakar\u00edt\u00e1sok, valamint a k\u00f6zelj\u00f6v\u0151ben a lakoss\u00e1ghoz ker\u00fcl\u0151 \u00e1llami t\u00e1mogat\u00e1sok mikor mozdulnak meg, \u00e9s az \u00fajrany\u00edl\u00f3 \u00e1gazatok term\u00e9kei \u00e9s szolg\u00e1ltat\u00e1sai ir\u00e1nti kereslet megjelen\u00e9se mikort\u00f3l okoz nagyobb \u00e1remelked\u00e9st. \u00d6sszess\u00e9g\u00e9ben azonban m\u00e9g az l\u00e1tszik val\u00f3sz\u00edn\u0171nek, hogy<\/p>\n<div class=\"enews-highlighted\">a Fed kamatemel\u00e9sei csak az \u00e9v v\u00e9ge fel\u00e9 kezd\u0151dnek el.<\/div>\n<p>Mindenesetre a Fed m\u00e1rcius 17-\u00e9n z\u00e1rul\u00f3 k\u00e9tnapos kamatd\u00f6nt\u0151 \u00fcl\u00e9se fontos jelz\u00e9st adhat a monet\u00e1ris politika tov\u00e1bbi ir\u00e1ny\u00e1r\u00f3l.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-768 alignnone\" src=\"https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2021\/03\/588598711vezAFP.jpg\" alt=\"\" width=\"810\" height=\"503\" srcset=\"https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2021\/03\/588598711vezAFP.jpg 810w, https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2021\/03\/588598711vezAFP-300x186.jpg 300w, https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2021\/03\/588598711vezAFP-768x477.jpg 768w\" sizes=\"auto, (max-width: 810px) 100vw, 810px\" \/><\/p>\n<p style=\"text-align: center;\">Joe Biden amerikai eln\u00f6k<br \/>\nFot\u00f3: MANDEL NGAN \/ AFP<\/p>\n<p>Tapasztalatok szerint a kamatok v\u00e1rhat\u00f3 emelked\u00e9s\u00e9re a k\u00fcl\u00f6nb\u00f6z\u0151 kock\u00e1zati profil\u00fa k\u00f6tv\u00e9nyek elt\u00e9r\u0151 m\u00f3don reag\u00e1lnak. \u00c9rdemes szem\u00fcgyre venni a Bloomberg Barclays h\u00e1rom k\u00fcl\u00f6nb\u00f6z\u0151 kock\u00e1zat\u00fa k\u00f6tv\u00e9nycsoportokat lek\u00e9pez\u0151 index\u00e9nek alakul\u00e1s\u00e1t az Egyes\u00fclt \u00c1llamokban lezajlott legut\u00f3bbi \u2013 2016 v\u00e9g\u00e9t\u0151l 2018 december\u00e9ig tart\u00f3 \u2013 kamatemel\u00e9si ciklus el\u0151tt.<\/p>\n<ul>\n<li>M\u00edg a magasabb kock\u00e1zat\u00fa, fix kamatoz\u00e1s\u00fa amerikai v\u00e1llalati k\u00f6tv\u00e9nyek (Corporate High Yield Bond index) \u00e1rfolyama er\u0151teljesebben, 17,4 sz\u00e1zal\u00e9kponttal n\u0151tt, addig a doll\u00e1rban kibocs\u00e1tott felt\u00f6rekv\u0151 piaci k\u00f6tv\u00e9nyek (Emerging Markets Hard Currency index) \u00e1rfolyama csup\u00e1n 4,9 sz\u00e1zal\u00e9kponttal emelkedett a kor\u00e1bbi kamatemel\u00e9si ciklust megel\u0151z\u0151 t\u00edz h\u00f3napban.