AUCTCalendarMarket data 2026-10-20
Treasury Auctions#
This page shows the official HMB auction results from 2016 to 2026, the upcoming announcements and the borrowing plan. Select any auction date for its full demand breakdown.
Latest auction
06 Oct
Fixed-coupon bond, TLREF-indexed bond
Accepted, last 90 days
₺893,517m
17 auctions · competitive + ROT
Bid / accepted, last 10
1.89×
competitive demand per lira sold
Auctions in archive
636
since Jan 2016
Planned auction calendar#
The table follows the Treasury's Ekim – Aralık 2026 İç Borçlanma Stratejisi HMB ↗.
Notes
Provisional months can change with market conditions. HMB announces the terms of each auction at least one day before.
- Shows
- The auctions and direct sales that HMB plans after the latest published result.
- Each row
- One planned sale. A reopening links to the bond that it reopens.
- Click
- Click a type or a status label to see what it means.
- Limit
- Provisional months can change. HMB announces the terms of each auction at least one day before.
- Terms
- Type · Status
| Auction | Instrument | Tenor | Type | Bond | Status |
|---|---|---|---|---|---|
| Mon 09 Nov 2026 | Fixed-coupon bond | 2Y · 672d | Auction · reopening | TRT130928T38 | Provisional |
| Mon 09 Nov 2026 | Fixed-coupon bond | 4Y · 1617d | Auction · reopening | TRT160431T35 | Provisional |
| Tue 10 Nov 2026 | Lease certificate (sukuk) | 5Y · 1820d | Direct sale | matures 2031-11-05 | Provisional |
| Tue 10 Nov 2026 | Fixed-coupon bond | 8Y · 2877d | Auction · reopening | TRT270934T18 | Provisional |
| Mon 07 Dec 2026 | Fixed-coupon bond | 4Y · 1589d | Auction · reopening | TRT160431T35 | Provisional |
| Tue 08 Dec 2026 | TLREF-indexed bond | 4Y · 1372d | Auction · reopening | TRT110930T36 | Provisional |
| Tue 08 Dec 2026 | Fixed-coupon bond | 8Y · 2849d | Auction · reopening | TRT270934T18 | Provisional |
Upcoming auctions#
No auction has been announced after 06 Oct 2026 yet. HMB announces each auction one to three business days ahead.
Recent announcements
Planned calendarEkim – Aralık 2026 İç Borçlanma Stratejisi
Published 30 Sep 2026. The Treasury's rolling three-month strategy lists the planned auction dates and instruments. HMB ↗
Domestic redemption schedule#
₺309.9bn of principal and interest falls due on these dates (HMB strategy, split by buyer at issue).
- Shows
- The domestic debt payments that fall due on each planned date, in billions of lira.
- Each bar
- One payment date. Violet is the part that market holders receive. Light violet is the part for public institutions.
- Limit
- The split is by the buyer at issue, as HMB reports it. The bars include principal and interest.
Rollover · debt service vs borrowing#
Planned domestic borrowing as a share of domestic debt service, last 24 months (newest plan per month).
Notes
Average over the last 12 months: 91%. Months still marked provisional in the plan: 2 of the last 3.
- Shows
- The planned domestic borrowing against the domestic debt service of each month.
- Bars
- Light bars are the debt service. Violet bars are the planned borrowing.
- Line
- The rollover ratio, on the right axis. The line is the borrowing as a share of the debt service.
- Limit
- The values are plans from the newest strategy for each month. Provisional months can change.
- Terms
- Rollover ratio
Treasury financing programme#
- Shows
- The Treasury financing programme for three months: the payments, and the money that meets them.
- Each row
- One line of the programme, in billions of lira. Indented lines are parts of the line above.
- Each pair
- A month has two columns. The grey one shows the revision against the previous strategy.
- Click
- Click a value of a total to see the sum of its parts.
- Limit
- The plan is not a result. Provisional months can change.
- Terms
- Revision · Payments · Financing
Ekim – Aralık 2026 İç Borçlanma Stratejisi · billions of lira HMB ↗. Grey figures are the revision against the previous strategy's plan for the same month.
