Sector Spreads#
Credit spreads to TRY Treasury, grouped by sector. For sukuk, the sector reflects the Fund User (real credit-bearing borrower from KAP) — not the Varlık Kiralama SPV that BIST shows as issuer. See CONVENTIONS §14 for the SPV-vs-Fund-User distinction.
Heatmap — median spread by sector × tenor#
Four maturity buckets only; the duplicated sector-median column has moved to the exact-value table. Cell labels show spread and observation count. Thin samples remain neutral.
Color is evidence-weighted: only cells with n≥3 receive a market color. Thin cells remain visible on neutral paper so a single print cannot dominate the board. Sectors are ranked by their true all-tenor median. Empty tenor buckets omitted: 0-3m, 2-5y, 5y+.
Sector Spread Evolution#
4-week rolling median credit spread to Treasury, computed from 73 traded observations across 30 weeks. Weekly aggregation (rather than daily) is used because BIST corporate trading is thin — most days see only 1-3 priced bonds, so daily medians are unreliable. Lines forward-fill across blank weeks (max 3 weeks) to preserve trend continuity; long gaps remain visible. Auction events excluded — they're discrete pricing snapshots, not continuous marks.
Sector Beta to TRY 2Y Treasury#
Regression slope of weekly Δ(sector median credit spread, in pp) on weekly Δ(TRY 2Y yield, in pp). β > 0.5 = sector spreads widen ~half as much when Treasury yields rise (rate-sensitive credit). β ≈ 0 = sector is decoupled from rates. β < 0 = inverse relationship (usually a data artifact at low n). R² shows how much of the variation rates explain.
| Sector | Beta to TRY 2Y | R² | n weeks |
|---|---|---|---|
| Leasing/Factoring | -1.09 | 0.46 | 9 |
Cross-Sector Spread Correlations#
Unique sector pairs ranked by the absolute Pearson correlation of weekly median-spread changes will appear once each estimate has at least 4 shared weekly changes with usable variation. Current coverage is below that decision-safe threshold.
Transport — widest spreads
| ISIN | Borrower | DTM | Yield | Treasury | Spread | Source |
|---|---|---|---|---|---|---|
| TRDKTSK22724 | DİNÇER LOJİSTİK A.Ş. | 172 | 54.14% | 40.10% | +1,403 bps | Auction |
Energy/Materials — widest spreads
| ISIN | Borrower | DTM | Yield | Treasury | Spread | Source |
|---|---|---|---|---|---|---|
| TRDATAVE2619 | FİKRET PETROL ÜRÜNLERİ PAZARLAMA SANAYİ VE TİCARET A.Ş. | 127 | 55.88% | 39.50% | +1,637 bps | Auction |
| TRDATAVA2613 | FİKRET PETROL ÜRÜNLERİ PAZARLAMA SANAYİ VE TİCARET A.Ş. | 138 | 55.99% | 39.92% | +1,606 bps | Traded |
| TRDEMVKA2663 | EFOR GÜBRE MADENCİLİK SANAYİ TİCARET ANONİM ŞİRKETİ | 126 | 50.63% | 39.47% | +1,116 bps | Auction |
| TRDATAVK2611 | FİKRET PETROL ÜRÜNLERİ PAZARLAMA SANAYİ VE TİCARET A.Ş. | 180 | 53.85% | 44.63% | +922 bps | Auction |
| TRDATAV92616 | FİKRET PETROL ÜRÜNLERİ PAZARLAMA SANAYİ VE TİCARET A.Ş. | 179 | 51.41% | 44.81% | +660 bps | Auction |
Consumer/Industrials — widest spreads
| ISIN | Borrower | DTM | Yield | Treasury | Spread | Source |
|---|---|---|---|---|---|---|
| TRDZKBVA2646 | BİEN YAPI ÜRÜNLERİ SANAYİ TURİZM VE TİCARET A.Ş. | 132 | 55.68% | 37.30% | +1,837 bps | Auction |
| TRDNVKA22722 | HST TARIM A.Ş. | 168 | 54.53% | 38.14% | +1,639 bps | Traded |
| TRDKTSKK2646 | ALVES KABLO SANAYİ VE TİCARET A.Ş. | 127 | 55.88% | 39.79% | +1,609 bps | Traded |
| TRDZKBV12725 | PINAR SÜT MAMÜLLERİ SANAYİİ A.Ş. | 126 | 52.59% | 36.85% | +1,574 bps | Auction |
| TRDNVKA92634 | HST TARIM A.Ş. | 173 | 55.37% | 40.98% | +1,438 bps | Auction |
