{"id":12588,"date":"2026-05-15T05:36:10","date_gmt":"2026-05-15T05:36:10","guid":{"rendered":"https:\/\/virconlegal.com\/term\/donusturulebilir-tahvil\/"},"modified":"2026-05-15T06:04:49","modified_gmt":"2026-05-15T06:04:49","slug":"donusturulebilir-tahvil","status":"publish","type":"term","link":"https:\/\/virconlegal.com\/tr\/term\/donusturulebilir-tahvil\/","title":{"rendered":"D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir Tahvil"},"content":{"rendered":"<h3>TLDR:<\/h3>\n<p>D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir <a href=\"https:\/\/virconlegal.com\/tr\/term\/tahvil\/\">tahvil<\/a>, normal bir tahvil gibi faiz \u00f6deyen ancak sahibine tahvili gelecekte ihra\u00e7\u00e7\u0131n\u0131n \u00f6nceden belirlenmi\u015f say\u0131da hissesine d\u00f6n\u00fc\u015ft\u00fcrme hakk\u0131 veren bir bor\u00e7 menkul k\u0131ymetidir. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahviller a\u015fa\u011f\u0131 y\u00f6n korumas\u0131n\u0131 (bor\u00e7 geri \u00f6demesi) yukar\u0131 y\u00f6n kat\u0131l\u0131m\u0131 (\u00f6z sermaye d\u00f6n\u00fc\u015f\u00fcm\u00fc) ile birle\u015ftirir, b\u00fcy\u00fcme a\u015famas\u0131 \u015firketleri ve b\u00fcy\u00fcme \u00f6z sermayesi yat\u0131r\u0131mc\u0131lar\u0131 i\u00e7in \u00e7ekici ara\u00e7lar haline getirir.<\/p>\n<h3>D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir Tahviller vs. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir Senetler<\/h3>\n<p>Her ikisi de borcu \u00f6z sermayeye d\u00f6n\u00fc\u015ft\u00fcr\u00fcr, ancak ba\u011flam ve yap\u0131da farkl\u0131la\u015f\u0131rlar. <a href=\"https:\/\/virconlegal.com\/tr\/term\/donusturulebilir-senet\/\">D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir senetler<\/a> tipik olarak erken a\u015fama <a href=\"https:\/\/virconlegal.com\/tr\/term\/girisim-sermayesi\/\">risk sermayesi<\/a> finansman\u0131nda (fiyatland\u0131r\u0131lmam\u0131\u015f \u00f6ncesi turlar) kullan\u0131l\u0131r, sonraki fiyatland\u0131r\u0131lm\u0131\u015f \u00f6z sermaye turunda d\u00f6n\u00fc\u015f\u00fcm ile. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahviller tipik olarak daha olgun \u015firketler taraf\u0131ndan kullan\u0131l\u0131r (b\u00fcy\u00fcme a\u015famas\u0131 \u00f6zel veya halka a\u00e7\u0131k), ihra\u00e7ta belirlenen sabit fiyatta d\u00f6n\u00fc\u015f\u00fcm ile. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir senetler daha k\u0131sa vadelidir (12-24 ay) ve halka a\u00e7\u0131k ticaret yapmaz; d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvillerin daha uzun vadeleri vard\u0131r (3-7 y\u0131l) ve halka a\u00e7\u0131k pazarlarda i\u015flem g\u00f6rebilir. Fiyatland\u0131rma karma\u015f\u0131kl\u0131\u011f\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde farkl\u0131la\u015f\u0131r: d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahviller kredi spread&#8217;i, \u00f6z sermaye oynakl\u0131\u011f\u0131 ve g\u00f6m\u00fcl\u00fc opsiyon de\u011feri i\u00e7eren geli\u015fmi\u015f <a href=\"https:\/\/virconlegal.com\/tr\/term\/degerleme\/\">de\u011ferleme<\/a> gerektirir.