Market overview · 2026-10-20
Activity firmed; TLREF higher; curve deeply inverted.#
TRY order-book traded value was ₺1.40T. This is 2.8% above the 5-session average. TLREF closed at 36.82%. It rose 5.3 bp from the previous value. The most traded TRY outright bond was Hazine / Turkish Treasury (TRT160431T35). It traded ₺1.34B on the order book.
- TRT100227T13Treasury · 37.10%+126 bp
- TRD130928T10Treasury · 39.05%−30 bp
- TRB170327T15Treasury · 34.82%−28 bp
- TRT051033T12Treasury · 35.01%−26 bp
- TRB100227T13Treasury · 35.00%−25 bp
- TRT160431T35Treasury · 38.75%−19 bp
- Treasury · 14 payments₺71.77B
- Corporate · 131 payments₺19.13B
- Yapı Kredi Yatırım Menkul Değerler A.Ş.22 Oct · TRSYKYME2632₺1.50B
- Yapı Kredi Yatırım Menkul Değerler A.Ş.21 Oct · TRSYKYME2624₺1.50B
- Yapı Kredi Yatırım Menkul Değerler A.Ş.23 Oct · TRSYKYME2640₺1.50B
- Vakıf Varlık Kiralama A.Ş.21 Oct · TRDVVRKE2614₺1.50B
- Fixed-coupon bond2-year · reopening · provisional09 Nov
- Fixed-coupon bond4-year · reopening · provisional09 Nov
- Lease certificate (sukuk)5-year · direct sale · provisional10 Nov
- Fixed-coupon bond8-year · reopening · provisional10 Nov
- Fixed-coupon bond4-year · reopening · provisional07 Dec
- TLREF-indexed bond4-year · reopening · provisional08 Dec
- Ral Yatırım Holding A.Ş.Downgrade JCR · 20 OctBBB → CCC
- Sun Tekstil Sanayi ve Ticaret A.Ş.Downgrade JCR · 20 OctAA- → A+
- Alves Kablo Sanayi ve Ticaret A.Ş.Missed coupon 19 OctTRDKTSKE26A6
- Alves Kablo Sanayi ve Ticaret A.Ş.Missed principal 19 OctTRDKTSKE26A6
- Ral Yatırım Holding A.Ş.Downgrade JCR · 19 OctA- → BBB
- Tuğçelik Alüminyum ve Metal Mamüllerı Sanayi ve Ticaret A.Ş.Downgrade JCR · 19 OctBB+ → BB-
- CBRT funding cost0 bp against the policy rate37.00%
- Effective stance gapFunding cost minus policy rate0 bp
- System liquidityCBRT net funding · surplus₺1.03tn
- Commercial TL loan rateweek to 09 Oct 2026 · -1.82 pp over 4 weeks46.84%
- 3-month TL deposit rateweek to 09 Oct 2026 · -0.70 pp over 4 weeks43.20%
- Commercial margin46.84% loan rate − 43.20% deposit rate+3.64 pp
- Latest week non-resident flowGovernment securities and equities, week to 09 Oct 2026+203 $mn
- 13-week non-resident flowGovernment securities and equities, to 9 Oct 2026+1,057 $mn
- Net reserves$170.5bn foreign assets − $126.0bn foreign liabilities, 23 Oct 2026$44.5bn
- Card Spending (4-Week)+38.1% nominal over 1 year₺2.69tn
- Real Card Spending (4-Week)After the headline CPI 1-year change of Sep 2026+6.4%
- Electricity (7-Day Average)+4.7% against one year earlier925 GWh/day
Current TRY Treasury Curve
Where does maturity take your yield?#
- Shows
- The compound yield of each TRY Treasury bond that traded in the latest session, by remaining maturity.
- Each dot
- One bond. Click a dot to select it and see it in the table below.
- Solid line
- The latest session. Straight lines join the observed yields. They are not a fitted curve.
- Dashed line
- The earlier session that you choose with the buttons. The change at each tenor appears under the chart.
- Diamonds
- Corporate bonds, when you switch them on. They show yields, not credit spreads.
- Limit
- The bonds that trade change from session to session, so the shape of the curve can change without a move in rates.
- Terms
- 2-year Treasury yield · Long-end yield · Yield
Select a bond on the curve to explore its maturity range.
Bonds behind the curve#
- Shows
- The bonds behind the curve, with their yield, yield change and traded value.
- Each row
- One bond in the latest session. Click a header to sort. The buttons above filter by maturity.
- Limit
- The change compares the same ISIN with the previous session. The settlement dates can differ.
- Terms
- To maturity · Yield · Change · Order book
| Bond / issuer |
|---|
Trading activity
Where is trading happening?#
Daily traded value#
TRY- Shows
- The daily traded value of the selected market and channel, in lira.
- Stacked areas
- With all channels selected, the areas stack order book, cross and non-cleared trades, and trade reports. A channel below 0.1% of the window is left out.
- Line
- With one channel selected, one line.
- Buttons
- Choose the channel and the window. Click a market in the table to chart only that market.
- Limit
- A gap means that BIST has no observation. It does not mean zero.
- Terms
- Latest value · 5-session average · Channel
Market breakdown#
- Shows
- The traded value of each TRY market in the latest session, with the channels side by side.
- Each row
- One market. The bar shows its total against the largest market. Click a name to chart it.
- Bar colours
- The thin bar under a name is violet for the order book and light violet for cross and non-cleared trades.
- Limit
- The values are TRY only. Foreign-currency trades are on the BIST Reports page.
- Terms
- Order book · Cross / non-cleared · All channels · Share
Sources & comparison methods
The source is the BIST closing bulletin. The curve uses TRY outright fixed-rate and discount nominal securities. Treasury lines connect observed yields. They are not a fitted zero-coupon curve. Maturity is measured from each observation date.
Each ISIN has one yield for each session. The page prefers the settlement that falls on the session date. Otherwise it takes the settlement with the highest value, and a tie goes to the later settlement date. The yield and the price in a bond row come from the same observation. The daily traded value of a bond includes all its settlement rows.
The minimum-value filter applies to each ISIN on each observation date, including the comparison curves. A bond without a reported value does not pass a positive threshold. Corporate dots show same-session fixed-rate and discount compound yields. They are not calculated credit spreads. Use Credit & Spreads for benchmark eligibility and ratings.
Previous session means the preceding available exchange session. The 1-month, 3-month and 6-month comparisons use the last exchange session on or before each calendar target. The page shows its actual date. A curve change at a standard tenor is interpolated only inside both observed maturity ranges. The page never extrapolates. The bonds in the curve can change between sessions. A bond-row change compares the same ISIN across the two sessions, and the settlement dates can differ.
The trading activity numbers use BIST bulletin rows, summed once across settlement dates within each TRY market and session. All channels = order book + cross and non-cleared trades + trade reports. A missing observation stays unavailable and is not zero. The 14:00 snapshots and the valuation reports are not additional trades. OTC reports keep their separate reporting scope. A chart holds at most 366 calendar days. The complete archive is on Volumes & Market Pulse.
Methodology & definitions
Scope: TRY only. Source: the BIST ttb bulletin, field TRADED VALUE, the order book. The fields CROSS AND NON-CLEARED TRADED VALUE and TRADE REPORT TRADED VALUE are not included. TLREF is the BIST TL Reference Rate. Treasury yields are compound annualized. The curve slope is the long-end yield minus the 2-year yield, in basis points. Click a dotted label or a number to see its definition and calculation. The Glossary page lists all definitions.