Repo Monitor#

Funding ladder and collateral concentration.

Funding Stress Overlay — TLREF vs GCREPO#

TLREF is the official Turkish lira overnight reference rate. GCREPO VWAP is the volume-weighted average rate from BIST's overnight repo market — these should track each other closely. The two lines visually overlapping is exactly the healthy-funding signal; daylight between them is the stress signal.

Last 30 days: avg -0.1 bps · range -2 → +2 bps · 0 day(s) above +30 bps stress threshold.

Term Repo Curve — Implied Forward Funding#

Volume-weighted average rate per term bucket from the last 30 trading sessions. Compared against today's TLREF spot, the slope of this curve reveals the market's forward-funding bias — a positive slope means dealers are demanding a premium to lock in funding beyond overnight.

1-week implied carry: 39.03% vs O/N 38.85% → +0 bps (stable bias if held to maturity). Positive bias means the market wants extra to lock in funding past tomorrow.

Term Repo Rate History — Heatmap#

Volume-weighted average rate per term bucket per trading day. Bright cells = high rate (stress), dark cells = low rate (loose funding). Vertical streaks across buckets on a single day reveal market-wide stress (quarter-end, holiday eve); divergence across buckets reveals targeted-tenor demand or scarcity. Blank cells mean that bucket didn't trade that day.

Repo Volume by Term Bucket#

Top Collateral / Underlying — 2026-09-04#