Turkish issuers sold $33bn of eurobonds in 2024, setting an annual record, according to data compiled by bne IntelliNews.

Turkish borrowers, meanwhile, redeemed 19 papers worth $16bn last year.

In 2023, Turkish issuers sold $17bn of eurobonds across 19 auctions while they redeemed a total of $11bn across 15 papers. In 2022, Turkish borrowers sold $12bn of eurobonds across eight tenders and redeemed $8bn on four papers.

In 2024, 46 papers were sold. Four papers were offered two times via tap issues. A total of 43 auctions were held while three papers were sold via direct sale.

A total of 28 issuers, including the Treasury, sold eurobonds last year. A total of nine debut sellers, including Turkey’s sovereign wealth fund (TWF/TVF), set another record in taking to the debut stage in the year.

Banks broke yet another record by selling $6bn of 15 subordinated papers, including nine Tier II papers worth $4bn in addition six Additional Tier 1 (AT1) papers worth $2bn.

The Treasury, as usual, was the biggest seller, raising $13bn via five papers. It also redeemed five papers worth $9bn.

The average coupon rate stood at 8.3% while most of the papers had a maturity of five years.

Zorlu Enerji (ZOREN) sold the most expensive paper, at a coupon rate of 11%, while the Treasury sold the cheapest paper (also the only EUR-denominated paper),  at a coupon rate of 5.875%.

