Sector Spreads#
This page shows the latest traded fixed-rate lira observations in the 30 days ending 2026-10-20.
Notes
It compares each one with the Treasury curve of its trade date. Sector follows the borrower or fund user. These are dated observations, not live quotes.
Explore every bond, older observations and issuance yields →
Heatmap — median spread by sector × tenor#
The chart shows only the maturity buckets that have data.
Notes
Each cell shows a median over bonds and the observation count. Thin samples stay neutral. Scroll horizontally on a narrow screen.
- Shows
- The median spread over Treasury for each sector and each maturity bucket.
- Each cell
- One sector and one bucket. The number is the median in basis points. The count is the observations.
- Colour
- Blue is a negative spread. White is zero. Red is a wide positive spread. Only cells with 3 or more observations get a colour.
- Thin cells
- A cell with fewer than 3 observations stays white. Its number stays visible but does not set a colour.
- Order
- Sectors are ranked by their median over all maturities, widest first.
- Limit
- The page omits maturity buckets that have no observation.
- Terms
- Median spread
Color is evidence-weighted: only cells with 3 or more observations receive a market color. Thin cells stay visible on neutral paper, so a single observation cannot dominate the board. The chart ranks sectors by their true all-tenor median. The chart omits empty maturity buckets: 1-2 years, 2-5 years, Over 5 years.
Sector Spread Evolution#
The chart shows the 4-week rolling median credit spread over Treasury, from 256 traded observations across 61 weeks.
Notes
The page groups trades by week, not by day, because BIST corporate trading is thin. Most days see only 1-3 priced bonds, so daily medians are unreliable. Lines carry the last value across blank weeks, for at most 3 weeks, to keep the trend continuous. Longer gaps stay visible. The chart excludes auction events. They are discrete pricing snapshots, not continuous marks.
- Shows
- How the median spread of each sector changed from week to week.
- Each line
- One sector. The line is a 4-week rolling median of weekly median spreads.
- Gaps
- A blank week keeps the last value for up to 3 weeks. A longer gap stays visible.
- Limit
- Corporate trading is thin, so the page groups the trades by week. The chart excludes issue yields.
- Terms
- Latest 4-week median
Sector Beta to TRY 2Y Treasury#
The beta is the regression slope of the weekly change in the sector median credit spread, in pp, on the weekly change in the TRY 2-year yield, in pp.
Notes
A beta above 0.5 means that sector spreads widen about half as much when Treasury yields rise. The credit is rate-sensitive. A beta near 0 means that the sector is decoupled from rates. A negative beta means an inverse relationship. It is usually a data artifact when there are few weeks. R² shows how much of the variation the rates explain.
- Shows
- How strongly sector spreads follow the TRY 2-year Treasury yield.
- Each row
- One sector.
- Click
- Click a value to see its calculation.
- Limit
- A sector with few weeks gives an unreliable beta.
- Terms
- Beta to 2-year yield · R²
| Sector | Beta to 2-year yield, x | R² | Weeks used, count |
|---|---|---|---|
| Consumer/Industrials | +18.62 | 0.74 | 4 |
| Banks | +6.12 | 0.26 | 12 |
| Leasing/Factoring | -1.44 | 0.27 | 19 |
| Other | -2.21 | 0.12 | 19 |
| Real Estate | -6.70 | 0.34 | 8 |
Cross-Sector Spread Correlations#
The chart ranks unique sector pairs by the absolute Pearson correlation of weekly median-spread changes.
Notes
Positive bars move together. Negative bars move in opposite directions. Every estimate uses at least 4 shared weekly changes and shows the number of weeks. 6 thinner pairs were omitted.
- Shows
- How closely the weekly spread changes of two sectors move together.
- Each bar
- One pair of sectors. The pairs are ranked by the size of the correlation.
- Colour
- Red bars are positive. Blue bars are negative.
- Limit
- Each estimate uses at least 4 shared weekly changes. The text on the bar gives the count.
Securities/Capital Markets — widest spreads
- Shows
- The 8 bonds with the widest spread in one sector.
- Each row
- One bond. The widest spread is first.
- Click
- Click a value to see its calculation.
- Terms
- Spread over Treasury
| ISIN | Borrower | To maturity at observation, days | Traded yield, % | Treasury yield, % | Spread over Treasury, bp | Source | Observed on |
|---|---|---|---|---|---|---|---|
| TRFBLLY12714 | Bulls Yatırım Menkul Değerler A.Ş. | 110 | 48.56% | 36.58% | +1,198 | Traded | 2026-10-07 |
Real Estate — widest spreads
- Shows
- The 8 bonds with the widest spread in one sector.
- Each row
- One bond. The widest spread is first.
- Click
- Click a value to see its calculation.
