Credit & Spreads#

The directory includes all active corporate instruments in the current BIST master plus active securities captured in KAP issuance records. Price availability is not an inclusion requirement. The charts use TRY fixed-rate and discounted securities with BIST-published annual compound yields only. Treasury spread is corporate yield minus the interpolated TRY nominal Treasury yield from the same observation and settlement dates, in basis points (100 bps = 1 percentage point). Matched Treasury references interpolate only inside the observed curve. The nearest-Treasury option uses the closest observed maturity and shows its day gap; it is an indicative proxy. TLREF uses the same-date published annual simple overnight rate converted to an effective annual scenario: 100 × [(1 + rate / 100 / 365)^365 − 1]. This assumes constant rates and daily reinvestment; it is not a term risk-free yield. No market yield is inferred from an issuance yield or turnover. The default charts exclude issuance fallbacks. Select issuance-only to compare published compound issuance yields with references on the issue date and original maturity. Simple-only or unspecified-basis yields remain visible but cannot enter compound comparisons. Floating-rate reset scenarios are excluded. Market chart maturity is remaining time as of the build date. Issuance chart maturity is the original tenor; issuance figures are historical, not current quotes. Benchmark interpolation uses maturity at the yield observation date. Matured bonds are excluded from this active directory.

Ratings are borrower / fund-user grades latest captured as of the build date, for the selected agency and scale. They are not issue-specific ratings or a guarantee of current validity. “No grade” means no eligible captured grade for this lens, not proof that the borrower is unrated. Details retain the rating date, scope and validity evidence. National and international scales are never pooled.

Heatmap medians first take the median spread per borrower, then the median across borrowers. At least three distinct borrowers are required for a coloured value. In the automatic Treasury view, nearest-maturity proxies appear on the map but are excluded from the matrix. Choose nearest-only to view that cohort separately. Liquidity is a relative activity score over the 60-day window ending at the latest session, not an executable quote. Valuation-file closing prices retain their actual last-trade date, not the newer file date. Only explicit borrower grades enter the rating buckets; security and other captured ratings remain visible in bond details. Sector labels are inferred from names. The date filter uses the price observation for the directory; charts additionally require the yield observation to fall within that window. Old prices remain historical observations even after a site refresh.

TLREF convention: Borsa İstanbul methodology ↗. The flat-rate annualisation is our explicit scenario, not a published BIST term rate.