Major eurobond issues by Turkish issuers in 2024
Issuer	ISIN	Coupon	Volume (mn)	End of placement	Maturity	UST+	CDS+	Type
Garanti BBVA (GARAN) (subordinated)	XS2913414384-US900148AG22	8.125%	$750	Nov 21, 2024	Jan 3, 2035(/29)	370	557	subordinated/Tier II
Albaraka Turk (ALBRK)	-	-	$120	Nov 7, 2024	Nov 2034(/29)	-	-	subordinated/Tier II
Treasury (sukuk)	-	6.50%	$2,500	Nov 19, 2024	Apr 26, 2030	225	393	sukuk
Zorlu Enerji (ZOREN)	XS2926261426	11.00%	$200	Nov 1, 2024	Apr 23, 2030	678	837	tap
ICA Ictas Altyapi	XS2924873719	7.536%	$405	Nov 1, 2024	Oct 31, 2027	336	487	project finance/debut
Turkey Wealth Fund (TVF/TWF) (sukuk)	XS2911679004	6.95%	$750	Oct 17, 2024	Jan 23, 2030	305	421	sukuk/debut
Zorlu Enerji (ZOREN)	XS2926261426	11.00%	$800	Oct 17, 2024	Apr 23, 2030	710	826	sustainable/debut
QNB Turkey (QNBFB)	XS2921631185	-	$150	Oct 16, 2024	Sep 20, 2029	-	-	green
QNB Turkey (QNBFB)	XS2921631003	-	$25	Oct 16, 2024	Sep 20, 2029	-	-	green, blue
TSKB (TSKB)	XS2919891361	7.125%	$350	Oct 9, 2024	Oct 17, 2029	322	439
GDZ Elektrik (Aydem)	XS2911134604	9.00%	$400	Oct 8, 2024	Oct 15, 2029	514	625	debut
Ronesans Holding	XS2915523661	8.50%	$350	Oct 3, 2024	Oct 10, 2029	488	582	sustainable/debut
Fibabanka	XS2801110581	10.25%	$150	Sep 30, 2024	Perpetual (Apr 2030)	611	757	subordinated/AT1
Vakifbank (VAKBN)	XS2913966318	6.875%	$500	Sep 30, 2024	Jan 7, 2030	330	420	sustainable
Treasury	US900123DN78	6.50%	$3,500	Sep 25, 2024	Jan 3, 2035	298	381
ING Turkey	XS2836961032	8.50%	$150	Sep 17, 2024	Dec 24, 2034(/29)	485	582	subordinated/Tier II
Turk Ekonomi Bankasi (TEB) (AT1)	XS2888538431	9.375%	$300	Sep 6, 2024	Perpetual (Sep 2029/Mar 2030)	588	665	subordinated/AT1
Pegasus (PGSUS)	XS2897383043/US705567AB14	8.00%	$500	Sep 5, 2024	Sep 11, 2031	437	528
Yapi Kredi Bank (YKBNK)	-	7.125%	$500	Sep 4, 2024	Oct 10, 2029	348	447
Eregli (Erdemir/EREGL)	XS2861686041	8.125%	$200	Jul 29, 2024	Jul 23, 2029	429	586	tap
Limak Cimento	US53263AAA60	9.75%	$575	Jul 16, 2024	Jul 25, 2029	564	722	debut
Eregli (Erdemir/EREGL)	XS2861686041	8.375%	$750	Jul 16, 2024	Jul 23, 2029	429	586	debut
Treasury	US900123DL13	7.125%	$1,750	Jul 10, 2024	Jul 17, 2032	287	458
Ulker (ULKER)	XS2855391533 / US903742AB05	7.875%	$550	Jul 2, 2024	Jul 8, 2031	343	516	sustainability
Vakifbank (VAKBN)	XS2850573374	9.00%	$700	Jun 26, 2024	Oct 5, 2034(/29)	468	627	subordinated/Tier II
Akbank (AKBNK)	XS2842188687 - US00971YAL48	7.498%	$500	Jun 13, 2024	Jan 20, 2030	326	490	green
Isbank (ISCTR)	XS2654059752 - US90016BAH15	7.75%	$500	Jun 6, 2024	Jun 12, 2029	346	513	green
QNB Finansbank (QNBFB)	XS2798098310	7.25%	$500	May 21, 2024	May 21, 2029	282	462	green
Turk Telekom (TTKOM)	XS2820499619	7.375%	$500	May 20, 2024	May 20, 2029	292	475	green
Vestel Elektronik (VESTL)	XS2817919587	9.75%	$450	May 15, 2024	May 15, 2029	540	705	debut
Sisecam (SISE)	-	8.00%	$225	May 14, 2024	May 2, 2032	355	532	tap
Sisecam (SISE)	-	7.50%	$175	May 14, 2024	May 2, 2029	304	482	tap
Turk Ekonomi Bankasi (TEB) (subordinated)	XS2796472384	Euribor+	$100	May 8, 2024	May 8, 2034(/29)	-	-	subordinated/Tier II
Ziraat Bank	XS2802184999	8.9941%	$500	Apr 30, 2024	Aug 2, 2034(/29)	430	603	subordinated/Tier II
Ford Otosan (FROTO)	XS2782775345	7.125%	$500	Apr 25, 2024	Apr 25, 2029	243	411	debut
Sisecam (SISE)	-	8.625%	$600	Apr 24, 2024	May 2, 2032	398	552
Sisecam (SISE)	-	8.25%	$500	Apr 24, 2024	May 2, 2029	361	514
Vakifbank (VAKBN) (AT1)	XS2793703500	10.1173%	$550	Apr 17, 2024	Perpetual (April 2029/34)	541	705	subordinated/AT1
Yapi Kredi Bank (YKBNK) (AT1)	XS2796491681 - US984848AS09	9.743%	$500	Mar 26, 2024	Perpetual (July 2029/34)	534	660	subordinated/AT1
TSKB (TSKB) (AT1)	XS2778918834 / US90015YAF60	9.75%	$300	Mar 14, 2024	Perpetual	531	659	subordinated/AT1
Treasury	-	5.875%	€2,000	Mar 15, 2024	May 31, 2030	MS+316	272	EUR
Akbank (AKBNK) (AT1)	XS2783589844 - US00971YAK64	9.3686%	$600	Mar 7, 2024	Perpetual	512	615	subordinated/AT1
Garanti BBVA (GARAN) (subordinated)	XS2773062471	8.375%	$500	Feb 21, 2024	Feb 28, 2034(/29)	406	548	subordinated/Tier II
Treasury	US900123DK30	7.625%	$3,000	Feb 8, 2024	May 15, 2034	348	441
We Soda (UK/Ciner)	USG95448AC32	9.375%	$500	Feb 7, 2024	Feb 14, 2031	532	612
Turkey Wealth Fund (TVF/TWF)	XS2764457235	8.25%	$500	Feb 7, 2024	Feb 14, 2029	419	499	debut
Eximbank	XS2750476603	7.50%	$500	Jan 30, 2024	Feb 6, 2028	350	439
Turk Ekonomi Bankasi (TEB) (subordinated)	XS2744911830	9.375%	$400	Jan 10, 2024	Jan 17, 2034(/29)	534	633	subordinated/Tier II
Yapi Kredi (YKBNK) (subordinated)	XS2741069996	9.25%	$650	Jan 10, 2024	Jan 17, 2034(/29)	521	621	subordinated/Tier II
Ziraat Bank	XS2741927805	8.00%	$500	Jan 9, 2024	Jan 16, 2029	403	492	green

Table: Major eurobond sales by Turkish issuers in 2024.

In addition to long-term eurobonds, Turkish banks also regularly sell short-term bills via their Global Medium Term Note (GMTN) programmes. It is not possible to follow up on each sale as dozens of papers per day are sold.

For bill sales, you can check the public disclosure platform (KAP) and investor relations pages of the banks that are listed below in the Awaited Eurobond Sales table.

