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Fitch expects Türkiye’s debt market to reach $550 billion by 2027
International ratings agency Fitch Ratings said the total value of outstanding instruments in Türkiye’s debt capital market exceeded $526 billion at the end of the third quarter of 2026. The agency expects the market’s total size to reach $550 billion by 2027 and said sukuk issuance rose 46% in the first nine months of this year.
According to Fitch Ratings’ Türkiye Debt Capital Markets Monitor, the total value of outstanding debt instruments in Türkiye’s debt capital market exceeded $526 billion at the end of the third quarter of 2026. The total size increased 4% year on year.
Total debt capital market issuance fell to $115.3 billion in the January-September period of this year. Fitch said the decline was driven by an 8% year-on-year decrease in bond issuance.
Sukuk issuance share rises
Sukuk issuance rose 46% year on year during the same period, increasing its share of total debt capital market issuance to 16%. The share stood at 11% in the first nine months of last year.
Excluding China, Türkiye was the third-largest emerging market issuer of dollar-denominated debt during the first nine months of this year. Türkiye also stood out as one of three G20 countries with active sukuk markets.
Outstanding sukuk exceeded $46 billion at the end of the third quarter. Excluding China, Türkiye was the fifth-largest emerging market issuer of dollar-denominated environmental, social and governance debt instruments.
Türkiye’s share of environmental, social and governance-linked debt instruments stood at 12% in the first nine months of this year. The share of nonresident investors in domestic government debt instruments edged down to 7.2% at the end of August 2026.
Bond yield spread narrows
Fitch Ratings said the yield spread between Türkiye’s 10-year dollar-denominated government bonds and U.S. Treasury bonds had narrowed from the peak reached in March. Liquidity in rated sukuk also improved.
The agency expects the total value of outstanding debt instruments in the debt capital market to reach $550 billion by 2027.
Source: Anadolu Ajansı
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