- Terms
- Spread over Treasury
| ISIN | Borrower | To maturity at observation, days | Traded yield, % | Treasury yield, % | Spread over Treasury, bp | Source | Observed on |
|---|---|---|---|---|---|---|---|
| TRPTMF262726 | Birleşik İpotek Finansmanı A.Ş. | 231 | 46.55% | 37.99% | +856 | Traded | 2026-10-15 |
| TRDHVKA12717 | Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. | 97 | 41.80% | 36.41% | +539 | Traded | 2026-10-09 |
Banks — widest spreads
- Shows
- The 8 bonds with the widest spread in one sector.
- Each row
- One bond. The widest spread is first.
- Click
- Click a value to see its calculation.
- Terms
- Spread over Treasury
| ISIN | Borrower | To maturity at observation, days | Traded yield, % | Treasury yield, % | Spread over Treasury, bp | Source | Observed on |
|---|---|---|---|---|---|---|---|
| TRFAYTZ22718 | Aytemiz Yatırım Bankası A.Ş. | 127 | 48.24% | 37.11% | +1,113 | Traded | 2026-10-15 |
| TRFNURL12714 | Nurol Yatırım Bankası A.Ş. | 86 | 46.75% | 35.98% | +1,077 | Traded | 2026-10-20 |
| TRDNVKA22714 | Nurol Yatırım Bankası A.Ş. | 109 | 44.28% | 35.94% | +834 | Traded | 2026-10-16 |
| TRFMSYN32710 | Misyon Yatırım Bankası A.Ş. | 159 | 44.92% | 37.21% | +771 | Traded | 2026-10-14 |
| TRDDKVR12736 | Dünya Katılım Bankası A.Ş. | 81 | 42.90% | 35.91% | +699 | Traded | 2026-10-19 |
| TRSNURL42763 | Nurol Yatırım Bankası A.Ş. | 192 | 43.99% | 37.08% | +691 | Traded | 2026-10-20 |
| TRSNURL42755 | Nurol Yatırım Bankası A.Ş. | 192 | 43.83% | 37.08% | +675 | Traded | 2026-10-20 |
| TRDGYVR32712 | Misyon Yatırım Bankası A.Ş. | 140 | 43.90% | 37.16% | +674 | Traded | 2026-10-15 |
TMT — widest spreads
- Shows
- The 8 bonds with the widest spread in one sector.
- Each row
- One bond. The widest spread is first.
- Click
- Click a value to see its calculation.
- Terms
- Spread over Treasury
| ISIN | Borrower | To maturity at observation, days | Traded yield, % | Treasury yield, % | Spread over Treasury, bp | Source | Observed on |
|---|---|---|---|---|---|---|---|
| TRDHVKA12725 | Superonlıne İletişim Hizmetleri A.Ş. | 85 | 42.50% | 35.86% | +664 | Traded | 2026-10-19 |
Leasing/Factoring — widest spreads
- Shows
- The 8 bonds with the widest spread in one sector.
- Each row
- One bond. The widest spread is first.
- Click
- Click a value to see its calculation.
- Terms
- Spread over Treasury
| ISIN | Borrower | To maturity at observation, days | Traded yield, % | Treasury yield, % | Spread over Treasury, bp | Source | Observed on |
|---|---|---|---|---|---|---|---|
| TRDEMVK12727 | Garanti Finansal Kiralama A.Ş. | 79 | 44.06% | 35.96% | +810 | Traded | 2026-10-20 |
| TRDEMVK32717 | Garanti Finansal Kiralama A.Ş. | 143 | 43.58% | 37.72% | +586 | Traded | 2026-10-09 |
| TRDEMVK12743 | Garanti Filo Yönetim Hizmetleri A.Ş. | 104 | 42.21% | 36.41% | +580 | Traded | 2026-10-07 |
| TRDEMVK22726 | Garanti Finansal Kiralama A.Ş. | 116 | 41.22% | 35.87% | +535 | Traded | 2026-10-16 |
| TRDEMVK22734 | Garanti Filo Yönetim Hizmetleri A.Ş. | 118 | 40.02% | 35.96% | +406 | Traded | 2026-10-16 |
Consumer/Industrials — widest spreads
- Shows
- The 8 bonds with the widest spread in one sector.
- Each row
- One bond. The widest spread is first.
- Click
- Click a value to see its calculation.
- Terms
- Spread over Treasury
| ISIN | Borrower | To maturity at observation, days | Traded yield, % | Treasury yield, % | Spread over Treasury, bp | Source | Observed on |
|---|---|---|---|---|---|---|---|
| TRSEFES12710 | Anadolu Efes Biracılık Ve Malt Sanayii A.Ş. | 111 | 38.89% | 36.89% | +200 | Traded | 2026-09-24 |