{"id":166235,"date":"2026-05-01T03:30:29","date_gmt":"2026-05-01T03:30:29","guid":{"rendered":"https:\/\/friss-hirek.hu\/index.php\/a-40-os-allampapirhozam-is-verheto-lehet-most-megpedig-masik-allampapirokkal\/friss-hirek\/"},"modified":"2026-05-01T03:30:29","modified_gmt":"2026-05-01T03:30:29","slug":"a-40-os-allampapirhozam-is-verheto-lehet-most-megpedig-masik-allampapirokkal","status":"publish","type":"post","link":"https:\/\/friss-hirek.hu\/index.php\/a-40-os-allampapirhozam-is-verheto-lehet-most-megpedig-masik-allampapirokkal\/uzlet\/","title":{"rendered":"A 40%-os \u00e1llampap\u00edrhozam is verhet\u0151 lehet most, m\u00e9gpedig m\u00e1sik \u00e1llampap\u00edrokkal"},"content":{"rendered":"<p><strong>A lakoss\u00e1gi befektet\u0151k hossz\u00fa h\u00f3napok \u00f3ta a FixM\u00c1P-ot prefer\u00e1lj\u00e1k a magyar \u00e1llampap\u00edrok k\u00f6z\u00fcl, de az eur\u00f3bevezet\u00e9s \u00edg\u00e9ret\u00e9nek farviz\u00e9n t\u00f6bb m\u00e1s \u00e9rdekes opci\u00f3 is felsz\u00ednre ker\u00fclt.<\/strong><\/p><div id=\"friss-1639547108\" class=\"friss-etarget friss-entity-placement\"><script type=\"text\/javascript\" id=\"etargetScript7a9b589f63cb072bef80df221f46a22b\">function etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b(){var e=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",t=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",o=document.getElementById(e);if(o){for(var n=o.offsetTop,d=o.offsetLeft,r=o.offsetWidth,a=o.offsetHeight;o.offsetParent;)o=o.offsetParent,n+=o.offsetTop,d+=o.offsetLeft;var i=(n<=window.pageYOffset+window.innerHeight&&d<window.pageXOffset+window.innerWidth&&n+a>window.pageYOffset&&d+r>window.pageXOffset);if(i&&etargetAllowOtherCheck){allowed=!1;var c=document.createElement(\"script\");return c.src=\"\/\/hu.search.etargetnet.com\/generic\/uni.php?g=ref:58661,area:700x210\",void(document.getElementById(t)&&document.getElementById(e)&&(document.getElementById(t).parentNode.appendChild(c),document.getElementById(t).parentNode.removeChild(document.getElementById(t)),document.getElementById(e).parentNode.removeChild(document.getElementById(e)),document.removeEventListener(\"scroll\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.removeEventListener(\"resize\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.removeEventListener(\"DOMContentLoaded\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b)))}}}var etargetDivID=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",etargetScriptID=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",etargetPostloadPoint=document.createElement(\"div\");etargetPostloadPoint.id=etargetDivID;var etargetCurScript=document.getElementById(etargetScriptID);etargetCurScript.parentNode.appendChild(etargetPostloadPoint),document.addEventListener(\"scroll\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.addEventListener(\"resize\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.addEventListener(\"DOMContentLoaded\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b);var