# Turkey 10 year bond yield: where the number comes from

URL: https://fincodelabs.com/en/blog/turkey-10-year-bond-yield · Publisher: Fincode (Fincode Yazılım ve Teknoloji A.Ş.), Istanbul, Turkey · Category: Investing in Turkey · Published: 2026-11-06 · Updated: 2026-11-06

Turkey 10 year bond yield: why one bond shows 33% and 35.7%, which bond sits behind the chart, the official data and tested Python, dated 4 and 5 November 2026.

**Short answer:** The **Turkey 10 year bond yield** is not an official statistic: no Treasury or central bank source checked publishes a daily 10-year series, and no fixed-coupon lira bond had ten years left on 5 November 2026. The longest, maturing 5 September 2035 with 8.84 years to run, closed on Borsa Istanbul on 4 November 2026 at 33.00% simple and 35.72% annual compound, one price on two quoting bases. TradingEconomics showed 33.00% for that date and names no bond, so check the bond and the basis before comparing any two figures.

Data sites show a live number. This guide shows which bond sits behind it, why one bond can show two yields almost three points apart, and how to reproduce the exchange's and the Treasury's published figures in Python, last run on 6 November 2026.

Bond types, buying, auctions and withholding tax are in [Turkish government bonds and eurobonds](https://fincodelabs.com/en/blog/turkish-government-bonds-and-eurobonds), and rate decisions are in [Turkey interest rate](https://fincodelabs.com/en/blog/turkey-interest-rate). Nothing here is a forecast or a view on any bond.

## Turkey 10 year government bond yield: what the number is

A quoted Turkey 10-year yield is a market reading on one long lira bond, and it changes with the bond chosen and the quoting basis.

**One bond, three readings: the 5 September 2035 fixed-coupon bond (TRT050935T13)**

| Source | Date | Price used | Simple | Annual compound | Status |
| --- | --- | --- | --- | --- | --- |
| Borsa Istanbul daily bulletin, close | 4 November 2026, value date 5 November | 91.45 clean + 4.129 accrued | 33.00% | 35.72% | Exchange data |
| Central bank indicative value | 5 November 2026 | 96.184 including coupon | 32.77% | 35.46% | Value is official; both yields are our calculation |
| TradingEconomics | 4 November 2026 | Not stated | 33.00%, basis not stated |  | Described as over-the-counter interbank yield quotes; no bond named |

The match between TradingEconomics and the exchange's simple close is our observation, and it held again for 5 November, when both showed 33.02% (read 6 November). TradingView's 10-year page names a 5 September 2035 maturity and a 30.06% coupon (2 × 15.03) but no ISIN, basis or date. The Treasury's nearest reference is its auction of 6 October 2026, where the 27 September 2034 bond sold at an average price of 83.939, published as 16.79% for the term, 33.59% annual simple and 36.40% annual compound.

The central bank's Financial Stability Report of 22 May 2026 charts a compound-basis fixed-coupon lira curve from central bank and Bloomberg data; no downloadable table of it was found.

## Simple vs compound: why the same bond shows 33% and 35.7%

Both numbers come from one rate per six-month coupon period, r: the simple yield is 2 × r and the annual compound yield is (1 + r)² − 1.

The Treasury's press release shows all three: a term rate of 16.79% gives 2 × 16.79 = 33.58, published as 33.59 because inputs are rounded, and 1.1679² − 1 = 36.40%.

The coupon column in the data is also a six-month rate. The Treasury's calendar calls these bonds semi-annually couponed, and the exchange's accrued interest field confirms it: on value date 5 November 2026 the 2035 bond was 50 days past its last coupon, and 15.03 × 50 ÷ 182 = 4.129, the bulletin's figure to three decimals.

> **Hypothetical example.** At r = 15% the simple yield is 30.00% and the annual compound yield 32.25%, so one source's compound figure beside another's simple figure shows a 2.25-point gap that does not exist. At r = 5% the gap is 0.25 points.

US Treasury par yields are bond-equivalent yields on semi-annual coupons, according to the US Treasury's FAQ, so in form they compare with the Turkish simple figure. Real return is a separate step; see [Turkish lira inflation rate](https://fincodelabs.com/en/blog/turkish-lira-inflation-rate).

