Eurobondi i par\u00eb 10-vje\u00e7ar i Shqip\u00ebris\u00eb u emetua m\u00eb her\u00ebt se planifikimi fillestar, p\u00ebr t\u2019i paraprir\u00eb rritjes s\u00eb pritshme t\u00eb normave t\u00eb interesit. Ekspert\u00ebt mendojn\u00eb se rezultati i arritur nga Shqip\u00ebria me tregjet nd\u00ebrkomb\u00ebtare ishte i k\u00ebnaqsh\u00ebm p\u00ebr rrethanat. Megjithat\u00eb, n\u00ebse emetimi do t\u00eb ishte kryer para val\u00ebs inflacioniste, kushtet do t\u00eb kishin qen\u00eb shum\u00eb m\u00eb t\u00eb mira.<\/p>\n
Shqip\u00ebria mbylli zyrtarisht procesin e emetimit t\u00eb Eurobondit t\u00eb saj t\u00eb pest\u00eb dhe t\u00eb parin me maturitet 10-vje\u00e7ar. N\u00ebp\u00ebrmjet Ministres s\u00eb Financave dhe Ekonomis\u00eb, qeveria shqiptare e vler\u00ebsoi procesin t\u00eb suksessh\u00ebm, duke v\u00ebn\u00eb n\u00eb dukje se Eurobondi 10-vje\u00e7ar, u sigurua me nj\u00eb kupon t\u00eb nj\u00ebjt\u00eb me at\u00eb me maturitet 7-vje\u00e7ar.<\/p>\n
Ministrja Delina Ibrahimaj tha se interesi i investitor\u00ebve ishte i lart\u00eb, me gjithsej 114 pjes\u00ebmarr\u00ebs n\u00eb proces, q\u00eb ofruan vlera prej pak m\u00eb shum\u00eb se 1 miliard euro. Megjithat\u00eb, raporti i mbulimit, sipas shifrave t\u00eb dh\u00ebna nga Ministra, rezulton rreth 1.6, ndjesh\u00ebm m\u00eb i ul\u00ebt se ai i Eurobondit t\u00eb qershorit 2020.<\/p>\n
Emetimi i Eurobondit t\u00eb par\u00eb 10-vje\u00e7ar p\u00ebrfaq\u00ebson n\u00eb vetvete nj\u00eb tregues t\u00eb konsolidimit t\u00eb Shqip\u00ebris\u00eb si huamarr\u00ebs n\u00eb tregjet nd\u00ebrkomb\u00ebtare. Por, nga ana tjet\u00ebr, vler\u00ebsimet p\u00ebr interesin e investitor\u00ebve apo p\u00ebr norm\u00ebn e interesit t\u00eb p\u00ebrfituar jan\u00eb komplekse, sidomos p\u00ebr shkak t\u00eb perspektivave shqet\u00ebsuese q\u00eb ka krijuar n\u00eb tregjet financiare vala e fort\u00eb inflacioniste q\u00eb po p\u00ebrfshin ekonomin\u00eb bot\u00ebrore.<\/p>\n
Eurobondet 10-vje\u00e7are t\u00eb qeveris\u00eb shqiptare u emetuan me nj\u00eb kupon prej 3.5% dhe nj\u00eb yield prej 3.75%. Kuponi p\u00ebrfaq\u00ebson norm\u00ebn e interesit mbi vler\u00ebn nominale t\u00eb obligacionit, nd\u00ebrsa yield-i, kthimin real mbi \u00e7mimin me t\u00eb cilin \u00ebsht\u00eb bler\u00eb obligacioni.<\/p>\n
Kur nj\u00eb obligacion shitet n\u00eb vler\u00ebn e tij nominale, kuponi dhe yield-i jan\u00eb t\u00eb barabart\u00eb. Kur nj\u00eb obligacion shitet posht\u00eb vler\u00ebs s\u00eb tij nominale, at\u00ebher\u00eb yield-i rezulton m\u00eb i lart\u00eb se kuponi; n\u00eb t\u00eb kund\u00ebrt, n\u00ebse obligacioni do t\u00eb shitej sip\u00ebr vler\u00ebs nominale, yield-i do t\u00eb rezultonte m\u00eb i ul\u00ebt se kuponi. Ekspert\u00ebt shpjegojn\u00eb se, zakonisht, investitor\u00ebt preferojn\u00eb nj\u00eb yield m\u00eb t\u00eb lart\u00eb se kuponi, kryesisht p\u00ebr arsye t\u00eb trajtimit kontab\u00ebl.<\/p>\n
Ministria e Financave, n\u00eb analiz\u00ebn e saj, e vler\u00ebsoi t\u00eb goditur koh\u00ebn e zgjedhur p\u00ebr kryerjen e emetimit t\u00eb Eurobondit. Konkluzioni ballafaqon normat e interesit t\u00eb arritura nga Shqip\u00ebria n\u00eb raport me pritshm\u00ebrit\u00eb p\u00ebr nj\u00eb rritje t\u00eb ndjeshme t\u00eb tyre gjat\u00eb vitit t\u00eb ardhsh\u00ebm.<\/p>\n
