The Treasury's Euro Bond Issuance Received Three Times Demand.

Euro Bond Issuance by the Ministry of Treasury and Finance

The Ministry of Treasury and Finance has issued bonds worth 2 billion euros in international markets as part of its external financing program for the year 2026.

Investor Demand Surged Threefold

The issuance, carried out on February 3, 2026, through Deutsche Bank, HSBC, JP Morgan, and Societe Generale, saw demand exceeding three times among investors.

Bond Details and Yield Rate

The bond, planned to mature on March 10, 2034 (in 8 years), was set with a coupon rate of 5.150% and a yield rate of 5.200%. This transaction registered a yield level of approximately MS + 242 basis points, which is the lowest spread recorded for Turkey’s euro-denominated issuances in the last 15 years.

Extension of the Yield Curve

This bond issuance has extended Turkey's euro-denominated yield curve approximately 2.5 years beyond the current longest maturity of August 2031.

Participants in the Issuance and Geographical Distribution

Approximately 180 investors participated in the issuance, and total demand for the bonds reached more than three times the issuance amount. The geographical distribution of the bonds is as follows:

• United Kingdom: 56%
• Other European Countries: 24%
• USA: 9%
• Middle East: 6%
• Turkey: 4%
• Other: 1%

Financing Amount Increases

With this bond issuance expected to be credited on February 10, 2026, Turkey’s total financing raised from international capital markets in 2026 will reach approximately 5.9 billion US dollars.