etargetAllowOtherCheck=!0;if(typeof(\"forceRunPostload\")==\"string\"){etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b()}<\/script><\/div>\n<p>Nyakl\u00f3 n\u00e9lk\u00fcl veszik a magyarok a FixM\u00c1P-ot, \u00e9s az \u00e9let egy\u00e9rtelm\u0171en \u0151ket igazolja: a jelenlegi infl\u00e1ci\u00f3s k\u00f6rnyezetben a 7%-os \u00e9ves kamat vaskos re\u00e1lhozamot jelent, a kamatk\u00f6rnyezet v\u00e1rhat\u00f3 enyh\u00fcl\u00e9se pedig m\u00e9g vonz\u00f3bb\u00e1 teszi a lakoss\u00e1g kedvenc konstrukci\u00f3j\u00e1t a jelenben. <\/p>\n<div class=\"related-post-links\">\n<p>\t\t<span class=\"related-post-links__title minititle\">T\u00f6bb ebb\u0151l<\/span><\/p>\n<div class=\"related-post-links__link-wrapper\">\n\t\t\t\t<a href=\"https:\/\/forbes.hu\/penz\/allampapir-eurora-valtas\/\" class=\"related-post-links__link\">Az \u00e1llampap\u00edr, ami alaposan lenyomta a r\u00e9szv\u00e9nypiacot, az eur\u00f3 bevezet\u00e9se pedig ak\u00e1r mennybe is viheti<\/a>\n\t\t\t<\/div>\n<div class=\"related-post-links__link-wrapper\">\n\t\t\t\t<a href=\"https:\/\/forbes.hu\/penz\/allampapirpiac-kormanyvaltas-utan\/\" class=\"related-post-links__link\">H\u00e1rom sz\u00e1m, amir\u0151l keveset besz\u00e9l\u00fcnk, pedig mutatj\u00e1k, Magyarorsz\u00e1got milyen tektonikus mozg\u00e1ssal \u00e1razza \u00fajra a piac<\/a>\n\t\t\t<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\">Az er\u0151sorrend megingathatatlan<\/h2>\n<p>A FixM\u00c1P teljes lej\u00e1ratig, azaz \u00f6t \u00e9vig tartva k\u00f6zel 40%-os hozamot garant\u00e1l befektet\u0151inek, ami azt tekintve, hogy a magyar r\u00e9szv\u00e9nypiac ezt az elm\u00falt id\u0151szakban egy \u00e9v alatt abszolv\u00e1lta, nem t\u00fal biztat\u00f3, de ha odateszz\u00fck mell\u00e9 a teljes kock\u00e1zatmentess\u00e9get, valamint az ad\u00f3mentess\u00e9get, akkor m\u00e1r egyb\u0151l \u00e1rnyaltabb\u00e1 is v\u00e1lik a k\u00e9p. <\/p>\n<p>A FixM\u00c1P \u00e1ltal el\u00e9rhet\u0151 hozamot a M\u00c1P Plusz is hozza, a 40%-os teljes hozamot azonban a toplista m\u00e1sodik helyezettje nem \u00e9vi fix 7%-os, hanem 6,5%-r\u0151l 7,5%-re, \u00e9vi 25 b\u00e1zisponttal n\u00f6vekv\u0151 kifizet\u00e9seken kereszt\u00fcl teszi el\u00e9rhet\u0151v\u00e9 befektet\u0151inek, a l\u00e9pcs\u0151s kamatfizet\u00e9s\u0171 pap\u00edr ugyanakkor az \u00e9rdekl\u0151d\u00e9st l\u00e1tva nem \u00e9r fel a fix, \u00e9s \u00edgy k\u00f6nnyebben kisz\u00e1m\u00edthat\u00f3 FixM\u00c1P mell\u00e9. <\/p>\n<p>A 17. h\u00e9ten \u00edgy n\u00e9zett ki az \u00c1KK \u00e9rt\u00e9kes\u00edt\u00e9si <a href=\"https:\/\/www.akk.hu\/\">list\u00e1ja<\/a>:<\/p>\n<ol class=\"wp-block-list\">\n<li>FixM\u00c1P: 63,43 milli\u00e1rd forint,<\/li>\n<li>M\u00c1P Plusz: 19,3 milli\u00e1rd forint,<\/li>\n<li>Kincst\u00e1ri Takar\u00e9kjegy: 8,55 milli\u00e1rd forint,<\/li>\n<li>BM\u00c1P: 2,02 milli\u00e1rd forint,<\/li>\n<li>PM\u00c1P: 0,39 milli\u00e1rd forint.