Pik\u00ebrisht p\u00ebr k\u00ebt\u00eb arsye, emetimi q\u00eb ishte planifikuar t\u00eb kryhej n\u00eb 2022 u spostua m\u00eb her\u00ebt n\u00eb koh\u00eb. Me gjith\u00eb zgjedhjen oportuniste q\u00eb b\u00ebri qeveria shqiptare, kjo nuk do t\u00eb thot\u00eb se momenti p\u00ebr t\u00eb dal\u00eb n\u00eb tregjet nd\u00ebrkomb\u00ebtare ishte ai ideali: i till\u00eb do t\u00eb kishte qen\u00eb n\u00ebse do t\u00eb ishte kryer para fillimit t\u00eb val\u00ebs inflacioniste t\u00eb vjesht\u00ebs.<\/p>\n
P\u00ebrkundrejt kushteve t\u00eb ndryshme dhe sidomos perspektivave t\u00eb ndryshme, krahasimi me fqinj\u00ebt b\u00ebhet i v\u00ebshtir\u00eb. Por, p\u00ebr shembull, Maqedonia e Veriut emetoi n\u00eb mars 2021 Eurobonde 7-vje\u00e7are, me nj\u00eb yield 1.63%. N\u00eb shtator, Serbia emetoi Eurobonde 15-vje\u00e7are me nj\u00eb yield 2.3%. N\u00eb krahasimin me fqinj\u00ebt sigurisht q\u00eb ndikojn\u00eb disa faktor\u00eb.<\/p>\n
S\u00eb pari, vendet fqinje q\u00eb kan\u00eb emetuar Eurobonde k\u00ebt\u00eb vit kan\u00eb nj\u00eb vler\u00ebsim (rating) t\u00eb borxhit sovran afatgjat\u00eb m\u00eb t\u00eb mir\u00eb. Sipas agjencis\u00eb S&P, Shqip\u00ebria \u00ebsht\u00eb n\u00eb nivelin B+, Maqedonia e Veriut BB- (nj\u00eb shkall\u00eb m\u00eb lart) dhe Serbia BB+ (tre shkall\u00eb m\u00eb lart). Shqip\u00ebria ka nj\u00eb nivel t\u00eb borxhit publik shum\u00eb m\u00eb t\u00eb lart\u00eb (n\u00eb fund t\u00eb vitit 2020, Shqip\u00ebria 77.9%, Maqedonia e Veriut 51.2% dhe Serbia 57.4%).<\/p>","protected":false},"excerpt":{"rendered":"
Eurobondi i par\u00eb 10-vje\u00e7ar i Shqip\u00ebris\u00eb u emetua m\u00eb her\u00ebt se planifikimi fillestar, p\u00ebr t\u2019i paraprir\u00eb rritjes s\u00eb pritshme t\u00eb normave t\u00eb interesit. Ekspert\u00ebt mendojn\u00eb se rezultati i arritur nga Shqip\u00ebria me tregjet nd\u00ebrkomb\u00ebtare ishte i k\u00ebnaqsh\u00ebm p\u00ebr rrethanat. Megjithat\u00eb, n\u00ebse emetimi do t\u00eb ishte kryer para val\u00ebs inflacioniste, kushtet do t\u00eb kishin qen\u00eb shum\u00eb […]<\/p>\n","protected":false},"author":2020,"featured_media":222165,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241,231],"tags":[],"class_list":{"0":"post-222164","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-aktualitet","8":"category-lajme"},"_links":{"self":[{"href":"https:\/\/zjarr.tv\/en\/wp-json\/wp\/v2\/posts\/222164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zjarr.tv\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zjarr.tv\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zjarr.tv\/en\/wp-json\/wp\/v2\/users\/2020"}],"replies":[{"embeddable":true,"href":"https:\/\/zjarr.tv\/en\/wp-json\/wp\/v2\/comments?post=222164"}],"version-history":[{"count":0,"href":"https:\/\/zjarr.tv\/en\/wp-json\/wp\/v2\/posts\/222164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zjarr.tv\/en\/wp-json\/wp\/v2\/media\/222165"}],"wp:attachment":[{"href":"https:\/\/zjarr.tv\/en\/wp-json\/wp\/v2\/media?parent=222164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zjarr.tv\/en\/wp-json\/wp\/v2\/categories?post=222164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zjarr.tv\/en\/wp-json\/wp\/v2\/tags?post=222164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}