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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 64 577 666 378 209
USD 27 56 000 000 000
EUR 6 8 000 000 000
JPY 3 370 000 000 000
corporate
TRY 574 81 451 978 949
USD 103 49 203 879 000
EUR 18 2 545 622 910
MYR 6 1 960 000 000
JPY 2 1 900 000 000
RON 2 105 000 000
HUF 1 700 000 000
PLN 1 14 000 000
AUD 1 15 000 000

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** 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.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Turkey, 5.2% 16feb2026, EUR - International bonds XS1909184753 5.2% 1 500 000 000  EUR 11/07/2018 02/16/2026
Turk Ekonomi Bankasi, FRN 4nov2028, USD - International bonds XS1895575071 210 000 000  USD 11/05/2018 11/04/2028
Turkey, 7.25% 23dec2023, USD - International bonds US900123CR91 7.25% 2 000 000 000  USD 10/16/2018 12/23/2023
Yapi Kredi Bank, 1% 17aug2068, USD - International bonds XS1867595750 1% 900 000 000  USD 08/17/2018 08/17/2068
Turk Ekonomi Bankasi, FRN 27jun2028, USD - International bonds XS1845118865 125 000 000  USD 06/27/2018 06/27/2028
Garanti Bank, FRN 11jun2024, USD - International bonds XS1833061978 6M LIBOR USD+2.22% 75 000 000  USD 06/11/2018 06/11/2024
Yapi Kredi Bank, 1% 31may2025, TRY - International bonds XS1830149438 1% 800 000 000  TRY 05/31/2018 05/31/2025
Yapi Kredi Bank, 17.3% 30may2023, TRY - International bonds XS1824431404 17.3% 410 000 000  TRY 05/30/2018 05/30/2023
Export Credit Bank of Turkey, 6.125% 3may2024, USD - International bonds XS1814962582 6.125% 500 000 000  USD 04/26/2018 05/03/2024
Ronesans Gayrimenkul Yatirim, 7.25% 26apr2023, USD - International bonds XS1807502668 7.25% 300 000 000  USD 04/19/2018 04/26/2023

Cbonds Bond Market Indices

Daily indices

Type: 12/07/2018 12/06/2018 12/05/2018 12/04/2018 12/03/2018 11/30/2018 11/29/2018
Euro-Cbonds Sovereign Turkey
[9325] Euro-Cbonds Sovereign Turkey  130.31 130.03 130.09 130.29 130.05 129.42 128.21
[9327] Euro-Cbonds Sovereign Turkey PI 81.65 81.49 81.54 81.69 81.55 81.19 80.44
[9329] Euro-Cbonds Sovereign Turkey D 2 478.00 2 479.00 2 482.00 2 481.00 2 478.00 2 475.00 2 451.00
[9331] Euro-Cbonds Sovereign Turkey YTM 7.64 7.67 7.66 7.63 7.66 7.72 7.85
[9333] Euro-Cbonds Sovereign Turkey YTM eff 7.78 7.82 7.81 7.78 7.80 7.87 8.01
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World Bond market statistics

Quarterly indices

Type: I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
[10369] Turkish international bonds, USD bln 146.500 142.600 138.800 137.400 125.900 120.600 117.900
BIS net issues of international-bond market of emerging countries
[10567] International-bond net issue of Turkey, USD bln 3.400 3.600 1.100 10.300 4.900 4.100 2.100

New issues of Emerging markets International Bonds

Yearly indices

Type: 2017 2016 2015 2014
Annual new International Bonds issues (Eastern Europe)
[19625] Annual new issues of Turkey sovereign international bonds, USD bln 9.126 5.500 3.000 7.308
[19659] Annual new issues of Turkey corporate international bonds, USD bln 11.990 8.010 4.165 12.175
[19693] Annual new issues of Turkey corporate international bonds, (financial sector) USD bln 10.764 7.185 3.311 10.223
[19727] Annual new issues of Turkey corporate international bonds, (non-financial sector) USD bln 1.226 0.825 0.853 1.952

Emerging Markets International Bonds

Monthly indices

Type: Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018
Volume of Eastern Europe International Bonds Markets
[21145] International bonds of Turkey, USD bln 119.491 115.843 116.180 116.306 116.252 116.425 116.521
[21179] Corporate international bonds of Turkey, USD bln 51.185 49.206 50.128 50.183 50.089 50.255 50.272
[21213] Sovereign international bonds of Turkey, USD bln 68.306 66.638 66.052 66.123 66.163 66.170 66.249
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Credit Risk Indicators

Daily indices

Type: 12/10/2018 12/07/2018 12/06/2018 12/05/2018 12/04/2018 12/03/2018 11/30/2018
CDS Turkey (Interactive Data)
[13563] CDS 6M Turkey 274.5800 273.0200 274.3800 270.4100 271.4700 268.1400 274.3000
[13625] CDS 1Y Turkey 306.3700 302.3800 303.9500 299.6200 300.8600 296.8900 303.8700
[13687] CDS 2Y Turkey 326.8300 322.8400 325.0800 323.8900 325.3100 320.4000 328.1700
[13749] CDS 3Y Turkey 345.7600 341.6400 343.9100 339.2800 340.7900 335.0700 343.2900
[13811] CDS 4Y Turkey 362.9200 358.6300 360.5200 354.4100 355.9900 349.3400 357.9300
[13873] CDS 5Y Turkey 379.9000 375.4500 383.7300 375.4500 377.1100 369.0800 378.1300
[13935] CDS 7Y Turkey 410.6500 406.1100 408.5900 402.4200 404.0800 395.0500 404.2000
[13997] CDS 10Y Turkey 421.9200 417.6200 419.9900 414.6300 416.2000 407.0900 415.8400
[14059] CDS 15Y Turkey 429.5800 425.6200 427.8300 423.2400 424.6600 415.9700 424.0600
[14121] CDS 20Y Turkey 434.9200 431.1400 433.2600 429.0300 430.3600 421.9300 429.6400
[14183] CDS 30Y Turkey 439.1600 435.5400 437.5800 433.6500 434.8800 426.7200 434.0800
CDS Emerging markets (sov.) 
[11901] CDS 5Y Turkey mid *   * * *    
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Risk Management Institute

Daily indices

Type: 12/07/2018 12/06/2018 12/05/2018 12/04/2018 12/03/2018 11/30/2018 11/29/2018
RMI CVI - Europe
[10143] Turkey CVI value weighted  81.03 85.23 83.99 84.93 76.93 76.44 76.08
[10145] Turkey CVI tail  253.17 251.20 245.00 240.06 223.06 225.18 211.68
[10147] Turkey CVI equally weighted  69.77 72.16 70.57 71.91 65.88 66.03 64.80
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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) 
[33] EMBI+ Turkey spread * * * * * * *
EMBI Global (publication was suspended since 30.10.2013) 
[3119] EMBI Global Turkey * * * * * * *
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