<\/p>\n<h3>D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir Tahvil Yap\u0131s\u0131<\/h3>\n<p>Tipik bir d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil \u015funlar\u0131 belirtir: anapara tutar\u0131, kupon oran\u0131 (d\u00f6n\u00fc\u015f\u00fcm de\u011feri nedeniyle d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir olmayan tahvillerden tipik olarak daha d\u00fc\u015f\u00fck), vade, <a href=\"https:\/\/virconlegal.com\/tr\/term\/donusum-orani\/\">d\u00f6n\u00fc\u015f\u00fcm oran\u0131<\/a> (tahvil ba\u015f\u0131na hisse say\u0131s\u0131), d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131 (d\u00f6n\u00fc\u015ft\u00fcr\u00fcld\u00fc\u011f\u00fcnde hisse ba\u015f\u0131na etkin fiyat\u2014tipik olarak ihra\u00e7ta hisse fiyat\u0131na %20-40 premium), d\u00f6n\u00fc\u015f\u00fcm d\u00f6nemi (d\u00f6n\u00fc\u015f\u00fcm\u00fcn mevcut oldu\u011fu zaman), \u00e7a\u011fr\u0131 h\u00fck\u00fcmleri (ihra\u00e7\u00e7\u0131n\u0131n erken iade hakk\u0131, genellikle hisse fiyat\u0131 s\u00fcrekli bir d\u00f6nem i\u00e7in e\u015fi\u011fi a\u015farsa) ve anti-dil\u00fcsyon korumas\u0131. &#8220;D\u00f6n\u00fc\u015f\u00fcm primi&#8221; ihra\u00e7\u00e7\u0131n\u0131n maliyetini (daha y\u00fcksek prim = ihra\u00e7\u00e7\u0131 i\u00e7in daha iyi ko\u015fullar) tahvilin yat\u0131r\u0131mc\u0131lar i\u00e7in \u00e7ekicili\u011fine kar\u015f\u0131 dengeler.<\/p>\n<h3>Kullan\u0131m Alanlar\u0131<\/h3>\n<p>D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahviller \u015funlarda g\u00f6r\u00fcn\u00fcr: ge\u00e7 a\u015fama \u00f6zel b\u00fcy\u00fcme finansmanlar\u0131 (Spotify, Stripe, Airbnb IPO \u00f6ncesi d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir yap\u0131lar kulland\u0131), halka a\u00e7\u0131k \u015firket finansmanlar\u0131 (mevcut d\u00fc\u015f\u00fck hisse fiyatlar\u0131nda an\u0131nda dil\u00fcsyon olmadan sermaye toplama yolu), s\u0131k\u0131nt\u0131l\u0131 de\u011fi\u015fimler (alacakl\u0131lar yeniden yap\u0131land\u0131rmalarda borcu d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilirlere de\u011fi\u015ftirir) ve M&amp;A kar\u015f\u0131l\u0131\u011f\u0131n\u0131n bile\u015fenleri olarak (al\u0131c\u0131 d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilirleri nakit ile birle\u015ftirme). T\u00fcrkiye geli\u015fmi\u015f pazarlardan daha az s\u0131kl\u0131kla d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil yap\u0131lar\u0131 kullan\u0131r ancak b\u00fcy\u00fck end\u00fcstriyel gruplar taraf\u0131ndan TL cinsi ve Eurobond d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir ihra\u00e7larda artan emsal vard\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TLDR: D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil, normal bir tahvil gibi faiz \u00f6deyen ancak sahibine tahvili gelecekte ihra\u00e7\u00e7\u0131n\u0131n \u00f6nceden belirlenmi\u015f say\u0131da hissesine d\u00f6n\u00fc\u015ft\u00fcrme hakk\u0131 veren bir bor\u00e7 menkul k\u0131ymetidir. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahviller a\u015fa\u011f\u0131 y\u00f6n korumas\u0131n\u0131 (bor\u00e7 geri \u00f6demesi) yukar\u0131 y\u00f6n kat\u0131l\u0131m\u0131 (\u00f6z sermaye d\u00f6n\u00fc\u015f\u00fcm\u00fc) ile birle\u015ftirir, b\u00fcy\u00fcme a\u015famas\u0131 \u015firketleri ve b\u00fcy\u00fcme \u00f6z sermayesi yat\u0131r\u0131mc\u0131lar\u0131 i\u00e7in \u00e7ekici ara\u00e7lar haline getirir. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-12588","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=12588"}],"version-history":[{"count":1,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12588\/revisions"}],"predecessor-version":[{"id":12905,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12588\/revisions\/12905"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=12588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=12588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}