| ₺bn | Oct 2026 | rev. | Nov 2026(1) | rev. | Dec 2026(1) | |
|---|---|---|---|---|---|---|
| Payments | 615.3 | +28.1 | 164.6 | 137.9 | ||
| Domestic debt service | 436.6 | +27.5 | 122.7 | 117.3 | ||
| Principal | 188.8 | +9.9 | 29.6 | 1.5 | ||
| Interest | 247.8 | +17.6 | 93.1 | 115.8 | ||
| External debt service | 178.7 | +0.6 | 41.9 | 20.6 | ||
| Principal | 153.2 | +0.3 | 12.2 | -0.2 | 9.1 | |
| Interest | 25.5 | +0.3 | 29.7 | +0.2 | 11.5 | |
| Financing | 615.3 | +28.1 | 164.6 | 137.9 | ||
| Non-borrowing sources(2)(3) | 200.5 | +22.4 | 54.2 | 32.3 | ||
| Borrowing | 414.8 | +5.7 | 110.4 | 105.5 | ||
| External borrowing(3) | 0.0 | 0.0 | 0.0 | |||
| Domestic borrowing | 414.8 | +5.7 | 110.4 | 105.5 | ||
| Auctions (market) | 180.8 | -18.3 | 50.4 | -25.0 | 90.5 | |
| Direct sales(4) | 220.0 | +40.0 | 20.0 | -5.0 | 0.0 | |
| Sales to public bodies | 14.0 | -16.0 | 40.0 | +30.0 | 15.0 |
- (1) HMB marks the month as provisional.
- (2) The line includes the cash-basis primary balance. It includes privatisation and 2/B land-sale revenue. It includes transfers from the Savings Deposit Insurance Fund (TMSF). It includes repayments of on-lent and guaranteed debt. It includes the change in cash and exchange-rate differences.
- (3) Extra financing from international institutions or markets can change external borrowing and non-borrowing sources (change in cash).
- (4) The line depends on market conditions. It also depends on any issuance in foreign currency or gold.
Auction yields · last two years#
The chart covers nominal fixed-rate, bill and zero-coupon auctions. The dot area is the accepted amount. It leaves out floaters because their yields are not comparable.
- Shows
- The average yield of each auction of the last two years.
- Each dot
- One auction. The area of the dot is the amount accepted. The colour is the instrument.
- Limit
- The chart covers nominal bonds, bills and zero-coupon bonds. Floaters are out because their yields are not comparable.
- Terms
- Average yield · Accepted
CPI-linked auctions · real yields#
The chart shows the average real compound yield at each CPI-linked auction.
- Shows
- The average real yield of each CPI-linked auction of the last two years.
- Each dot
- One auction.
- Read it as
- A higher dot is a higher return above inflation.
- Limit
- Do not compare a real yield with a nominal yield.
- Terms
- Average yield
Monthly borrowing by instrument#
The chart shows the total accepted (competitive plus ROT) in net TRY billions.
- Shows
- The amount that HMB accepted in each month of the last two years, by instrument.
- Each bar
- One month. The colours are instruments. The bars stack.
- Limit
- The amount is nominal and includes ROT.
- Terms
- Accepted
Auction demand#
The ratio is competitive bids divided by the competitive amount accepted. Dots are single auctions, and the area is the amount sold. The line is the monthly amount-weighted ratio.
- Shows
- The bid-to-cover ratio of each auction of the last two years, on a log scale.
- Dots
- One auction. The area of the dot is the competitive amount accepted.
- Line
- One ratio for each month, weighted by amount. The dotted line is the 2-year median.
- Limit
- The ratio uses competitive bids only. A high ratio means strong demand, not a low yield.
- Terms
- Bid / accepted
Auction concession#
The chart shows the auction yield minus the same bond's last BIST outright yield within a week before the auction.
Notes
A positive value (violet) means that the Treasury paid above the market to sell. The median over the last 90 days is +26 bp across 11 auctions.
- Shows
- The auction yield minus the last BIST outright yield of the same bond, for each auction.
- Each bar
- One auction. Violet is a positive concession. Red is a negative one.
- Line
- The monthly median.
- Limit
- The chart needs a BIST trade of the same bond in the 7 days before the auction. It covers nominal auctions only.
- Terms
- Concession
Auction results#
Amounts are net TRY millions from HMB. Bid / accepted uses the competitive auction only. ROT is the non-competitive allocation. The Accepted column includes it.
- Shows
- Every auction in the HMB result archive, with the newest first.
- Each row
- One auction of one bond. Click the date to open the full result.
- Click
- Click a value to see its calculation. Click a convention label to see what it means.
- Limit
- Amounts are net lira millions from HMB. The bid-to-cover ratio uses competitive bids only.