| TRDNVKAA2633 | HST TARIM A.Ş. | 173 | 54.11% | 40.42% | +1,368 bps | Auction |
| TRDDGERK2615 | VADEN OTOMOTİV SANAYİ VE TİCARET ANONİM ŞİRKETİ | 273 | 49.59% | 36.30% | +1,328 bps | Auction |
| TRFALVS92610 | Alves Kablo Sanayi Ve Ticaret A.Ş. | 128 | 53.60% | 40.68% | +1,292 bps | Traded |
Securities/Capital Markets — widest spreads
| ISIN | Borrower | DTM | Yield | Treasury | Spread | Source |
|---|---|---|---|---|---|---|
| TRFBLLYA2612 | Bulls Yatırım Menkul Değerler A.Ş. | 170 | 47.55% | 39.92% | +762 bps | Traded |
| TRFBLLYK2610 | Bulls Yatırım Menkul Değerler A.Ş. | 136 | 46.30% | 39.97% | +633 bps | Traded |
| TRFBLLY12714 | Bulls Yatırım Menkul Değerler A.Ş. | 173 | 46.54% | 40.27% | +626 bps | Traded |
| TRFBLLYA2620 | Bulls Yatırım Menkul Değerler A.Ş. | 133 | 46.39% | 40.30% | +608 bps | Traded |
Real Estate — widest spreads
| ISIN | Borrower | DTM | Yield | Treasury | Spread | Source |
|---|---|---|---|---|---|---|
| TRFKPTG12716 | Kapital Gayrimenkul Yatırımı Geliştirme Ve İşletmecilik A.Ş. | 172 | 48.84% | 40.32% | +852 bps | Traded |
| TRPTMKSA2626 | Birleşik İpotek Finansmanı A.Ş. | 156 | 47.63% | 40.17% | +746 bps | Traded |
| TRPTMKSK2624 | Birleşik İpotek Finansmanı A.Ş. | 130 | 47.15% | 39.83% | +732 bps | Traded |
| TRPTMK2E2610 | Birleşik İpotek Finansmanı A.Ş. | 175 | 48.31% | 41.67% | +663 bps | Traded |
| TRDHVKA92628 | EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. | 126 | 46.76% | 41.11% | +565 bps | Auction |
| TRDHVKAE2637 | EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. | 126 | 46.76% | 41.16% | +560 bps | Auction |
| TRDHVKAE2629 | EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. | 126 | 46.76% | 41.16% | +560 bps | Auction |
| TRPTMK2A2630 | Birleşik İpotek Finansmanı A.Ş. | 249 | 46.23% | 41.53% | +469 bps | Traded |
Banks — widest spreads
| ISIN | Borrower | DTM | Yield | Treasury | Spread | Source |
|---|---|---|---|---|---|---|
| TRDEVKS92619 | TÜRKİYE EMLAK KATILIM BANKASI A.Ş. | 728 | 44.76% | 32.37% | +1,238 bps | Auction |
| TRDEVKS32714 | TÜRKİYE EMLAK KATILIM BANKASI A.Ş. | 214 | 47.80% | 40.08% | +771 bps | Traded |
| TRFNURLA2624 | Nurol Yatırım Bankası A.Ş. | 126 | 44.84% | 37.59% | +725 bps | Traded |
| TRDNVKAA2641 | NUROL YATIRIM BANKASI A.Ş. | 127 | 44.66% | 37.60% | +706 bps | Traded |
| TRFNURL12722 | Nurol Yatırım Bankası A.Ş. | 148 | 44.28% | 37.24% | +704 bps | Traded |
| TRDTERV12719 | TERA YATIRIM BANKASI A.Ş. | 182 | 47.64% | 41.46% | +617 bps | Auction |
| TRSNURL32715 | Nurol Yatırım Bankası A.Ş. | 200 | 46.20% | 40.09% | +611 bps | Traded |
| TRDBRKTA2616 | ALBARAKA TÜRK KATILIM BANKASI A.Ş. | 175 | 46.31% | 40.44% | +586 bps | Auction |
Leasing/Factoring — widest spreads
| ISIN | Borrower | DTM | Yield | Treasury | Spread | Source |
|---|---|---|---|---|---|---|
| TRDEMVK12727 | GARANTİ FİNANSAL KİRALAMA A.Ş. | 146 | 44.95% | 39.62% | +533 bps | Traded |
| TRDEMVKA2622 | ANADOLU FİNANSAL KİRALAMA A.Ş. | 303 | 40.30% | 35.76% | +454 bps | Traded |
| TRDEMVK92646 | ALTERNATİF FİNANSAL KİRALAMA A.Ş. | 364 | 43.77% | 39.45% | +431 bps | Auction |
| TRDEMVK72820 | ALTERNATİF FİNANSAL KİRALAMA A.Ş. | 728 | 43.95% | 39.80% | +414 bps | Auction |
| TRDEMVK92638 | ALTERNATİF FİNANSAL KİRALAMA A.Ş. | 364 | 42.79% | 39.11% | +368 bps | Auction |
| TRDEMVKE2644 | GARANTİ FİLO YÖNETİM HİZMETLERİ A.Ş. | 162 | 45.87% | 42.32% | +354 bps | Traded |
| TRDEMVK92661 | GARANTİ FİLO YÖNETİM HİZMETLERİ A.Ş. | 154 | 43.61% | 40.62% | +298 bps | Traded |
| TRFQFKRA2613 | Qnb Finansal Kiralama A.Ş. | 174 | 47.38% | 44.51% | +287 bps | Traded |