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Turkey: obligacje

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;

Emisje w obrocie

Waluta Emisje w obrocie Cumulative volume
Państwowy
TRY 63 598 138 783 851
USD 30 60 706 160 910
EUR 10 11 613 987 620
JPY 3 370 000 000 000
Korporacyjny
TRY 601 85 951 772 671
USD 102 51 338 879 000
EUR 19 3 095 702 910
MYR 6 1 960 000 000
JPY 2 1 900 000 000
RON 2 105 000 000
PLN 1 14 000 000
AUD 1 15 000 000

Rating suwerenny

Agencja ratingowaRatingRating 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 ***
Scope Ratings *** Issuer Rating ***
Scope Ratings *** Issuer Rating (foreign currency) ***
Scope Ratings *** Senior Unsecured Debt Rating ***
Scope Ratings *** Senior Unsecured Debt Rating (foreign currency) ***
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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Ostatnie emisje

emisja ISIN kupon kwota zakończenie przydziału data zapadalności
Akbank, 0% 16apr2019, TRY (55D) - Obligacje krajowe TRFAKBK41980 0% 79 248 000  TRY 20.02.2019 16.04.2019
Is Faktoring, 0% 21may2019, TRY (90D) - Obligacje krajowe TRFISFA51912 0% 82 650 000  TRY 20.02.2019 21.05.2019
Garanti Bank, 0% 30apr2019, TRY (70D) - Obligacje krajowe TRFGRAN41947 0% 102 511 225  TRY 19.02.2019 30.04.2019
KT Kira Sertifikalari Varlik Kiralama, 0% 14jun2019, TRY (115D) - Obligacje krajowe TRDKTVK61924 0% 310 000 000  TRY 19.02.2019 14.06.2019
QNB Finansbank, 0% 19apr2019, TRY (59D) - Obligacje krajowe TRFFNBK419A9 0% 112 860 000  TRY 19.02.2019 19.04.2019
YAPI KREDI FAKTORING, 0% 16apr2019, TRY (56D) - Obligacje krajowe TRFYAKF41917 0% 125 000 000  TRY 19.02.2019 16.04.2019
Akbank, 0% 11apr2019, TRY (55D) - Obligacje krajowe TRFAKBK41972 0% 245 200 000  TRY 15.02.2019 11.04.2019
Albaraka Turk, 20.4% 17may2019, TRY - Obligacje krajowe TRDBRKT51922 20.4% 375 000 000  TRY 15.02.2019 17.05.2019
Arcelik, FRN 12feb2021, TRY - Obligacje krajowe TRSARCL22117 24.7589% 500 000 000  TRY 15.02.2019 12.02.2021
QNB Finansbank, 0% 10may2019, TRY (84D) - Obligacje krajowe TRFFNBK51925 0% 165 520 000  TRY 15.02.2019 10.05.2019

Indeksy rynku obligacji

Indeksy dzienne

Typ: 20.02.2019 19.02.2019 18.02.2019 15.02.2019 14.02.2019 13.02.2019 12.02.2019
Euro-Cbonds Sovereign Turkey
[9325] Euro-Cbonds Sovereign Turkey  139.17 139.42 139.42 139.35 139.26 139.55 138.81
[9327] Euro-Cbonds Sovereign Turkey PI 86.15 86.32 86.33 86.33 86.29 86.50 86.04
[9329] Euro-Cbonds Sovereign Turkey D 2 478.00 2 482.00 2 484.00 2 479.00 2 479.00 2 481.00 2 470.00
[9331] Euro-Cbonds Sovereign Turkey YTM 6.87 6.84 6.84 6.84 6.84 6.81 6.88
[9333] Euro-Cbonds Sovereign Turkey YTM eff 6.99 6.96 6.96 6.96 6.96 6.93 7.00
[22493] Euro-Cbonds Sovereign Turkey T-spread 400.91 398.49 396.06 396.62 396.56 389.85 400.59
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Statystyki rynków obligacji świata

Indeksy miesięczne

Typ: Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018
Domestic corporate bond market (Eastern Europe) (without short-term bonds)
[12799] Turkey corporate bonds outst., EUR bln 13.30 11.64 12.41 11.75 11.26 10.31 14.40
[13003] New issues of corporate bonds, Turkey, EUR bln 2.7691 3.0804 2.7374 2.3390 2.3498 2.4035 3.6066
[13037] New issues of corporate bonds, Turkey (fin. sector), EUR bln 2.6717 3.0496 2.6605 2.3091 2.3184 2.3937 3.5262
[13105] Turkey corporate bonds outst., USD bln 15.30 14.98 13.92 13.07 12.94 11.92 16.75
[13139] Turkey corporate bonds outst. (fin. sector), USD bln 13.55 13.28 12.17 11.46 11.41 10.52 14.86
[13173] Turkey corporate bonds outst. (non-fin. sector), USD bln 1.67 1.70 1.75 1.62 1.53 1.39 1.89
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Indeksy kwartalne

Typ: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS volume of international-bond market of emerging countries
[10369] Turkish international bonds, USD bln 142.600 143.800 146.500 142.600 138.800 137.400 125.900
BIS net issues of international-bond market of emerging countries
[10567] International-bond net issue of Turkey, USD bln -0.500 -1.500 3.400 3.600 1.100 10.300 4.900

Risk Management Institute

Indeksy dzienne

Typ: 20.02.2019 19.02.2019 18.02.2019 15.02.2019 14.02.2019 13.02.2019 12.02.2019
RMI CVI - Europe
[10143] Turkey CVI value weighted  45.55 45.84 46.44 45.36 45.66 47.08 44.59
[10145] Turkey CVI tail  171.14 172.13 167.76 167.76 172.33 180.36 184.19
[10147] Turkey CVI equally weighted  47.66 48.41 48.64 48.21 48.47 51.31 50.83
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Nowe emisje euroobligacji rynków wschodzących