## Turkey 5 year and 2 year bond yield: which bond is which

No bond matches a round maturity, so each label points to a specific bond, and the Treasury's calendar shows which.

**Fixed-coupon lira bonds near common labels. Exchange closes of 4 November 2026 for value 5 November; central bank file of 5 November 2026, yields are our calculation, not official**

| Maturity (ISIN) | Years left | Six-month coupon | Exchange, simple / compound | Central bank file, simple / compound |
| --- | ---: | ---: | --- | --- |
| 13 September 2028 (TRT130928T38) | 1.86 | 18.00 | 36.32 / 39.62 | 36.44 / 39.76 |
| 16 April 2031 (TRT160431T35) | 4.45 | 16.63 | 35.76 / 38.96 | 35.36 / 38.49 |
| 5 October 2033 (TRT051033T12) | 6.92 | 13.10 | 32.29 / 34.90 | 33.66 / 36.49 |
| 27 September 2034 (TRT270934T18) | 7.90 | 13.85 | 33.64 / 36.47 | 33.16 / 35.90 |
| 5 September 2035 (TRT050935T13) | 8.84 | 15.03 | 33.00 / 35.72 | 32.77 / 35.46 |

The Treasury's November 2026 calendar, in its strategy of 30 October, labels the 2028 bond 2 years, the 2031 bond 4 years and the 2034 bond 8 years, 2,877 days from settlement on 11 November; the 2035 bond is not on it. A chart labelled 10-year is therefore either the longest bond or a modelled point, and its provider should say which. Keep the ISIN beside every data point, because a series jumps when a provider rolls from one bond to the next.

The two right-hand columns differ by up to 1.59 points, and the central bank does not explain how its values are set.

## Official data sources and what each one will not give you

Three official references exist, and none of them is a ready-made 10-year series.

**Official references for Turkish government bond yields, checked 6 November 2026**

| Source | What it publishes | Limits |
| --- | --- | --- |
| Treasury auction press releases; central bank auction table | Average price, term rate, annual simple and annual compound | Auction days only. The central bank's page holds spreadsheets reaching back to 1985 |
| Borsa Istanbul Debt Securities Market bulletin | Clean closing price, accrued interest, closing and weighted average yield on both bases, volume and deals, per security and value date | Only securities that traded that day; 48 columns under data format version 1.16 of 7 October 2026 |
| Central bank daily indicative values (*gösterge niteliğinde günlük değerler*) | Present value per 100 including coupon, with ISIN and coupon, for each security and its strips | No yields. Only today and the six previous calendar days are posted (dibs1.txt to dibs7.txt, overwritten daily), so save them for history. The page defines neither the method nor the word indicative |

### Turkey 10 year bond yield historical data: how to build a series

- **Archive.** Bulletins sit at `/data/ttb/YYYY/MM/ttbYYYYMMDD3.zip`. Spot checks opened files back to 2 July 2018; 29 June 2018 and earlier dates returned 404, as did the 29 October 2026 holiday.
- **Columns.** January 2019 and January 2021 files have 44 columns, later ones 48, so read fields by header name.
- **Value dates.** One security can appear on several rows, one per value date, as the 2035 bond did on 3 November 2026.
- **Thin trading.** The 2035 bond's 4 November 2026 close rested on 2 deals and TRY 30 million nominal, against TRY 616 million the day before, so store deals and volume with each yield.

The central bank's terms of use allow publication with attribution but make commercial use subject to its written permission, and Borsa Istanbul licenses data distribution separately, so check both before building a product. Related data sources are in [TEFAS, KAP and EVDS](https://fincodelabs.com/en/blog/tefas-kap-evds-data-apis).

## Python that reproduces the published yields

One convention fits both the Treasury and the exchange: discount each cash flow by whole coupon periods, with a first fraction equal to days to the next coupon divided by 182.

