Issuance Pipeline#

Validity window. The page assumes that each approval stays open for 365 calendar days from its bulletin date. SPK issuance-ceiling approvals are conventionally valid for one year. This repository has no first-party source that states a different period. The period is an explicit assumption, not a sourced fact.

Allocation. An issuer can have more than one open ceiling in the same currency and scope. The page then allocates KAP-disclosed sales to the oldest open ceiling first (FIFO). It moves to the next ceiling when the oldest one is full. Remaining capacity is never below zero. The page keeps issuance beyond the sum of the open ceilings as an explicit exception. It never hides it.

No approval currently shows issuance above its ceiling.

5,189 KAP-disclosed sale(s) totalling ₺1.49tn (native currency, mixed) did not match any open SPK approval ceiling of the same issuer, currency and scope. The usual cause is an approval that predates the 2023 bulletin archive. Another cause is a sale currency (for example the pound or the yuan) that has no ceiling currency in the approvals data. The page excludes these sales from every key figure and table above. It does not net them into another issuer's numbers. A large share of the unmatched TRY total belongs to high-frequency revolving issuers, such as brokerage commercial-paper programs. These issuers sell and redeem many short-tenor tranches under one shelf ceiling within a year. The page sums cumulative disclosed sales against a fixed ceiling. It has no source for the capacity that maturing notes free up. So the true remaining capacity of a revolving issuer is understated here, not overstated.

Scope. The SPK bulletin states whether an approval is domestic or international. KAP sale disclosures carry no scope flag. The page infers their scope from the ISIN country prefix: tr is domestic and anything else is international.

Currency. The page never converts amounts between currencies. It adds up TRY, USD and EUR ceilings separately. The Top Issuers chart and the monthly chart use TRY only, for that reason.

KAP sukuk-enrichment cross-check: 1,588 of 2,314 sukuk ISINs with a completed KAP sale (69% coverage) also have a matching kap_enrichments row. The median nominal difference is 0.0%.

Coverage. The page uses the pre-2024 SPK approved-issuance register only as a structural check of this method. The register is not an input to the ceilings or the issuance above.