- Terms
- Average yield · Concession · Bid / accepted
| Auction | Bond | Tenor in years | Average yield, % | Concession, bp | Bid / accepted, x | Accepted, ₺m | ROT share, % | Bidders, count |
|---|---|---|---|---|---|---|---|---|
| TRT270934T18Fixed-coupon bond · Reopening #8 | 8.0y | 36.40%nominal compound | +26 bp | 1.59× | ₺35,804m | 20% | 10 | |
| TRT110930T36TLREF-indexed bond · Reopening #2 | 3.9y | 41.18%floater | — | 2.24× | ₺51,218m | 49% | 15 | |
| TRT160431T35Fixed-coupon bond · Reopening #7 | 4.5y | 38.71%nominal compound | -2 bp | 1.69× | ₺58,848m | 48% | 11 | |
| TRT130928T38Fixed-coupon bond · Reopening #2 | 1.9y | 39.87%nominal compound | -10 bp | 1.63× | ₺41,993m | 42% | 12 | |
| TRT270934T18Fixed-coupon bond · Reopening #7 | 8.0y | 35.19%nominal compound | +46 bp | 1.36× | ₺51,948m | 52% | 10 | |
| TRT160431T35Fixed-coupon bond · Reopening #6 | 4.6y | 38.73%nominal compound | +46 bp | 1.33× | ₺65,951m | 64% | 13 | |
| TRT110930T36TLREF-indexed bond · New issue | 4.0y | 40.76%floater | — | 2.26× | ₺84,251m | 42% | 17 | |
| TRT130928T38Fixed-coupon bond · New issue | 2.0y | 39.98%nominal compound | — | 1.84× | ₺59,714m | 42% | 14 | |
| TRT050935T13Fixed-coupon bond · Reopening #4 | 9.0y | 35.12%nominal compound | +1 bp | 1.64× | ₺74,427m | 51% | 12 | |
| TRT080530T27CPI-linked bond · Reopening #3 | 3.7y | 5.83%real compound | — | 3.35× | ₺4,654m | 96% | 3 | |
| TRT030730T12TLREF-indexed bond · Reopening #2 | 3.9y | 45.09%floater | — | 3.98× | ₺88,260m | 62% | 18 | |
| TRT020130T19Floating-rate bond · Reopening #2 | 3.4y | 46.10%floater | — | 3.42× | ₺13,411m | 63% | 9 | |
| TRT160431T35Fixed-coupon bond · Reopening #5 | 4.7y | 39.29%nominal compound | +33 bp | 2.00× | ₺21,395m | 67% | 13 | |
| TRB100227T13Treasury bill · Reopening #3 | 0.5y | 41.13%nominal compound | -4 bp | 2.72× | ₺74,344m | 44% | 13 | |
| TRT150328T24Fixed-coupon bond · Reopening #6 | 1.6y | 41.68%nominal compound | +30 bp | 2.05× | ₺71,964m | 52% | 12 | |
| TRT150328T24Fixed-coupon bond · Reopening #5 | 1.6y | 41.99%nominal compound | +23 bp | 1.83× | ₺34,510m | 27% | 14 | |
| TRB100227T13Treasury bill · Reopening #2 | 0.6y | 41.44%nominal compound | +224 bp | 1.71× | ₺60,825m | 29% | 12 | |
| TRT160431T35Fixed-coupon bond · Reopening #4 | 4.8y | 37.97%nominal compound | +30 bp | 1.52× | ₺33,023m | 70% | 12 | |
| TRT030730T12TLREF-indexed bond · New issue | 4.0y | 45.08%floater | — | 1.92× | ₺157,276m | 53% | 19 | |
| TRT160431T35Fixed-coupon bond · Reopening #3 | 4.8y | 37.94%nominal compound | -28 bp | 1.41× | ₺29,804m | 67% | 11 | |
| TRT150328T24Fixed-coupon bond · Reopening #4 | 1.7y | 41.93%nominal compound | -78 bp | 3.20× | ₺32,196m | 76% | 12 | |
| TRB100227T13Treasury bill · New issue | 0.7y | 42.33%nominal compound | — | 3.37× | ₺71,876m | 70% | 13 | |
| TRT050630T11Floating-rate bond · Reopening #11 | 4.0y | 46.28%floater | — | 1.92× | ₺21,770m | 46% | 11 | |
| TRT090130T12TLREF-indexed bond · Reopening #6 | 3.6y | 42.19%floater | — | 1.72× | ₺129,165m | 47% | 17 | |
| TRT080530T27CPI-linked bond · Reopening #2 | 3.9y | 5.61%real compound | — | 1.34× | ₺13,186m | 50% | 8 | |
| TRT090130T12TLREF-indexed bond · Reopening #5 | 3.7y | 42.12%floater | — | 3.00× | ₺86,490m | 49% | 16 | |
| TRT080530T27CPI-linked bond · New issue | 4.0y | 5.48%real compound | — | 1.41× | ₺8,311m | 57% | 6 | |