Indeksy roczne

Typ: 2018 2017 2016 2015 2014
Annual new International Bonds issues (Eastern Europe)
[19625] Annual new issues of Turkey sovereign international bonds, USD bln 7.718 9.126 5.500 3.000 7.308
[19659] Annual new issues of Turkey corporate international bonds, USD bln 5.979 11.785 8.010 4.165 12.175
[19693] Annual new issues of Turkey corporate international bonds, (financial sector) USD bln 4.679 10.559 7.185 3.311 10.223
[19727] Annual new issues of Turkey corporate international bonds, (non-financial sector) USD bln 1.300 1.226 0.825 0.853 1.952

Euroobligacje rynków wschodzących

Indeksy miesięczne

Typ: Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018
Volume of Eastern Europe International Bonds Markets
[21145] International bonds of Turkey, USD bln 122.988 119.015 119.491 115.843 116.180 116.306 116.252
[21179] Corporate international bonds of Turkey, USD bln 51.004 50.506 51.185 49.206 50.128 50.183 50.089
[21213] Sovereign international bonds of Turkey, USD bln 71.984 68.509 68.306 66.638 66.052 66.123 66.163
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Wskaźniki ryzyka kredytowego

Indeksy dzienne

Typ: 21.02.2019 20.02.2019 19.02.2019 18.02.2019 15.02.2019 14.02.2019 13.02.2019
CDS Turkey (Interactive Data)
[13563] CDS 6M Turkey 144.9100 143.7000 141.6600 141.9400 140.9000 141.4500 133.8200
[13625] CDS 1Y Turkey 175.3200 173.7800 171.2200 171.4800 169.9500 170.5300 161.2600
[13687] CDS 2Y Turkey 215.3900 213.5200 210.3900 210.7300 208.9100 209.6200 204.4800
[13749] CDS 3Y Turkey 251.9600 249.8000 246.1600 246.5700 244.5100 245.3400 238.6700
[13811] CDS 4Y Turkey 282.5400 280.1500 276.0900 276.5500 274.3100 275.2400 270.3900
[13873] CDS 5Y Turkey 310.9800 308.3800 303.9300 304.4500 302.0400 303.0400 299.6800
[13935] CDS 7Y Turkey 349.6200 346.9200 342.2600 342.8200 340.3500 341.3700 337.5300
[13997] CDS 10Y Turkey 373.1900 370.5900 366.0700 366.6200 364.2600 365.2300 361.1300
[14059] CDS 15Y Turkey 389.7200 387.3200 383.1400 383.6600 381.4900 382.3600 378.3100
[14121] CDS 20Y Turkey 399.1500 396.8800 392.8800 393.3700 391.3200 392.1300 388.1600
[14183] CDS 30Y Turkey 406.7900 404.6500 400.8300 401.3000 399.3400 400.1000 396.2700
Default Probability Turkey (Interactive Data)
[20369] 6M Default Probability Turkey 0.6400 0.6400 0.6300 0.6400 0.6500 0.6600 0.6300
[20431] 1Y Default Probability Turkey 1.9400 1.9300 1.9100 1.9200 1.9200 1.9400 1.8400
[20493] 2Y Default Probability Turkey 5.2100 5.1800 5.1100 5.1200 5.1000 5.1300 5.0200
[20555] 3Y Default Probability Turkey 9.2800 9.2200 9.1000 9.1200 9.0700 9.1100 8.8800
[20617] 4Y Default Probability Turkey 13.8400 13.7400 13.5600 13.5900 13.5200 13.5700 13.3700
[20679] 5Y Default Probability Turkey 18.8300 18.6900 18.4500 18.5000 18.3900 18.4600 18.3100
[20741] 7Y Default Probability Turkey 28.5700 28.3900 28.0700 28.1300 27.9900 28.0700 27.8300
[20803] 10Y Default Probability Turkey 40.6300 40.4100 40.0500 40.1100 39.9500 40.0300 39.7200
[20865] 15Y Default Probability Turkey 56.3100 56.0900 55.7300 55.7900 55.6300 55.7100 55.3600
[20927] 20Y Default Probability Turkey 68.2500 68.0500 67.7200 67.7800 67.6300 67.7000 67.3600
[20989] 30Y Default Probability Turkey 83.2300 83.0900 82.8400 82.8900 82.7800 82.8200 82.5800
CDS CMA 
[11901] CDS 5Y Turkey mid * * * *   * *
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Wskaźniki makroekonomiczne (Europa)

Indeksy miesięczne

Typ: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Inflation Rate (World), % to the same period of the previous year
[15777] Inflation Rate (Turkey)     25.24 24.52 17.90 15.85 15.39
Consumer Prices Indices (CPI, świat)
[10821] HICP Turkey, Monthly rate of change, %  -0.40 -1.40 2.70 6.30 2.30 0.50 2.60
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Indeksy roczne

Typ: 2017 2016 2015 2014
Government Debt to GDP (World), %
[15411] Government Debt to GDP(Turkey) 28.30 28.30 27.50 33.50

JP Morgan

Indeksy dzienne

Typ: 30.10.2013 29.10.2013 28.10.2013 25.10.2013 24.10.2013 23.10.2013 22.10.2013
EMBI+ 
[33] EMBI+ Turkey spread * * * * * * *
EMBI Global 
[3119] EMBI Global Turkey * * * * * * *
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