<\/li>\n<li>Az alacsony kock\u00e1zat\u00fa, fix kamatoz\u00e1s\u00fa doll\u00e1rk\u00f6tv\u00e9nyek (US Aggregate Bond index) \u00e1ra pedig 2,2 sz\u00e1zal\u00e9kpontos cs\u00f6kken\u00e9st mutatott ugyanebben az id\u0151szakban.<\/li>\n<\/ul>\n<p>Az utols\u00f3 kamatemel\u00e9si ciklust megel\u0151z\u0151 t\u00edz h\u00f3napban teh\u00e1t a magasabb kock\u00e1zat\u00fa v\u00e1llalati k\u00f6tv\u00e9nyekkel lehetett el\u00e9rni a legnagyobb \u00e1rfolyamnyeres\u00e9get.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-767 aligncenter\" src=\"https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2021\/03\/5885979Bloombergbarclayskotvenyindexek11.jpg\" alt=\"\" width=\"405\" height=\"385\" srcset=\"https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2021\/03\/5885979Bloombergbarclayskotvenyindexek11.jpg 405w, https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2021\/03\/5885979Bloombergbarclayskotvenyindexek11-300x285.jpg 300w\" sizes=\"auto, (max-width: 405px) 100vw, 405px\" \/><\/p>\n<p>Ha felt\u00e9telezz\u00fck, hogy a k\u00f6vetkez\u0151 kamatemel\u00e9si ciklus 2021 v\u00e9g\u00e9n kezd\u0151dik, \u00e9s hasonl\u00f3 lesz a kamatemel\u00e9s el\u0151tti h\u00f3napok lefut\u00e1sa a legut\u00f3bbihoz, akkor a k\u00f6vetkez\u0151 h\u00f3napokban a magasabb kock\u00e1zat\u00fa amerikai k\u00f6tv\u00e9nyekkel lehet majd el\u00e9rni a legmagasabb \u00e1rfolyamnyeres\u00e9get. E csoportba tartozik p\u00e9ld\u00e1ul a Ford 9,3 sz\u00e1zal\u00e9kos kamatoz\u00e1s\u00fa, 2030-ban lej\u00e1r\u00f3 k\u00f6tv\u00e9nye, vagy a US Steel ac\u00e9lgy\u00e1rt\u00f3 6,875 sz\u00e1zal\u00e9kos kamatoz\u00e1s\u00fa, 2025-ben lej\u00e1r\u00f3 k\u00f6tv\u00e9nye is. Ezekn\u00e9l n\u00e9mileg alacsonyabb \u00e1rfolyamnyeres\u00e9gre van es\u00e9ly az olyan felt\u00f6rekv\u0151 piaci k\u00f6tv\u00e9nyekn\u00e9l, mint amilyen az olajiparban \u00e9rdekelt mexik\u00f3i Pemex 6,84 sz\u00e1zal\u00e9kos kamatoz\u00e1s\u00fa, 2030-ban lej\u00e1r\u00f3, vagy a brazil olajipari \u00f3ri\u00e1s, a Petrobras 7,25 sz\u00e1zal\u00e9kos kamatoz\u00e1s\u00fa, 2044-ben lej\u00e1r\u00f3 k\u00f6tv\u00e9nye. Fontos figyelembe venni azonban, hogy az egyes k\u00f6tv\u00e9nyek \u00e1ra a k\u00f6tv\u00e9nycsoportokon bel\u00fcl az \u00e1gazati, v\u00e1llalati, \u00fczleti, p\u00e9nz\u00fcgyi helyzet\u00fck v\u00e1ltoz\u00e1s\u00e1nak megfelel\u0151en a csoport \u00e1tlag\u00e1t\u00f3l elt\u00e9r\u0151en is alakulhat.<\/p>\n<div class=\"enews-highlighted\">\u00daj jelens\u00e9g lehet az Egyes\u00fclt \u00c1llamok k\u00f6tv\u00e9nypiac\u00e1n, hogy a tart\u00f3san magasabb olaj\u00e1rak az alternat\u00edvenergia-termel\u00e9ssel, a z\u00f6ldfejleszt\u00e9sek finansz\u00edroz\u00e1s\u00e1val foglalkoz\u00f3 v\u00e1llalatok k\u00f6tv\u00e9nypiac\u00e1t is \u00e9l\u00e9nk\u00edthetik, \u00e9s n\u00f6velhetik ezeknek a k\u00f6tv\u00e9nyeknek az \u00e1rfolyam\u00e1t.