Corporate Bonds — 2026-07-21#

Private-sector bonds, commercial paper, private sukuk, and asset-backed securities. Treasury issues and public lease certs are explicitly excluded.

Universe (from tbliste master)#

Today's Trades with Treasury Spread#

For each corporate bond traded today, the treasury yield at the same maturity is interpolated from today's TRY nominal curve. Spread = corporate yield − treasury yield, in basis points. Sorted by widest spread first. Bonds whose DTM is outside the treasury-curve range are not shown.

Coverage today: 57 distinct corporate ISINs traded · 1 had a published yield · 0 mapped to the treasury curve range. BIST publishes a compound return only on a subset of corporate trades — yieldless rows are price-only and would require bond-math to spread.

No corporate bonds with both a published yield and a treasury-curve overlap today.

Best-Available Yield + Spread — 1034 Corporate ISINs#

One row per corporate ISIN, using the freshest yield available. Source breakdown: 132 from a recent BIST-published trade, 111 from KAP-published auction compound, 235 from tbliste simple→compound conversion, 556 from floater current-reset implied yield (TLREF + spread, constant-forward assumption). 524 floater rows use a reset-pending TLREF/TLREFK estimate. 337 short-end rows benchmark to TLREF/TLREFK because they mature before the first available TRY treasury curve point. Fund User populated for 270 sukuk via KAP enrichment and rating notch populated for 233 rows (see CONVENTIONS §14). The benchmark column is either the same-day TRY treasury interpolation or the same-day TLREF/TLREFK short-end anchor, so spreads are time-consistent.

Yield convention: all yields shown are compound annualized. Auction yields from tbliste are published as simple annualized (basit) and converted via the bond pricer at issue date — the conversion math is validated against closed-form within 0.1 pp. Bond pricer overall: median 0.09 pp error against BIST-published yields on same-day ground truth.

Floater pricing: TLREF-linked floaters are priced under the constant-forward assumption — the just-fixed period coupon (next_coupon_rate) annualized by the coupon frequency is shown as a simple TLREF quote. The Treasury spread uses the compound-equivalent reset yield, matching the compound convention of the TRY nominal Treasury curve. True forward-TLREF discounting requires a TLREF futures curve, which doesn't exist in the Turkish market.

Rating x Spread Board#

KAP rating text is normalized into long-term notches using Fund User first, then Source Org, then issuer. Security-level ratings are deliberately excluded as borrower proxies. Dots far above their notch median are the wide-rated names; tight unrated names stay outside this board until a borrower rating exists.

Recent Auctions — Primary Spread to Treasury#

434 corporate primary issuances where the auction date falls inside our backfilled treasury history. Auction yield is converted to compound when tbliste publishes a simple annual value; treasury yield is interpolated on the auction date. Sorted newest first — this is your primary market activity feed.

Historical Spread Snapshot — 109 Corporate ISINs#

Each row = one corporate ISIN's most recent observed yield, compared to the TRY treasury yield interpolated on the same day at that observation's DTM. Sorted widest spread first. This pools across the full backfilled history so the table doesn't depend on what traded today.

Top Issuers — Latest Day (2026-07-21)#

Cumulative Top Issuers (all history)#

True Issuer League (Sukuk — Grouped by Fund User)#

For sukuk, the BIST 'issuer' is the Varlık Kiralama SPV; the real credit-bearing entity is the Fon Kullanıcısı (Fund User). This table aggregates by Fund User across all SPVs they borrow through. Only sukuk with KAP enrichment appear here.