<\/li>\n<\/ol>\n<p>A lakoss\u00e1gi befektet\u0151k a friss sz\u00e1mokat l\u00e1tva gyakorlatilag teljesen elfordultak a kor\u00e1bbi kedvenc PM\u00c1P-t\u00f3l, ami az infl\u00e1ci\u00f3k\u00f6vet\u0151 kamatoz\u00e1sa nyom\u00e1n a p\u00e9nzroml\u00e1s m\u00e9rt\u00e9k\u00e9nek drasztikus megcsappan\u00e1sa miatt teljes versenyk\u00e9pess\u00e9g\u00e9t elvesztette. Hasonl\u00f3an j\u00e1rt a B\u00f3nusz pap\u00edr (BM\u00c1P) is, melynek hozama a diszkont kincst\u00e1rjegyek\u00e9t k\u00f6veti, \u00edgy gyakran v\u00e1ltozik, ezt a kock\u00e1zatot pedig a jelenlegi k\u00edn\u00e1lat mellett a befektet\u0151k nem sz\u00edvesen v\u00e1llalj\u00e1k fel. <\/p>\n<p>Ami viszont tov\u00e1bbra is l\u00e1tszik, hogy a Kincst\u00e1ri Takar\u00e9kjegy biztos b\u00e1zis\u00e1t nem lehet megingatni: a Post\u00e1n kaphat\u00f3, 1 \u00e9s 2 \u00e9ves futamid\u0151vel el\u00e9rhet\u0151 pap\u00edrnak a maga kateg\u00f3ri\u00e1jk\u00e1ban t\u00f6retlen a n\u00e9pszer\u0171s\u00e9ge, 5,5%, illetve 6%-os kamata sokakat meggy\u0151z, f\u0151leg ilyen r\u00f6vid, k\u00f6nnyen tervezhet\u0151 id\u0151horizonttal.<\/p>\n<p>A FixM\u00c1P dominanci\u00e1ja <a href=\"https:\/\/forbes.hu\/penz\/allampapir-pmap-bmap-2026\/\">m\u00e1r az \u00e9v elej\u00e9n is egy\u00e9rtelm\u0171 volt<\/a>, de a friss \u00e1llom\u00e1nyi adatok a kor\u00e1bbr\u00f3l beragad\u00f3 PM\u00c1P-ok miatt ezt m\u00e9g nem t\u00fckr\u00f6zt\u00e9k. Most m\u00e1r ez a mentsv\u00e1ra sincs meg a kor\u00e1bbi szuper\u00e1llampap\u00edrnak: a teljes PM\u00c1P-\u00e1llom\u00e1ny m\u00e1r mind\u00f6ssze 3175 milli\u00e1rd forintot tesz ki, szemben az \u00e9v eleji 3651-el, a FixM\u00c1P pedig elh\u00fazott, janu\u00e1ri 3746 milli\u00e1rdos t\u0151ket\u00f6meg\u00e9t 4353 milli\u00e1rdra n\u00f6velte \u00e1prilis k\u00f6zep\u00e9re. <\/p>\n<h2 class=\"wp-block-heading\">R\u00f6vid vagy hossz\u00fa? Nagyon nem mindegy<\/h2>\n<p>A kifejezetten lakoss\u00e1gi k\u00edn\u00e1latban, mint l\u00e1ttuk, t\u00f6bb, kifejezetten er\u0151s v\u00e9tel is megtal\u00e1lhat\u00f3, ezek a pap\u00edrok f\u0151leg azoknak j\u00f6nnek j\u00f3l, akik nem akarnak a t\u00e1gabb piaci folyamatokkal foglalkozni, hanem biztos helyen, biztos hozamok mellett szeretn\u00e9k fialtatni a p\u00e9nz\u00fcket. <\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Akik viszont hajland\u00f3k kikacsintani a \u201epiacra\u201d, azok most kifejezetten j\u00f3l j\u00e1rhatnak, felt\u00e9ve, hogy a Tisza-korm\u00e1ny gazdas\u00e1gi \u00edg\u00e9retei meg is val\u00f3sulnak.<\/p>\n<\/blockquote>\n<p>Az ugyanis, hogy Magyarorsz\u00e1g tal\u00e1n m\u00e9g kor\u00e1bban <a href=\"https:\/\/forbes.hu\/penz\/allampapir-eurora-valtas\/\">sosem l\u00e1tott intenzit\u00e1ssal r\u00e1fordul az eur\u00f3bevezet\u00e9sre<\/a>, egy\u00e9rtelm\u0171en vonz\u00f3bb\u00e1 teszi a magyar k\u00f6tv\u00e9nyeket a hazai mellett a nemzetk\u00f6zi befektet\u0151k szem\u00e9ben is. Ebb\u0151l pedig azoknak, akik kell\u0151en kor\u00e1n l\u00e9pnek, j\u00f3kora profitjuk sz\u00e1rmazhat: a keresletn\u00f6veked\u00e9s ugyanis feltorn\u00e1ssza a k\u00f6tv\u00e9nyek \u00e1rfolyam\u00e1t, az azokat tart\u00f3 befektet\u0151k pedig egy esetleges \u00e9rt\u00e9kes\u00edt\u00e9s eset\u00e9n nem csak a kamatokon, de a k\u00f6tv\u00e9ny \u00e1rfolyamemelked\u00e9s\u00e9n is nagyon kasz\u00e1lhatnak.