<\/div>\n<p>A nemr\u00e9giben kibocs\u00e1tott z\u00f6ldk\u00f6tv\u00e9nyeket \u2013 amilyen p\u00e9ld\u00e1ul a Prologis 2030-ban lej\u00e1r\u00f3, vagy a Southern Public Service, illetve a Clearway Energy 2031-ben lej\u00e1r\u00f3 k\u00f6tv\u00e9nyei \u2013 \u00fajabbak is k\u00f6vethetik. Ezek szint\u00e9n j\u00f3 lehet\u0151s\u00e9geket k\u00edn\u00e1lnak a z\u00f6ldbefektet\u00e9sek ir\u00e1nt \u00e9rdekl\u0151d\u0151k sz\u00e1m\u00e1ra, akik m\u00e9rs\u00e9keltebb kock\u00e1zat\u00fa befektet\u00e9st keresnek, \u00e9s egy\u00fattal szeretn\u00e9nek hozz\u00e1j\u00e1rulni a kl\u00edmav\u00e1ltoz\u00e1s negat\u00edv hat\u00e1sainak cs\u00f6kkent\u00e9s\u00e9hez.<\/p>\n<p><em>Fot\u00f3: Getty Images<\/em><\/p>\n<p>Forr\u00e1s: <a href=\"https:\/\/www.vg.hu\/penzugy\/penzugyi-hirek\/a-kamatemelesi-ciklus-kozeledese-megmozgathatja-a-kotvenypiacot-2-3618814\/\">https:\/\/www.vg.hu\/penzugy\/penzugyi-hirek\/a-kamatemelesi-ciklus-kozeledese-megmozgathatja-a-kotvenypiacot-2-3618814\/\u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A tapasztalatok szerint a magasabb kock\u00e1zat\u00fa amerikai v\u00e1llalati k\u00f6tv\u00e9nyek lehetnek a nyertesei a kamatemel\u00e9si ciklus megkezd\u00e9s\u00e9ig h\u00e1tral\u00e9v\u0151 id\u0151szaknak. Az egyes szektorok k\u00f6z\u00f6tt jelent\u0151s k\u00fcl\u00f6nbs\u00e9gek alakulhatnak ki, de a hozamvad\u00e1szatra indul\u00f3knak az aut\u00f3iparban \u00e9s az energetik\u00e1ban lesz \u00e9rdemes k\u00f6r\u00fcln\u00e9zni\u00fck. Az Egyes\u00fclt \u00c1llamokban a pand\u00e9mi\u00e1ra adott gazdas\u00e1gpolitikai v\u00e1laszok sokak sz\u00e1m\u00e1ra a koronav\u00edrus \u00e1ltal el\u0151id\u00e9zett gazdas\u00e1gi v\u00e1ls\u00e1g t\u00falreag\u00e1l\u00e1s\u00e1nak&#8230;<\/p>\n","protected":false},"author":1,"featured_media":765,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,25,2,24],"tags":[],"class_list":["post-764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kotveny","category-makro","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 kamatemel\u00e9si ciklus k\u00f6zeled\u00e9se megmozgathatja a k\u00f6tv\u00e9nypiacot - SPB Blog<\/title>\n<meta name=\"description\" content=\"A tapasztalatok szerint a magasabb kock\u00e1zat\u00fa amerikai v\u00e1llalati k\u00f6tv\u00e9nyek lehetnek a nyertesei a kamatemel\u00e9si ciklus megkezd\u00e9s\u00e9ig h\u00e1tral\u00e9v\u0151 id\u0151szaknak. 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