Fitch Ratings predicts that the debt capital market in Türkiye will continue to grow

According to the "Turkey Debt Capital Market Monitor" of the international rating agency Fitch Ratings, the total of debt instruments in circulation in Türkiye's debt capital market exceeded 526 billion dollars at the end of the third quarter of this year, increasing by 4 percent on an annual basis.

On the other hand, the total amount of issuance in the debt capital market decreased to 115.3 billion dollars in the 9-month period of this year. The main reason for this decrease was the 8 percent decrease in bond issues on an annual basis.

Sukuk issuances increased by 46 percent on an annual basis in the January-September period, increasing its share in total debt capital market issuances to 16 percent. This rate was at 11 percent in the 9-month period of last year.

Turkey became the third largest country issuing dollar-denominated debt among emerging markets, excluding China, in the 9-month period of this year, and stood out as one of the three G20 countries active in the sukuk market. The amount of sukuk in circulation exceeded $46 billion as of the end of the third quarter.

Excluding China, Turkey is the fifth largest country issuing dollar-denominated environmental, social and governance (ESG) debt instruments among emerging markets. Türkiye's share in this field was 12 percent in the 9-month period of this year.

The share of non-resident investors in domestic government debt instruments decreased slightly to 7.2 percent as of the end of August 2026.

According to Fitch Ratings, the yield difference of Türkiye's 10-year dollar-denominated government bonds compared to US Treasury bonds has narrowed compared to the peak it reached in March. The liquidity of credit-rated sukuk also improved.

The institution expects the total size of debt instruments in circulation in the debt capital market to reach 550 billion dollars by 2027.