{"id":62751,"date":"2025-08-11T14:14:00","date_gmt":"2025-08-11T11:14:00","guid":{"rendered":"https:\/\/economic.karpat.in.ua\/?p=62751"},"modified":"2025-08-10T22:16:38","modified_gmt":"2025-08-10T19:16:38","slug":"hatalmas-hozamot-hozhatnak-az-ukran-allampapirok-de-a-kockazat-is-jelentos","status":"publish","type":"post","link":"https:\/\/economic.karpat.in.ua\/?p=62751&lang=hu","title":{"rendered":"Hatalmas hozamot hozhatnak az ukr\u00e1n \u00e1llampap\u00edrok, de a kock\u00e1zat is jelent\u0151s"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Hatalmas hozamokat lehet realiz\u00e1lni jelenleg az ukr\u00e1n \u00e1llampap\u00edrpiacon: a h\u00e1bor\u00fa s\u00fajtotta orsz\u00e1gnak ugyanis nagyon magas kamatot kell fizetnie befektet\u0151i r\u00e9sz\u00e9re, hogy a fegyerropog\u00e1s ellen\u00e9re is hitelezz\u00e9k \u0151t a befektet\u0151k. P\u00e9nzre viszont sz\u00fcks\u00e9ge van az \u00e1llamnak a hadi- \u00e9s mindennapi kiad\u00e1sok fedez\u00e9s\u00e9hez is, a kereslet-k\u00edn\u00e1lati egyens\u00faly \u00edgy kifejezetten magas kamatok mellett \u00e1ll be.<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"562\" src=\"https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/08\/hrivnya.jpg\" alt=\"\" class=\"wp-image-62752\" srcset=\"https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/08\/hrivnya.jpg 1000w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/08\/hrivnya-300x169.jpg 300w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/08\/hrivnya-768x432.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">A napokban tette k\u00f6zz\u00e9 az ukr\u00e1n p\u00e9nz\u00fcgyminiszt\u00e9rium a legfrissebb \u00e1llamk\u00f6tv\u00e9ny-kibocs\u00e1t\u00e1s\u00e1nak eredm\u00e9ny\u00e9t, melyb\u0151l kider\u00fclt, az aukci\u00f3n 12,37 milli\u00e1rd hrvinya (299 milli\u00f3 doll\u00e1r) \u00e9s 140 milli\u00f3 doll\u00e1r \u00e9rt\u00e9kben adtak el ukr\u00e1n \u00e9s amerikai deviz\u00e1ban denomin\u00e1lt ad\u00f3ss\u00e1got. A h\u00e1bor\u00fas k\u00f6tv\u00e9nyek k\u00fcl\u00f6nb\u00f6z\u0151 kamattal \u00e9s lej\u00e1rattal ker\u00fcltek piacra:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>552 milli\u00f3 hrivnya ad\u00f3ss\u00e1got 16,35 sz\u00e1zal\u00e9kos kamat mellett, 1,2 \u00e9vre,<\/li>\n\n\n\n<li>398 milli\u00f3 hrivnya k\u00f6tv\u00e9nyt 17,09 sz\u00e1zal\u00e9kos kamat mellett 1,9 \u00e9vre,<\/li>\n\n\n\n<li>1,3 milli\u00e1rd hrivnya ad\u00f3ss\u00e1got 17,8 sz\u00e1zal\u00e9kos kamaton 3,2 \u00e9vre,<\/li>\n\n\n\n<li>10,1 milli\u00e1rd hrivny\u00e1nyi k\u00f6tv\u00e9nyt pedig 14,84 sz\u00e1zal\u00e9kos kamaton dobtak piacra, 4 \u00e9v m\u00falva esed\u00e9kes lej\u00e1rattal.