This standard-library script tests the method on two published results, then applies it to the central bank value. It ran on Python 3.11 on 6 November 2026 against the exchange's public file.

```python
import csv, io, urllib.request, zipfile
from datetime import date

PERIOD = 182  # days in a Treasury coupon period

def period_rate(dirty, coupon, n, days_to_next):
    w = days_to_next / PERIOD
    pv = lambda r: (sum(coupon / (1 + r) ** (w + k) for k in range(n))
                    + 100 / (1 + r) ** (w + n - 1))
    if not pv(2.0) < dirty < pv(0.0):  # also rejects nan and inf
        raise ValueError(f"no rate fits price {dirty}")
    lo, hi = 0.0, 2.0
    for _ in range(100):
        mid = (lo + hi) / 2
        lo, hi = (mid, hi) if pv(mid) > dirty else (lo, mid)
    return (lo + hi) / 2

def show(label, r, published):
    print(f"{label}: term {r*100:.2f} simple {2*r*100:.2f} "
          f"compound {((1+r)**2-1)*100:.2f} | published: {published}")

def bulletin(d):  # raises HTTP 404 on weekends and holidays
    url = f"https://www.borsaistanbul.com/data/ttb/{d:%Y/%m}/ttb{d:%Y%m%d}3.zip"
    req = urllib.request.Request(url, headers={"User-Agent": "Mozilla/5.0"})
    with urllib.request.urlopen(req, timeout=30) as resp:
        z = zipfile.ZipFile(io.BytesIO(resp.read()))
    text = z.read(z.namelist()[0]).decode("utf-8-sig")
    rows = list(csv.reader(io.StringIO(text), delimiter=";"))
    return [dict(zip(rows[1], r)) for r in rows[2:]]  # rows[1] is the English header

def outright(rows, isin, value_date):
    hits = [r for r in rows if r["ISIN/CODE"] == isin and r["VALUEDATE1"] == str(value_date)
            and r["MARKET NAME"].startswith("BAP KES NORMAL")]
    if len(hits) == 1:
        return hits[0]
    raise LookupError(f"{isin} value {value_date}: {len(hits)} rows, need 1")

# Test 1: auction of 6 October 2026, settled on a coupon date, 16 coupons left
show("auction 27.09.2034", period_rate(83.939, 13.85, 16, 182), "16.79 33.59 36.40")

# Test 2: exchange close of 4 November 2026, value 5 November
row = outright(bulletin(date(2026, 11, 4)), "TRT050935T13", date(2026, 11, 5))
dtc, dtm = int(row["DTC"]), int(row["DTM/REPO TERM"])
dirty = float(row["CLOSING"]) + float(row["ACCRUED INTEREST/LEASE"])  # empty if no trade
show("exchange close", period_rate(dirty, 15.03, round((dtm - dtc) / PERIOD) + 1, dtc),
     f"- {row['CLOSING PRICE/RETURN']} {row['CLOSING COMPOUND RETURN']}")

# Our calculation: central bank value of 5 November 2026, same bond
show("central bank file", period_rate(96.184, 15.03, 18, 132), "none, not official")
```

Output:

```
auction 27.09.2034: term 16.79 simple 33.59 compound 36.41 | published: 16.79 33.59 36.40
exchange close: term 16.50 simple 33.00 compound 35.73 | published: - 33 35.72
central bank file: term 16.39 simple 32.77 compound 35.46 | published: none, not official
```

The 0.01 differences come from rounded inputs. The same functions also matched the exchange's 4 November closes on the 2034 and 2033 bonds. Discounting by actual days over 365 instead missed the published compound figures by 0.11 to 0.12 points, so the convention matters. Turning checks like these into a maintained feed is the kind of scoping Fincode describes under [project and product analysis](https://fincodelabs.com/en/services/project-and-product-analysis).

## Turkey government bond yield curve: why strips give a different answer

A principal strip gives a zero-coupon rate rather than the bond's yield, and the two differ whenever short and long rates differ.

In the file of 5 November 2026, each of the 25 fixed-coupon bonds is valued at the sum of its principal and coupon strips, to three decimals, which suggests one set of discount factors, although the central bank does not say so.