<\/p>\n<p>A Forbes.hu-nak Beschenbacher Korn\u00e9l, az SPB Befektet\u00e9si Zrt private banking igazgat\u00f3-helyettese a v\u00e1laszt\u00e1s ut\u00e1ni h\u00e9ten azt j\u00f3solta, a hossz\u00fa lej\u00e1rat\u00fa k\u00f6tv\u00e9nyhozamok a 3,5-4% k\u00f6r\u00fcli s\u00e1vba s\u00fcllyedhetnek k\u00f6z\u00e9pt\u00e1von, a 10, 15 \u00e9s 25 \u00e9ves \u00e1llamk\u00f6tv\u00e9nyek \u00e1rfolyama pedig ennek k\u00f6sz\u00f6nhet\u0151en ak\u00e1r tov\u00e1bbi 15-30%-os emelked\u00e9si potenci\u00e1llal is rendelkezhet. Fontos azonban l\u00e1tni, hogy a hossz\u00fak\u00f6tv\u00e9nyek \u00e1rfolyamai <a href=\"https:\/\/forbes.hu\/penz\/allampapirpiac-kormanyvaltas-utan\/\">minden fronton hatalmasat raliztak m\u00e1r az elm\u00falt hetekben<\/a>, \u00edgy \u00e9rdemes a kil\u00e1t\u00e1sokat is ennek f\u00e9ny\u00e9ben \u00e9rt\u00e9kelni.<\/p>\n<p><!-- No email blocks found --><\/p>\n<p>The post <a href=\"https:\/\/forbes.hu\/penz\/allampapirok-euro-fixmap\/\">A 40%-os \u00e1llampap\u00edrhozam is verhet\u0151 lehet most, m\u00e9gpedig m\u00e1sik \u00e1llampap\u00edrokkal<\/a> appeared first on <a href=\"https:\/\/forbes.hu\/\">Forbes.hu<\/a>.<\/p><div id=\"friss-3318426605\" class=\"friss-etarget-cikk-vege friss-entity-placement\"><script type=\"text\/javascript\" id=\"etargetScript7a9b589f63cb072bef80df221f46a22b\">function etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b(){var 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id=\"friss-2541863169\" class=\"friss-after-content_3 friss-entity-placement\">https:\/\/www.youtube.com\/watch?v=Pdnw4KiUWp0<\/div>","protected":false},"excerpt":{"rendered":"<p>A lakoss\u00e1gi befektet\u0151k hossz\u00fa h\u00f3napok \u00f3ta a FixM\u00c1P-ot prefer\u00e1lj\u00e1k a magyar \u00e1llampap\u00edrok k\u00f6z\u00fcl, de az eur\u00f3bevezet\u00e9s \u00edg\u00e9ret\u00e9nek farviz\u00e9n t\u00f6bb m\u00e1s \u00e9rdekes opci\u00f3 is felsz\u00ednre ker\u00fclt. Nyakl\u00f3 n\u00e9lk\u00fcl veszik a magyarok a FixM\u00c1P-ot, \u00e9s az \u00e9let egy\u00e9rtelm\u0171en \u0151ket igazolja: a jelenlegi infl\u00e1ci\u00f3s k\u00f6rnyezetben a 7%-os \u00e9ves kamat vaskos re\u00e1lhozamot jelent, a kamatk\u00f6rnyezet v\u00e1rhat\u00f3 enyh\u00fcl\u00e9se pedig m\u00e9g [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-166235","post","type-post","status-publish","format-standard","hentry","category-uzlet"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts\/166235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/comments?post=166235"}],"version-history":[{"count":0,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts\/166235\/revisions"}],"wp:attachment":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/media?parent=166235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/categories?post=166235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/tags?post=166235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}