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A p\u00e9nz\u00fcgyminiszt\u00e9rium k\u00f6zl\u00e9se szerint j\u00faliusban \u00f6sszesen 72,2 milli\u00e1rd hrivny\u00e1nyi t\u0151k\u00e9t tudtak bevonni az \u00e1llamh\u00e1ztart\u00e1sba, a h\u00e1bor\u00fa 3,5 \u00e9vvel ezel\u0151tti kit\u00f6r\u00e9se \u00f3ta pedig ez az \u00f6sszeg m\u00e1r 1,7 ezermilli\u00e1rd hrivny\u00e1t (41 milli\u00e1rd doll\u00e1r) tett ki. A miniszt\u00e9rium k\u00f6zl\u00e9se szerint a teljes bevont \u00f6sszeget a h\u00e1bor\u00fas er\u0151fesz\u00edt\u00e9sek \u00e9s az \u00e1llamh\u00e1ztart\u00e1s ahhoz sz\u00fcks\u00e9ges stabilit\u00e1s\u00e1nak p\u00e9nzel\u00e9s\u00e9re ford\u00edtj\u00e1k.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az els\u0151re tal\u00e1n furcs\u00e1nak hat\u00f3 lej\u00e1ratok h\u00e1bor\u00faban \u00e1ll\u00f3 orsz\u00e1gok eset\u00e9n relat\u00edve megszokottnak tekinthet\u0151k, hiszen a kibocs\u00e1t\u00f3 orsz\u00e1g mindent igyekszik megtenni, hogy ne essen t\u00falzottan nagy visszafizet\u00e9si k\u00f6telezetts\u00e9ge egy ugyanazon napra, \u00e9s ezzel megkock\u00e1ztassa az esetleges teljes nemfizet\u00e9st, hiszen az szinte biztosan csak tov\u00e1bb n\u00f6veln\u00e9 az egy\u00e9bk\u00e9nt is bus\u00e1s hozampr\u00e9mium\u00e1t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ukrajna m\u00e1r a h\u00e1bor\u00fa kit\u00f6r\u00e9se el\u0151tt sem rendelkezett t\u00falzottan j\u00f3 ad\u00f3sbesorol\u00e1ssal, a Moody&#8217;s-n\u00e1l 2013 \u00f3ta a Caa1-es kateg\u00f3ri\u00e1ban vagy az alatt szerepel az orsz\u00e1g, ami extr\u00e9m spekulat\u00edvv\u00e1 teszi ad\u00f3ss\u00e1g\u00e1t, \u00e9s ugyan az S&amp;P-n\u00e9l m\u00e9g ideig-\u00f3r\u00e1ig fel tudott k\u00faszni a min\u0151s\u00edt\u00e9s a B szintek valamelyik\u00e9re, egy \u00e9ve m\u00e1r az SD, azaz selective default, vagyis r\u00e9szleges nemfizet\u00e9s kateg\u00f3ri\u00e1j\u00e1ban tartja a v\u00e1llalat.<\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><strong><a href=\"https:\/\/www.vg.hu\/penz-es-tokepiac\/2025\/08\/allampapir-ukrajna-hozamok-kamatok-befektetes-haboru\" target=\"_blank\" rel=\"noreferrer noopener\">(vg.hu)<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hatalmas hozamokat lehet realiz\u00e1lni jelenleg az ukr\u00e1n \u00e1llampap\u00edrpiacon: a h\u00e1bor\u00fa s\u00fajtotta orsz\u00e1gnak ugyanis nagyon magas kamatot kell fizetnie befektet\u0151i r\u00e9sz\u00e9re, hogy a fegyerropog\u00e1s ellen\u00e9re is hitelezz\u00e9k \u0151t a befektet\u0151k.<\/p>\n","protected":false},"author":12,"featured_media":62752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,17,33],"tags":[177558,922810,922809],"class_list":["post-62751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cikkek","category-surgos","category-ukrajna","tag-hozam","tag-kockazat","tag-ukran-allampapirok"],"_links":{"self":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/62751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62751"}],"version-history":[{"count":1,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/62751\/revisions"}],"predecessor-version":[{"id":62753,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/62751\/revisions\/62753"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/media\/62752"}],"wp:attachment":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}