Credit & Spreads#
Find a borrower’s dated yield and rating evidence. Select a borrower to inspect it, open its research page or add the bond to a comparison.
Credit curve#
- Shows
- The spread over the reference, or the compound yield, of each bond at its remaining maturity.
- Each dot
- One bond. Select a dot to open the bond under the table row.
- Colour
- The rating group of the bond in the selected lens. Grey means that no grade is available.
- Size
- Larger dots mean a higher liquidity score.
- Open dot
- A nearest-maturity proxy. Its reference comes from the closest observed Treasury maturity.
- Triangle
- The value lies beyond the chart range. The label shows the value.
- Lines
- A fitted curve for each rating group with 5 or more bonds from 3 or more borrowers. In yield mode, the black line is the Treasury fit. In spread mode, the dashed line at zero is the reference.
- Axis
- The maturity axis uses a square-root scale, so that short bonds do not overlap.
- Limit
- A spread includes credit, liquidity and other differences. It does not measure default risk alone.
- Terms
- Spread · Liquidity score · To maturity
Rating × maturity#
- Shows
- The median spread of each rating group in each maturity range.
- Each cell
- One rating group and one maturity range. The line below the value gives the number of borrowers.
- Colour
- Violet is a positive spread and red is negative. A darker colour means a larger spread.
- Dashed cell
- Fewer than 3 borrowers. The cell shows the number of bonds and no colour.
- Click
- Select a cell to filter the bond list. Select it again to clear it.
- Limit
- The automatic Treasury view leaves nearest-maturity proxies out of the matrix.
- Terms
- Median spread
Each cell shows the median of the borrower medians, in bp. A colour needs 3 or more borrowers. Thinner cells show the number of bonds. Select a cell to focus the bond list.
Bonds#
- Shows
- Every bond that passes the filters, with its rating, yield, spread and liquidity.
- Each row
- One bond. Select the borrower to open its dated evidence.
- Sort
- Select a header to sort. Select it again to reverse the order.
- Click
- Click a value to see its calculation or its source.
- Limit
- Ratings are borrower grades as of the build date. They are not issue-specific ratings.
- Terms
- Yield · Spread · Rating
| ISIN | Maturity | Reference, % |
|---|
How these comparisons work
Directory and charts#
The directory lists all active corporate instruments in the current BIST list. It also lists active securities that KAP issuance records name. A bond does not need a price to be in the directory.
The charts use TRY fixed-rate and discounted securities with BIST annual compound yields. Matured bonds are not in this active directory.
Yields with a simple or unspecified basis stay visible. They cannot enter compound comparisons. Floating-rate reset scenarios are excluded.
Spread and reference#
The Treasury spread is the corporate yield minus the interpolated TRY nominal Treasury yield, in basis points. Both yields share the observation date and the settlement date. 100 bp equal 1 percentage point.
The matched Treasury reference interpolates only inside the observed curve. The nearest Treasury option uses the closest observed maturity and shows its gap in days. It is an indicative proxy.
TLREF uses the published annual simple overnight rate of the same date. The site converts it 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. The flat-rate annualisation is our explicit scenario. BIST does not publish it as a term rate.
The site infers no market yield from an issuance yield or from turnover. The default charts exclude issuance fallbacks. Select Issuance only to compare published compound issuance yields with the references on the issue date and the original maturity. Issuance figures are historical. They are not current quotes.
The benchmark interpolation uses the maturity at the observation date of the yield. The chart maturity of a market yield is the remaining time at the build date. The chart maturity of an issuance yield is the original tenor.
Credit curves#
The site fits a curve for each rating group with at least 5 comparable bonds from at least 3 borrowers. The fit is a straight line of the spread against the logarithm of the remaining maturity. Before the fit, one pass drops the points that lie beyond 3 median absolute deviations, or beyond 100 bp when that is larger.
The fits leave out nearest-maturity proxies. A curve covers only the maturities of its own bonds. In yield mode, the curve is the fitted spread added to the Nelson–Siegel Treasury fit of the latest curve session. It covers only the observed range of the Treasury curve.
The maturity axis uses a square-root scale, so that short bonds do not overlap. The chart pins points beyond the displayed range to the edge and shows their value.
Ratings#
Ratings are borrower or fund-user grades. The site takes the latest grade captured as of the build date for the selected agency and scale. They are not issue-specific ratings. They do not guarantee current validity.
Grade unavailable means that the lens has no eligible structured grade. It does not prove that the borrower is unrated. Not extracted marks a captured rating disclosure whose grade needs a document review.
Only explicit borrower grades enter the rating groups. Security ratings and other captured ratings stay visible in the bond details. Each grade keeps its own date, scope and validity evidence there. The site never pools national and international scales.
Floating-rate notes show their verified reset formula, an index plus a margin, instead of a yield. It is not a yield to maturity.
Matrix, liquidity and dates#
The matrix first takes the median spread of each borrower. Then it takes the median across borrowers. A coloured value needs at least 3 distinct borrowers. In the automatic Treasury view, nearest-maturity proxies appear on the chart but not in the matrix. Choose Nearest only to see that group on its own.
Liquidity is a relative activity score over the 60 days up to the latest session. It is not an executable quote.
Valuation-file closing prices keep their actual last-trade date, not the newer file date. Old prices stay historical observations after a site refresh.
Sector labels come from names. The date filter uses the date of the price observation for the directory. A chart point also needs the date of its yield inside the window.
TLREF convention: Borsa İstanbul methodology ↗