The details of the Treasury's 2026 Financing Program have been announced.

Overview of the 2026 Treasury Financing Program

The Ministry of Treasury and Finance has published the Treasury Financing Program, which includes developments in 2025 and projections for 2026, on its official website. This program includes significant steps aimed at maintaining Turkey's financial stability.

Cash Domestic Borrowing and Costs

According to the 2026 Treasury Financing Program, the average term of cash domestic borrowing has been set at 33.9 months as of 2023. The average cost of fixed-rate Turkish Lira domestic borrowing stood at 39.4 percent. Additionally, the share of fixed-rate Turkish Lira securities in domestic borrowing was realized at 47.8 percent.

Expansion of the Investor Base

In order to diversify the investor base, issuances of bonds denominated in currencies other than Turkish Lira and lease certificates will continue. Under the implemented strategy, a total of 200.6 billion lira worth of Turkish Lira lease certificates have been issued in the domestic market.

Foreign Currency Borrowing and Gold Certificates

During this period, a total of 52.1 tons of securities backed by gold and 11.6 billion dollars worth of foreign currency domestic borrowing have been carried out. Additionally, for the first time in September, a TLREFK-indexed lease certificate was issued, resulting in 80.1 billion lira in sales.

International Financing and Risk Premium Improvement

A financing of 13 billion dollars has been secured from international markets, exceeding the set external financing target of 11 billion dollars. This year, with the increase in the country's credit rating by the credit rating agency Moody's, improvements in the risk premium have been observed.

Debt Servicing and Future Projections

For the year 2026, a total debt servicing of 5 trillion 990 billion lira is planned; of which 5 trillion 42.2 billion lira will be paid as domestic debt servicing. Additionally, 3 trillion 289.7 billion lira will constitute principal payments and 2 trillion 700.3 billion lira will be interest payments.

Lease Certificates and Issuance Strategies

Fixed coupon benchmark bonds denominated in Turkish lira will be issued regularly in accordance with market conditions. Furthermore, the aim is to create the most cost-effective financing alternatives through various bond and lease certificate issuances from international capital markets.