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Japonya Devlet Tahvili (Japanese Government Bond, JGB)
İngilizce: Japanese government bond
Türkçe Tanım
Japonya Maliye Bakanligi tarafindan yen cinsinden ihrac edilen ve kuresel sabit getirili piyasalarda risksiz getiri egrisinin capa noktalarindan biri sayilan devlet borclanma aracidir. Uzun yillar boyunca sifira yakin, zaman zaman negatif getiri ureten bir ortam olusturmasi, JGB egrisini yen bazli proje finansmani ile capraz kur riskinden korunma maliyetinin iskonto zemini haline getirmistir. Samuray tahvili ihrac eden ya da yen swap'i uzerinden fonlanan bir sponsor icin ilgili vadedeki JGB getirisi, kredi marjinin uzerine bindigi taban orandir; egrinin uzun ucundaki hareket, dolar bazli yatirimcinin kurdan aritilmis getirisine dogrudan yansir.
English Definition
A yen-denominated sovereign debt instrument issued by Japan's Ministry of Finance and treated as one of the anchor points of the global risk-free curve. Years of near-zero, at times negative, yields turned the JGB curve into the discount floor for yen-based project financing and for the cost of cross-currency hedging. For a sponsor issuing samurai paper or funding through a yen swap, the relevant-tenor JGB yield is the base rate over which the credit margin sits, and any move at the long end feeds directly into a dollar investor's hedged return.