Awaited eurobond auctions by major Turkish issuers
			Up to USDbn	Sold	Type
Jan 9, 2025	Yapi Kredi Bank (YKBNK)	SPK approval	3	-	green, blue, sustainable
Jan 9, 2025	Anadolubank	SPK approval	0.15	-	papers abroad
Jan 9, 2025	Qua Granite (QUAGR)	SPK approval	€0.2	-	papers abroad
Dec 26, 2024	Erciyas Celik Boru (ERCB)	SPK Approval	0.2	-	papers abroad
Dec 26, 2024	Isbank (ISCTR)	SPK Approval	5	-	papers abroad
Dec 26, 2024	Eximbank	SPK Approval	5	-	papers abroad
Dec 26, 2024	Garanti (GARAN)	SPK Approval	2	-	green
Dec 26, 2024	Ziraat	SPK Approval	11	-	papers abroad
Dec 26, 2024	Ziraat	SPK Approval	2	-	green
Dec 20, 2024	Peker REIT (PEKGY)	SPK Approval	0.15	-	papers abroad
Nov 28, 2024	Turkcell (TCELL)	SPK Approval	0.5	-	papers abroad
Nov 28, 2024	Turkcell (TCELL)	SPK Approval	0.5	-	sustainable
Nov 14, 2024	Pasha Yatirim Bankasi	SPK Approval	0.025	-	papers abroad
Nov 14, 2024	QNB Turkey (QNBFB)	SPK Approval	4	-	subordinated
Nov 14, 2024	QNB Turkey (QNBFB)	SPK Approval	1	-	green
Nov 14, 2024	Destek Yatirim Bankasi	SPK Approval	0.01	-	papers abroad
Nov 8, 2024	TSKB (TSKB)	SPK Approval	0.5	-	papers abroad
Nov 7, 2024	Garanti (GARAN)	Board mandate	€0.75	-	mortgage-backed
Nov 5, 2024	Ziraat	Board mandate	2	-	asset-backed
Nov 5, 2024	Ziraat	Board mandate	1.5	-	mortgage-backed
Oct 3, 2024	Akbank (AKBNK)	SPK Approval	2.5	-	papers abroad
Oct 3, 2024	Akbank (AKBNK)	SPK Approval	2.5	-	green
Oct 3, 2024	TSKB (TSKB)	SPK Approval	0.5	-	green
Sep 25, 2024	Zorlu Enerji (ZOREN)	SPK Approval	1.1	-	papers abroad
Sep 19, 2024	Destek Yatirim Bankasi	SPK Approval	0.043	-	papers abroad
Sep 19, 2024	Ronesans Holding	SPK Approval	0.5	-	green
Sep 13, 2024	Turkey Wealth Fund (TWF/TVF)	Investor meetings	0.5	-	5-year sukuk
Aug 28, 2024	Isbank (ISCTR)	SPK Approval	3	-	green
Aug 28, 2024	GDZ Elektrik	SPK Approval	0.75	-	papers abroad
Aug 28, 2024	Destek Yatirim Bankasi	SPK Approval	0.02	-	papers abroad
Aug 28, 2024	TEB	SPK Approval	€0.3	-	subordinated
Aug 28, 2024	QNB Finansbank (QNBFB)	SPK Approval	6	-	papers abroad
Aug 1, 2024	Nurol Yatirim Bankasi	SPK Approval	0.04	-	subordinated
Aug 1, 2024	Pegasus (PGSUS)	SPK Approval	0.75	-	papers abroad
Jul 19, 2024	Yapi Kredi Bank (YKBNK)	SPK Approval	€0.2	-	mortgage-backed
Jul 15, 2024	Limak Cimento	Bookbuilding	0.575	-	5-year eurobond
Jul 11, 2024	Deniz Finansal Kiralama	SPK Approval	0.08	-	papers abroad
Jun 28, 2024	Erdemir (EREGL)	SPK Approval	1	-	eurobond
May 31, 2024	Deniz Faktoring	SPK Approval	0.055		papers abroad
May 24, 2024	Destek Yatirim Bankasi	SPK Approval	0.02	-	papers abroad
May 24, 2024	Hascelik	SPK Approval	0.05	-	papers abroad
May 24, 2024	Garanti (GARAN)	SPK Approval	6	-	papers abroad
May 9, 2024	Ulker Biskuvi (ULKER)	SPK Approval	0.55	-	eurobond
May 9, 2024	ING Bank	SPK Approval	0.25	-	papers abroad
Apr 25, 2024	Sekerbank (SKBNK)	Bank mandate	0.15	Morgan Stanley, BBVA, Emirates NBD	AT1 - subordinated
Apr 24, 2024	Sekerbank (SKBNK)	SPK Approval	0.3	-	AT1 - subordinated
Apr 18, 2024	Vestel Elektronik (VESTL)	SPK Approval	0.5	May 15, 2024	eurobond
Apr 18, 2024	Turk Telekom (TTKOM)	SPK Approval	0.5	-	eurobond
Apr 18, 2024	Denizbank	SPK Approval	3	-	papers abroad
Apr 18, 2024	Yapi Kredi (YKBNK)	SPK Approval	7	-	papers abroad
Apr 4, 2024	Fibabanka	SPK Approval	0.25	-	papers abroad
Apr 4, 2024	Aktifbank	SPK Approval	€0.05	-	papers abroad
Mar 14, 2024	Bien Yapi (BIENY)	SPK Approval	€0.2	-	papers abroad
Mar 8, 2024	Kontrolmatik (KONTR)	Chairman talks	-	-	green
Feb 29, 2024	Denizbank	SPK Approval	2	-	green
Feb 29, 2024	Vakifbank	SPK Approval	5	-	papers abroad
Feb 16, 2024	ICA Ictas Altyapi Yavuz Sultan Selim Koprusu (3rd Bosphorus Bridge))	SPK Approval	0.5	-	papers abroad
Feb 8, 2024	Vakifbank (VAKBN)	SPK Approval	3	-	green
Jan 25, 2024	Destek Finans Faktoring	SPK Approval	0.02	-	papers abroad
Jan 18, 2024	Sekerbank (SKBNK)	SPK Approval	0.3	-	green
Jan 18, 2024	Sekerbank (SKBNK)	SPK Approval	0.3	-	eurobond
Dec 28, 2023	Isbank (ISCTR)	SPK Approval	€0.3	-	mortgage-backed
Dec 21, 2023	TEB	SPK Approval	0.4	-	papers abroad
Dec 21, 2023	Aktifbank	SPK Approval	0.02	-	papers abroad