| TRT150328T24Fixed-coupon bond · Reopening #3 | 1.8y | 41.80%nominal compound | +115 bp | 1.56× | ₺28,616m | 66% | 11 | |
| TRT160431T35Fixed-coupon bond · Reopening #2 | 4.9y | 38.33%nominal compound | +56 bp | 1.45× | ₺20,222m | 49% | 11 | |
| TRB170327T15Treasury bill · Reopening #2 | 0.9y | 42.51%nominal compound | +199 bp | 1.61× | ₺24,022m | 36% | 10 | |
| TRT160431T35Fixed-coupon bond · New issue | 5.0y | 36.18%nominal compound | — | 1.66× | ₺26,492m | 57% | 13 | |
| TRT150328T24Fixed-coupon bond · Reopening #2 | 1.9y | 39.83%nominal compound | +50 bp | 1.97× | ₺31,570m | 64% | 15 | |
| TRT090130T12TLREF-indexed bond · Reopening #4 | 3.8y | 42.53%floater | — | 1.61× | ₺99,817m | 34% | 18 | |
| TRT080131T12CPI-linked bond · Reopening #4 | 4.8y | 5.33%real compound | — | 1.29× | ₺15,241m | 51% | 11 | |
| TRB170327T15Treasury bill · New issue | 0.9y | 42.66%nominal compound | — | 2.08× | ₺18,555m | 39% | 12 | |
| TRT090130T12TLREF-indexed bond · Reopening #3 | 3.8y | 42.19%floater | — | 4.88× | ₺47,739m | 64% | 16 | |
| TRT150328T24Fixed-coupon bond · New issue | 2.0y | 39.99%nominal compound | — | 3.09× | ₺20,073m | 57% | 12 | |
| TRT051033T12Fixed-coupon bond · Reopening #13 | 7.6y | 33.43%nominal compound | +5 bp | 6.32× | ₺3,749m | 27% | 12 | |
| TRT021030T18Fixed-coupon bond · Reopening #6 | 4.5y | 36.69%nominal compound | +52 bp | 1.53× | ₺23,059m | 41% | 12 | |
| TRT080131T12CPI-linked bond · Reopening #3 | 4.8y | 5.23%real compound | — | 1.54× | ₺13,025m | 50% | 9 |
Gold-denominated Treasury bonds and sukuk#
Amounts are grams of gold, not TRY. Their returns and prices never enter the nominal TRY curve. Open an ISIN for its dated market history. BIST lease-certificate directory ↗
- Shows
- The Treasury securities that are priced in grams of gold.
- Each row
- One gold bond or gold-indexed lease certificate.
- Limit
- Amounts are grams, not lira. The returns of these securities never enter the nominal TRY curve.
- Terms
- Issue amount in grams
| ISIN | Type | Maturity | Issue amount in grams |
|---|---|---|---|
| TRD270127T13 | Altına Dayalı Kira Sert. / Gold indexed Lease Cert. | 2027-01-27 | 13,492,200 g |
| TRT270127T15 | Altın Tahvili / Gold Bond | 2027-01-27 | 6,647,595 g |
| TRD180827T17 | Altına Dayalı Kira Sert. / Gold indexed Lease Cert. | 2027-08-18 | 14,120,045 g |
| TRT180827T35 | Altın Tahvili / Gold Bond | 2027-08-18 | 16,051,340 g |
| TRD171127T39 | Altına Dayalı Kira Sert. / Gold indexed Lease Cert. | 2027-11-17 | 12,375,810 g |
| TRT171127T31 | Altın Tahvili / Gold Bond | 2027-11-17 | 7,903,285 g |
| TRD150328T14 | Altına Dayalı Kira Sert. / Gold indexed Lease Cert. | 2028-03-15 | 8,343,075 g |
| TRT150328T16 | Altın Tahvili / Gold Bond | 2028-03-15 | 9,477,375 g |
| TRD120428T32 | Altına Dayalı Kira Sert. / Gold indexed Lease Cert. | 2028-04-12 | 10,612,670 g |
| TRT120428T18 | Altın Tahvili / Gold Bond | 2028-04-12 | 6,887,390 g |
| TRD090628T19 | Altına Dayalı Kira Sert. / Gold indexed Lease Cert. | 2028-06-09 | 8,749,035 g |
| TRT090628T11 | Altın Tahvili / Gold Bond | 2028-06-09 | 1,971,095 g |
| TRD300628T12 | Altına Dayalı Kira Sert. / Gold indexed Lease Cert. | 2028-06-30 | 5,336,185 g |
| TRT300628T14 | Altın Tahvili / Gold Bond | 2028-06-30 | 2,401,930 g |
| TRD041028T18 | Altına Dayalı Kira Sert. / Gold indexed Lease Cert. | 2028-10-04 | — |
| TRT041028T10 | Altın Tahvili / Gold Bond | 2028-10-04 | — |