Hüseyin Ali KUTLU, N. Savaş DEMİRCİ

İpotekli Kredilerin Finanse Edilmesinde Etkin Bir Sermaye Piyasası Aracı Olarak İpotekli Tahviller

İpotekli kredi kullandıran finans kuruluşları, bu kredileri genellikle mevduatlar ile finanse etmektedir. Kredilerin finansmanında diğer önemli alternatifler ise ipote- ğe dayalı menkul kıymetler ve ipotekli tahvillerdir. İpotekli tahviller, ipoteğe dayalı menkul kıymetlerin büyük rol oynadığı subprime kredi krizinden güçlenerek çıkmış ve sermaye piyasalarındaki konumunu güçlendirmiştir. Uzun bir Avrupa geç- mişine sahip olan ipotekli tahviller, özel bir alacak havuzundaki alacaklar karşılı- ğında çıkarılır. Finans kuruluşları ipotekli tahviller aracılığıyla göreceli düşük maliyetli fon, sermaye piyasalarına sürekli erişim, yatırımcı çeşitliliği ve büyük tutarlarda ve uzun vadeli finansman sağlar

Covered Bonds as an Efficient Capital Market Instrument to Finance Mortgage Loans

Financial institutions supplying mortgage loans usually finance these credits by deposits. Other important alternatives for financing credits are mortgage backed securities and covered bonds. Covered bonds became strong after subprime credit crisis caused mainly by mortgage backed securities and strengthened its position in capital markets. Covered bonds having long Europe history backed by a specific cover pool with receivables. Financial institutions get relatively low cost fund, permanent access to capital markets, variety of investors and long term and high volume money by the help of covered bonds.

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