Table: Awaited eurobond sales by Turkish issuers.

In 2025, Turkish eurobond issuers will redeem 15 papers worth $17bn. Tender calls, tender offers and buyback programmes were executed for five papers. (See the links in the Type column in the table below for the details.)

The Treasury will redeem six papers worth $12bnin 2025. For three papers, the Treasury held tender offers.

Upcoming eurobond redemptions by major Turkish issuers
Issuer	ISIN	Coupon	Volume (mn)	Issuance	Maturity	UST+	CDS+	Type
TSKB (TSKB)	XS2100270508	6.00%	$400	Jan 15, 2020	Jan 22, 2025
Treasury	US900123AW05	7.375%	$3,250		Feb 5, 2025			tender call
Vakifbank (VAKBN)	XS2112797290	5.25%	$750	Jan 29, 2020	Feb 5, 2025	385
Turk Telekom (TTKOM)	XS1955059420	6.875%	$500	Feb 21, 2019	Feb 28, 2025			tender offer ($300mn)
Koc Holding (KCHOL)	XS1961766596	6.50%	$750	Mar 5, 2019	Mar 11, 2025
Treasury	US900123CX69	4.25%	$2,000	Feb 6, 2020	Mar 13, 2025	280		tender call
Treasury	XS1843443356	4.625%	€1,250	Jan 31, 2019	Mar 31, 2025
Akbank	XS1210422074	5.125%	$500	Mar 31, 2015	Mar 31, 2025
Treasury	XS1629918415	3.25%	€1,000		Jun 14, 2025
Turkcell	XS1298711729	5.75%	$500	Dec 20, 2019	Oct 11, 2025
Treasury	US900123CZ18	6.40%	$2,500	Oct 14, 2020	Oct 14, 2025	609		tender call
Ulker	XS2241387500	6.95%	$650	Oct 30, 2020	Oct 29, 2025	660		buyback
Treasury (sukuk)	XS2523929474	9.758%	$2,500	Oct 6, 2022	Nov 13, 2025	MS+545.5	239	sukuk
Albaraka Turk (sukuk-subordinated)	XS1301525207	9.371%	$250	Nov 30, 2015	Nov 30, 2025			sukuk-subordindated
Istanbul Municipality (IBB)	XS2010029234	6.375%	$580	Dec 1, 2020	Dec 9, 2025	617

Table: Eurobond redemptions in 2025.

Eurobonds sold by Turkey’s government and big corporates always offer good returns. They currently stand in the 7-9% range, for long-termers.

The Treasury generally sells eurobonds in January, aiming to take a piece of the market as new year investment plans are rolled out. Subsequent issues from Ankara usually follow in the early months of the year.

Turkey's five-year credit default swaps (CDS) remain below the 300-level. The course of the CDS does not indicate there is much space in the downward direction.

For trade purposes, a jump in the CDS during the next phase of market stress could be followed up. In 2024, the CDS moved in a range between 250 and 300.