Devlet İç Borçlanma Senetleri (DİBS) Nedir? DİBS Hakkında Kapsamlı Bilgiler

(Hazine Domestic Borrowing Notes) Government bonds and treasury bills issued by the Ministry of Treasury and Finance in the domestic market are referred to as domestic debt securities. The state pays a specific interest rate in exchange for the borrowed money. This interest rate is determined based on the supply-demand balance in auctions held periodically by the Ministry of Treasury and Finance. Treasury bills are used for short-term borrowing with a maturity of up to one year, while government bonds are utilized for borrowings exceeding one year. Due to their fixed returns, treasury bills and government bonds attract interest from savers who prefer to avoid risks. Banks that purchase treasury bills and government bonds in the Ministry’s auctions often sell a significant portion of these securities to savers in the secondary market.

In a country, companies disappear when they face insolvency. However, even if the state cannot pay its debts, it continues to exist. Therefore, the guarantees of treasury bills and government bonds are considered more secure than corporate stocks and bonds.

The value of a treasury bill on its maturity date is predetermined. The value of a treasury bill that is intended to be converted to cash before its maturity depends on the prevailing interest rates in the money market. The bill’s value and the current market interest rates move in opposite directions, like a seesaw. If the prevailing interest rate in the market exceeds the fixed return interest of the bill, the value of the bill will decline. For instance, if the bill’s compound interest is 17% and the market-determined interest rate is 19%, a new investor would opt for the 19% investment vehicle. Consequently, demand for the 17% bill decreases, lowering its sale value. Conversely, if the prevailing interest rate falls below the bill’s interest rate, its value rises. If the bill’s interest is 17% and the market rate drops to 15%, demand for the bill increases, thereby raising its price. Most savers who choose bills and bonds prefer to hold them until maturity. To profit from buying and selling before maturity, it is essential to closely monitor changes in the economy, the money market, and interest rates.