COUNTRY • TURKEY
Last Update: 1 Apr 2023 2:15 GMT+0

The Turkey 10Y Government Bond has a 10.575% yield.

10 Years vs 2 Years bond spread is -114 bp.
Yield Curve is inverted in Long-Term vs Short-Term Maturities.

Central Bank Rate is 8.50% (last modification in February 2023).

The Turkey credit rating is B, according to Standard & Poor's agency.

Current 5-Years Credit Default Swap quotation is 521.15 and implied probability of default is 8.69%.

If data are not all visible, swipe table left
Residual
Maturity
Yield ZC Price Last
Change
Last Chg 1M Chg 6M Last Chg 1M Chg 6M
3 months 10.635% +284.0 bp -343.8 bp 31 Mar
6 months 15.394% +682.4 bp +98.7 bp 31 Mar
9 months 15.026% +641.7 bp +84.3 bp 31 Mar
2 years 11.715% +119.0 bp -267.5 bp 80.13 -2.11 % +4.85 % 31 Mar
3 years 16.020% +678.5 bp +165.0 bp 64.03 -16.54 % -4.20 % 31 Mar
5 years 10.900% +170.0 bp +106.0 bp 59.61 -7.44 % -4.70 % 31 Mar
10 years 10.575% -8.5 bp -101.5 bp 36.60 +0.77 % +9.58 % 31 Mar
Last Update: 1 Apr 2023 2:15 GMT+0

Turkey Yield Curve Analysis

Normally, longer-duration interest rates are higher than short-duration. So, the yield curve normally slopes upward as duration increases. For this reason, the spread (i.e. the yield difference) between a longer and a shorter bond should be positive. If not, the yield curve can be flat or inverted.
The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).
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Residual
Maturity
Yield Spread vs Bond Spread vs
Central Bank
Rate (8.50%)
3 months 2 years 5 years
10 years 10.575% 207.5 bp
5 years 10.900%
240.0 bp
2 years 11.715%
321.5 bp
3 months 10.635%
213.5 bp
Focusing on 2 years Government Bond:
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5Y vs 2Y -81.5 bp Yield Curve is inverted in Mid-Term vs Short-Term Maturities
10Y vs 2Y -114 bp Yield Curve is inverted in Long-Term vs Short-Term Maturities

Turkey Credit Ratings

A credit rating is an assessment of the creditworthiness of a borrower (in general terms or with respect to a particular debt or financial obligation). For a deeper analysis of credit ratings, click here Turkey Credit Ratings History
Rating Agency Rating Outlook
Standard & Poor's
B
-
Moody's Investors Service
B3
-
Fitch Ratings
B
negative
DBRS
BB (high)
negative

Turkey Interest Rates

A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans.
Interest Rates Value
Central Bank Rate 8.50%

Turkey Credit Default Swaps

The term credit default swap (CDS) refers to a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse the lender in the case the borrower defaults.
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Credit Default Swap CDS Value Var % 1W Var % 1M Var % 1Y Implied PD(*)
5 Years CDS 521.15 -1.56 % -7.10 % -5.14 % 8.69 %
(*) Implied probability of default, calculated on the hypothesis of a 40% recovery rate.

Turkey 10Y Bond Yield Spread

The Turkey 10Y Government Bond has a 10.575% yield. Click on Spread value for the historical serie.

A positive spread, marked by , means that the 10Y Bond Yield is higher than the corresponding foreign bond. Instead, a negative spread is marked by a green circle.

Click on the values in "Current Spread" column, for the historical series of the spread.
Click on the "Compare" button, for a report with the full comparison between the two countries, with all the available data.
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Turkey 10Y vs Current Spread Chg 1M Chg 6M
Japan 10Y 1024.6 bp +8.7 bp -110.1 bp Compare
Germany 10Y 829.2 bp +35.8 bp -118.0 bp Compare
France 10Y 779.1 bp +33.5 bp -106.6 bp Compare
China 10Y 770.1 bp -2.7 bp -110.7 bp Compare
Canada 10Y 765.8 bp +43.6 bp -76.2 bp Compare
Australia 10Y 733.5 bp +50.7 bp -34.8 bp Compare
Spain 10Y 728.0 bp +37.6 bp -100.3 bp Compare
United Kingdom 10Y 711.0 bp +27.5 bp -39.7 bp Compare
United States 10Y 710.2 bp +43.8 bp -65.1 bp Compare
Italy 10Y 649.8 bp +42.1 bp -58.5 bp Compare
India 10Y 326.0 bp +3.4 bp -93.2 bp Compare
Russia 10Y 27.5 bp +61.0 bp -107.5 bp Compare
Brazil 10Y -232.5 bp +35.6 bp -195.2 bp Compare

Turkey Government Bonds Prices

Price Simulation: bonds with a face value of 100, with different coupon rates. The highlighted column refers to the zero coupon bond.
Click on for a forecast of the yield.
If data are not all visible, swipe table left
Residual
Maturity
Yield Bond Price - with different Coupon Rates Fx
0% 1% 3% 5% 7% 9%
10 years 10.575% 36.60 42.59 54.58 66.57 78.57 90.56
5 years 10.900% 59.61 63.32 70.73 78.14 85.55 92.96
3 years 16.020% 64.03 66.28 70.77 75.26 79.75 84.24
2 years 11.715% 80.13 81.82 85.22 88.61 92.00 95.39
Maturity Date 100.00 100.00 100.00 100.00 100.00 100.00

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