{"id":6919,"date":"2014-02-10T16:05:39","date_gmt":"2014-02-10T16:05:39","guid":{"rendered":""},"modified":"2014-02-10T16:05:39","modified_gmt":"2014-02-10T16:05:39","slug":"performanca-e-eurobondit-shqiptar-janar-2014","status":"publish","type":"post","link":"https:\/\/ndiqparate.al\/?p=6919","title":{"rendered":"Performanca e Eurobondit Shqiptar Janar 2014"},"content":{"rendered":"\n<div align=\"justify\">Republika e Shqip\u00ebris\u00eb emetoi Eurobond-in e saj t\u00eb par\u00eb n\u00eb tregjet nd\u00ebrkombetare financiare n\u00eb 4 N\u00ebntor 2010. Eurobond-i \u00ebsht\u00eb nj\u00eb obligacion, pra nj\u00eb titull financiar me afat maturimi m\u00eb shum\u00eb se nje vit i emetuar dhe tregtuar n\u00eb tregjet nd\u00ebrkomb\u00ebtare financiare, pra jasht\u00eb kufijve t\u00eb vendit q\u00eb e emeton at\u00eb. N\u00eb momentin e emetimit, yield-i (norma e interesit) ishte 7.625%.<\/p>\n<p>Ky instrument financiar \u00ebsht\u00eb i ngjash\u00ebm persa i perket struktur\u00ebs, me obligacionet q\u00eb qeveria shqiptare nxjerr n\u00eb tregun vendas p\u00ebrmes ankandeve t\u00eb letrave me vler\u00eb, por dallimi kryesor q\u00ebndron sepse: (i) tregtohet ekskluzivisht n\u00eb tregjet nd\u00ebrkomb\u00ebtare financiare, dhe jo n\u00eb tregun vendas (ii) \u00ebsht\u00eb emetuar n\u00eb euro dhe jo n\u00eb lek\u00eb. <\/p>\n<p>Duke q\u00ebn\u00eb se yield-i l\u00ebviz n\u00eb kahun e kund\u00ebrt t\u00eb \u00e7mimit, p\u00ebr mbajt\u00ebsit e Eurobond-it \u00ebsht\u00eb me interes q\u00eb interesi t\u00eb ulet ose t\u00eb pakt\u00ebn t\u00eb mbetet af\u00ebr atij fillestar, n\u00eb m\u00ebnyr\u00eb q\u00eb \u00e7mimi t\u00eb ngrihet gj\u00eb q\u00eb do t\u00eb rezultoj\u00eb n\u00eb fitim n\u00eb rastin e shitjes. <\/p>\n<p>Edhe p\u00ebr emetuesin e Eurobondit, \u00ebsht\u00eb m\u00eb mir\u00eb q\u00eb interesi t\u00eb jet\u00eb m\u00eb i ul\u00ebt, pasi kjo ul koston potenciale t\u00eb rifinancimit, n\u00ebse emetuesi d\u00ebshiron t\u00eb futet n\u00eb treg p\u00ebr t\u00eb riemetuar borxh.<\/p>\n<p>Grafiku i m\u00ebposht\u00ebm jep nj\u00eb historik i performanc\u00ebs s\u00eb Eurobond-it n\u00eb tregjet financiare p\u00ebr periudh\u00ebn 2010-2014:<\/p>\n<p>  <script type=\"text\/javascript\" src=\"http:\/\/ajax.googleapis.com\/ajax\/static\/modules\/gviz\/1.0\/chart.js\">{\"dataSourceUrl\":\"\/\/docs.google.com\/spreadsheet\/tq?key=0Agylwmr5tEbVdEN2SUxabTFlOThPdUZrVkFsY19MTnc&transpose=0&headers=1&range=D5%3AE45&gid=0&pub=1\",\"options\":{\"titleTextStyle\":{\"bold\":true,\"color\":\"#000\",\"fontSize\":16},\"series\":{\"0\":{\"pointSize\":7}},\"curveType\":\"\",\"animation\":{\"duration\":500},\"width\":630,\"lineWidth\":2,\"hAxis\":{\"titleTextStyle\":{\"bold\":true,\"color\":\"#222\",\"italic\":true,\"fontSize\":12},\"title\":\"Data\",\"useFormatFromData\":true,\"minValue\":null,\"viewWindowMode\":null,\"viewWindow\":null,\"maxValue\":null},\"vAxes\":[{\"titleTextStyle\":{\"bold\":true,\"color\":\"#222\",\"italic\":true,\"fontSize\":12},\"title\":\"Vlera ne %\",\"useFormatFromData\":true,\"minValue\":null,\"viewWindow\":{\"min\":null,\"max\":null},\"maxValue\":null},{\"useFormatFromData\":true,\"minValue\":null,\"viewWindow\":{\"min\":null,\"max\":null},\"maxValue\":null}],\"booleanRole\":\"certainty\",\"title\":\"Performanca e Eurobondit (Yield-i) ne %\",\"height\":371,\"legend\":\"right\",\"tooltip\":{}},\"state\":{},\"view\":{},\"isDefaultVisualization\":false,\"chartType\":\"LineChart\",\"chartName\":\"Chart 1\"}\n  <\/script><br \/><sup>Burimi: Ministria e Financave, Bloomberg<br \/>Komentet dhe analiza: ODA<\/p>\n<p><\/sup>Duke analizuar grafikun e ecuris\u00eb s\u00eb yield-it q\u00eb prej n\u00ebntorit 2010, vihet re se yield-i \u00ebsht\u00eb rritur n\u00eb m\u00ebnyr\u00eb t\u00eb ndjeshme n\u00eb periudh\u00ebn shtator-dhjetor 2011, gjat\u00eb pikut t\u00eb kriz\u00ebs qeveritare n\u00eb Eurozon\u00eb dhe uljes s\u00eb k\u00ebrkes\u00ebs p\u00ebr borxhin e qeverive m\u00eb pak t\u00eb sigurta dhe me renditje t\u00eb ul\u00ebt. Norma e interesit gjat\u00eb k\u00ebsaj periudhe arriti maksimumin prej 11.975%. N\u00eb k\u00ebt\u00eb moment n\u00ebse qeveria shqiptare do t\u00eb d\u00ebshironte t\u00eb rifinanconte borxh n\u00eb Euro n\u00eb tregjet nd\u00ebrkomb\u00ebtare, kuponi do ishte rreth 12%.<\/p>\n<p>Pas dhjetorit 2011, yield-i ka r\u00ebn\u00eb duke arritur norm\u00ebn m\u00eb t\u00eb ul\u00ebt (4,67%) gjat\u00eb janarit t\u00eb vitit 2014. Ulja nuk ka ardhur p\u00ebr arsye t\u00eb p\u00ebrmir\u00ebsimit t\u00eb kushteve t\u00eb ekonomis\u00eb shqiptare, por p\u00ebr shkak t\u00eb optimizmit t\u00eb p\u00ebrgjithsh\u00ebm n\u00eb treg p\u00ebr borxhin qeveritar t\u00eb periferis\u00eb s\u00eb Eurozon\u00ebs, pas nd\u00ebrhyrjes s\u00eb Bank\u00ebs Q\u00ebndrore Europiane. Kjo ka p\u00ebrmirsuar performanc\u00ebn e Eurobondit shqiptar dhe aktualisht, qeveria shqiptare do kishte nj\u00eb kosto m\u00eb t\u00eb ul\u00ebt riemetimi borxhi, krahasuar me emetimin fillestar. <\/p>\n<p>Emetimi i borxhit n\u00eb tregjet e borxhit nd\u00ebrkombetare sjell nga nj\u00ebra an\u00eb p\u00ebrfitime pasi kostot e borxhit mund t\u00eb ulen p\u00ebr shkak t\u00eb baz\u00ebs m\u00eb t\u00eb madhe t\u00eb investitor\u00ebve, por nga ana tjet\u00ebr e ekspozon vendin ndaj risqeve t\u00eb &#8220;kontaminimit&#8221; nga krizat e vendeve t\u00eb tjera dhe mbireagimeve t\u00eb tregjeve nd\u00ebrkomb\u00ebtare t\u00eb borxhit dhe aksioneve. <br \/> \n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Republika e Shqip\u00ebris\u00eb emetoi Eurobond-in e saj t\u00eb par\u00eb n\u00eb tregjet nd\u00ebrkombetare financiare n\u00eb 4 N\u00ebntor 2010. Eurobond-i \u00ebsht\u00eb nj\u00eb obligacion, pra nj\u00eb titull financiar me afat maturimi m\u00eb shum\u00eb se nje vit i emetuar dhe tregtuar n\u00eb tregjet nd\u00ebrkomb\u00ebtare financiare, pra jasht\u00eb kufijve t\u00eb vendit q\u00eb e emeton at\u00eb. N\u00eb momentin e emetimit, yield-i (norma e interesit) ishte 7.625%. Ky instrument financiar \u00ebsht\u00eb i&hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[39],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":24844,"url":"https:\/\/ndiqparate.al\/?p=24844","url_meta":{"origin":6919,"position":0},"title":"P\u00ebrtej retorik\u00ebs: \u00c7far\u00eb tregojn\u00eb t\u00eb dh\u00ebnat p\u00ebr PPP-t\u00eb n\u00eb Shqip\u00ebri?","date":"October 10, 2025","format":false,"excerpt":"Partneritetet Publike-Private kan\u00eb hyr\u00eb n\u00eb fjalorin e politikave publike n\u00eb Shqip\u00ebri si nj\u00eb zgjidhje p\u00ebr t\u00eb p\u00ebrshpejtuar investimet infrastrukturore pa rritur menj\u00ebher\u00eb borxhin shtet\u00ebror. 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