Turkey: bonds

Turkey has the sixth largest local currency bond market among the emerging market countries. Its key instruments are corporate bonds, commercial paper and bank bills.

The corporate bond market in Turkey amounted to only TL481 million (US$340million) at the end of 2009, jumping up to TL1.4 billion5 (US$1.9 billion) in end 2010 and to TL4.3 billion in end 2011. This is still very small in comparison to other major emerging market countries.

Since the Turkish eurobond market opened in early 2011, banks and corporates are now allowed to issue eurobonds directly without having to pay withholding tax on interest payments under the bonds. This change in law, along with the favourable market conditions, has encouraged many Turkish issuers (predominantly banks) to come to market.

Strategic benchmarks in public debt are:
- To make borrowing mainly in TL;
- To use fixed rate TL instruments as the major source of domestic cash borrowing and decrease the share of debt which has interest rate refixing period less than 12 months;
- To increase the average maturity of domestic cash borrowing taking market conditions into consideration and decrease the share of debt maturing within 12 months;

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
TRY 57 501 313 793 394
USD 29 64 298 300 000
EUR 5 6 500 000 000
JPY 3 370 000 000 000
corporate
TRY 328 40 670 223 151
USD 98 51 040 558 000
EUR 17 2 712 473 000
JPY 2 1 900 000 000
MYR 1 800 000 000
AUD 1 175 000 000
RON 1 108 000 000

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Turkiye Is Bankasi, 7% 29jun2028, USD - International bonds XS1623796072 7% 500 000 000  USD 06/22/2017 06/29/2028
Yapi Kredi Bank, 5.85% 21jun2024, USD - International bonds XS1634372954 5.85% 500 000 000  USD 06/14/2017 06/21/2024
Turkey, 3.25% 14jun2025, EUR - International bonds XS1629918415 3.25% 1 000 000 000  EUR 06/07/2017 06/14/2025
Yapi Kredi Bank, 13.125% 10jun2020, TRY - International bonds XS1629734879 13.125% 500 000 000  TRY 06/06/2017 06/10/2020
Aktif Bank, 6% 8jun2022, USD - International bonds XS1629385847 6% 20 000 000  USD 06/06/2017 06/08/2022
Aktif Bank, 3.6% 1jun2022, EUR - International bonds XS1626008699 3.6% 25 000 000  EUR 05/30/2017 06/01/2022
Vakifbank, 5.625% 30may2022, USD - International bonds XS1622626379 5.625% 500 000 000  USD 05/23/2017 05/30/2022
Garanti Bank, 6.125% 24may2027, USD - International bonds XS1617531063 6.125% 750 000 000  USD 05/16/2017 05/24/2027
Finansbank, 4.875% 19may2022, USD - International bonds XS1613091500 4.875% 750 000 000  USD 05/11/2017 05/19/2022
Aktif Bank, 7% 10may2024, USD - International bonds XS1602116284 7% 118 000 000  USD 05/10/2017 05/10/2024

Cbonds Bond Market Indices

Daily indices

Type: 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017 06/15/2017
Euro-Cbonds Sovereign Turkey
Euro-Cbonds Sovereign Turkey  141.70 141.31 141.17 141.71 141.92 141.93 142.18
Euro-Cbonds Sovereign Turkey PI 97.29 97.03 96.95 97.34 97.50 97.55 97.74
Euro-Cbonds Sovereign Turkey D 2 614.00 2 610.00 2 609.00 2 618.00 2 622.00 2 626.00 2 632.00
Euro-Cbonds Sovereign Turkey YTM 5.16 5.20 5.21 5.16 5.14 5.13 5.10
Euro-Cbonds Sovereign Turkey YTM eff 5.23 5.27 5.28 5.22 5.20 5.19 5.17
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World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Turkish international bonds, USD bln 125.900 120.600 117.900 120.000 113.900 110.800 112.200
BIS net issues of international-bond market of emerging countries
International-bond net issue of Turkey, USD bln 4.900 4.100 2.100 6.000 2.200 -1.000 -1.500

Emerging Markets International Bonds

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
Eastern Europe International Bonds Markets
International bonds of Turkey, USD bln 121.740 117.257 116.266 114.927 115.115 113.262 113.272
Turkey’s sovereign international bonds, USD bln 73.819 71.858 71.738 71.748 72.238 69.905 70.029
Turkey’s corporate international bonds, USD bln 47.921 45.398 44.528 43.179 42.877 43.357 43.243
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Credit Risk Indicators

Daily indices

Type: 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017 06/15/2017
CDS Interactive Data 
CDS 6M Turkey * * * * * * *
CDS 1Y Turkey * * * * * * *
CDS 2Y Turkey * * * * * * *
CDS 3Y Turkey * * * * * * *
CDS 4Y Turkey * * * * * * *
CDS 5Y Turkey * * * * * * *
CDS 7Y Turkey * * * * * * *
CDS 10Y Turkey * * * * * * *
CDS 15Y Turkey * * * * * * *
CDS 20Y Turkey * * * * * * *
CDS 30Y Turkey * * * * * * *
CDS Emerging markets (sov.) 
CDS 5Y Turkey mid     * * *   *
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Risk Management Institute

Daily indices

Type: 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017 06/15/2017
RMI CVI - Europe
Turkey CVI value weighted  24.09 23.63 24.02 24.01 23.43 23.82 24.13
Turkey CVI tail  87.82 88.97 87.67 87.97 86.89 85.60 87.70
Turkey CVI equally weighted  29.78 29.61 29.90 29.85 29.20 29.11 29.68
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JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI+ (publication was suspended since 30.10.2013) 
EMBI+ Turkey spread * * * * * * *
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Turkey * * * * * * *
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