{"id":7357,"date":"2015-06-03T09:00:18","date_gmt":"2015-06-03T09:00:18","guid":{"rendered":""},"modified":"2021-05-24T12:17:36","modified_gmt":"2021-05-24T12:17:36","slug":"performanca-e-eurobondit-shqiptar-nentor-2010-maj-2015","status":"publish","type":"post","link":"https:\/\/ndiqparate.al\/?p=7357","title":{"rendered":"Performanca e Eurobondit Shqiptar n\u00ebntor 2010 &#8211; maj 2015"},"content":{"rendered":"<div align=\"justify\">Republika e Shqip\u00ebris\u00eb emetoi Eurobond-in e saj t\u00eb par\u00eb n\u00eb tregjet nd\u00ebrkomb\u00ebtare financiare m\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 nj\u00eb vit, i emetuar dhe tregtuar n\u00eb tregjet nd\u00ebrkomb\u00ebtare financiare. N\u00eb momentin e emetimit, yield-i (norma e interesit) ishte 7.625%. Obligacioni maturohet n\u00eb dat\u00eb 09\/11\/2015, \u00ebsht\u00eb emetuar n\u00eb monedh\u00ebn euro, dhe shuma e emetuar \u00ebsht\u00eb 300 milion.<\/p>\n<p>Yield \u00ebsht\u00eb interesi i kuotuar n\u00eb treg i cili ndryshon n\u00eb var\u00ebsi t\u00eb kushteve t\u00eb tregut dhe p\u00ebrcaktohet nga k\u00ebrkesa dhe oferta e tregut. Yield \u00ebsht\u00eb nj\u00eb form\u00eb vler\u00ebsimi dhe nuk lidhet aspak me norm\u00ebn e detyrueshme e cila \u00ebsht\u00eb e p\u00ebrcaktuar n\u00eb mas\u00ebn 7.625% n\u00eb vit p\u00ebrgjat\u00eb gjith\u00eb periudh\u00ebs s\u00eb maturimit.<\/p>\n<p>P\u00ebr emetuesin e Eurobondi, n\u00eb k\u00ebt\u00eb rast Qeveria Shqiptare, \u00ebsht\u00eb m\u00eb mir\u00eb q\u00eb interesi yield-i t\u00eb jet\u00eb m\u00eb i ul\u00ebt, pasi kjo ul koston potenciale t\u00eb rifinancimit&nbsp; n\u00eb rast se emetuesi d\u00ebshiron t\u00eb futen n\u00eb treg p\u00ebr t\u00eb riemetuar borxh. Konkretisht kjo pritet t\u00eb ndodh n\u00eb n\u00ebntor t\u00eb 2015.<\/p>\n<p>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 (si Shqip\u00ebria). 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>Qe nga ajo periudhe, yield-i ka r\u00ebn\u00eb duke arritur norm\u00ebn m\u00eb t\u00eb ul\u00ebt (2.11%) gjat\u00eb prillit t\u00eb vitit 2015.<\/p>\n<p><iframe width=\"628\" height=\"371\" frameborder=\"0\" scrolling=\"no\" seamless=\"\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/1S3FLRAafvSCVIXRthdaF4o3rnu1ujKqIlQy61w-K_5U\/pubchart?oid=2049681418&amp;format=interactive\"><\/iframe><br \/>\n<sup>Burimi: Ministria e Financave, Bloomberg<br \/>\nKomentet dhe analiza: ODA<\/sup><\/p>\n<p>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\u00ebrmir\u00ebsuar performanc\u00ebn e Eurobondit shqiptar dhe aktualisht, qeveria shqiptare n\u00eb nj\u00eb rifinancim t\u00eb ardhsh\u00ebm t\u00eb borxhit do kishte nj\u00eb kosto m\u00eb t\u00eb ul\u00ebt riemetimi, krahasuar me emetimin fillestar. Natyrisht edhe afrimi i dat\u00ebs s\u00eb maturimit ul yield-in e obligacionit.<\/p>\n<p>Bazuar n\u00eb k\u00ebto t\u00eb dh\u00ebna, por edhe n\u00eb normat e interesit t\u00eb vendeve me cil\u00ebsi t\u00eb ngjashme krediti, rritet mund\u00ebsia q\u00eb qeveria shqiptare t\u00eb zgjedh\u00eb t\u00eb emetoj\u00eb nj\u00eb obligacion 5-vjecar (me maturim t\u00eb ngjash\u00ebm me Eurobondin fillestar) por me nj\u00eb shum\u00eb m\u00eb t\u00eb madhe, p\u00ebr t\u00eb shfryt\u00ebzuar kushtet aktuale t\u00eb tregut dhe sigurimin e nj\u00eb financimi shtes\u00eb q\u00eb mund t\u00eb shfryt\u00ebzohet p\u00ebr investime t\u00eb ndryshme publike.<\/p>\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\u00ebrkomb\u00ebtare financiare m\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 nj\u00eb vit, i emetuar dhe tregtuar n\u00eb tregjet nd\u00ebrkomb\u00ebtare financiare. N\u00eb momentin e emetimit, yield-i (norma e interesit) ishte 7.625%. Obligacioni maturohet n\u00eb dat\u00eb 09\/11\/2015, \u00ebsht\u00eb emetuar n\u00eb monedh\u00ebn euro, dhe shuma e emetuar&hellip; <\/p>\n","protected":false},"author":1,"featured_media":12398,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[39,134],"tags":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ndiqparate.al\/wp-content\/uploads\/2015\/06\/download-2021-05-24T141500.590.png?fit=565%2C333&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":24844,"url":"https:\/\/ndiqparate.al\/?p=24844","url_meta":{"origin":7357,"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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