**Bond yield and principal strip rate, central bank file of 5 November 2026 (our calculation, not official; strip rate (100 ÷ value)^(365 ÷ days) − 1, as the exchange compounds zero-coupon bills)**

| Bond | Years left | Bond yield, annual compound | Principal strip, annual compound |
| --- | ---: | ---: | ---: |
| 8 November 2028 | 2.01 | 39.84% | 40.16% |
| 16 April 2031 | 4.45 | 38.49% | 37.86% |
| 5 September 2035 | 8.84 | 35.46% | 31.07% |

The 2035 bond's early coupons are discounted at the higher rates of nearer dates, so its single yield is an average that sits above its own long zero-coupon rate. Neither column is wrong, but they must not share one chart, and the pattern describes prices on that date, not a forecast. Credit risk priced in dollars is covered in [Turkey CDS](https://fincodelabs.com/en/blog/turkey-cds-credit-default-swap) and [Turkey credit rating](https://fincodelabs.com/en/blog/turkey-credit-rating).

## Frequently asked questions

### What is the Turkey 10 year bond yield today?

It changes every trading day, and no official body publishes a daily 10-year series. The latest dated exchange figure in this guide is the 5 September 2035 bond on 4 November 2026: 33.00% simple and 35.72% annual compound. For a later date, read that day's Borsa Istanbul debt bulletin.

### Why do websites and the exchange show different Turkish bond yields?

Usually the basis, the bond or the time of day: on 4 November 2026 one bond's simple yield was 2.72 points below its compound yield, and some data sites name neither.

### Does Turkey have a government bond with exactly 10 years left?

Not among fixed-coupon lira bonds on 5 November 2026: the longest had 8.84 years left, and the Treasury's November 2026 calendar labels its longest fixed-coupon sale an 8-year bond.

### Is the central bank's daily value a market price?

The file calls its values indicative without defining the term or a method. For the 2035 bond on 5 November 2026 it showed 96.184, against an exchange weighted average settlement price of 95.604 for that value date.

### Where can I get historical Turkish bond yield data?

Borsa Istanbul's daily debt bulletins opened back to 2 July 2018 in spot checks, and the central bank's auction spreadsheets reach back to 1985 for yields on auction days.

## Sources

- [TCMB: Daily indicative values of government debt securities and lease certificates (Turkish; files dibs1 to dibs7)](https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Istatistikler/Piyasa+Verileri/Devlet+Ic+Borclanma+Senetleri+ve+Kira+Sertifikalari/)
- [TCMB: Terms of use, attribution and commercial use (Turkish)](https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Bottom+Menu/Diger/Kullanim+Sartlari)
- [TCMB: Treasury bills and bonds sold by auction, spreadsheets (Turkish)](https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Istatistikler/Piyasa+Verileri/ihale+Yontemi+ile+Satilan+Hazine+Bonolari+ve+Devlet+Tahvilleri/)
- [TCMB: Financial Stability Report, 22 May 2026, section IV.3 and Chart IV.3.1 (Turkish)](https://www.tcmb.gov.tr/wps/wcm/connect/559f289f-e867-459e-a485-bb8a450da29e/Tam+Metin.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-559f289f-e867-459e-a485-bb8a450da29e-pYE9uUC)
- [Ministry of Treasury and Finance: Results of the auctions of 6 October 2026](https://ms.hmb.gov.tr/uploads/sites/2/2026/10/KAF_20261006_ihale_sonucu_4TLREF_8f_ing-a4950b3ece142c11.pdf)
- [Ministry of Treasury and Finance: Domestic Borrowing Strategy November 2026 to January 2027, with the November 2026 issuance calendar (30 October 2026)](https://ms.hmb.gov.tr/uploads/sites/2/2026/10/Eng11-November-2026-January-2027-Domestic-Borrowing-Strategy-164f96bd19769178.pdf)
- [Borsa Istanbul: Debt Securities Market daily bulletin of 4 November 2026 (ttb202611043.zip)](https://www.borsaistanbul.com/data/ttb/2026/11/ttb202611043.zip)
- [Borsa Istanbul: Debt Securities Market data formats, version 1.16 of 7 October 2026 (Turkish)](https://www.borsaistanbul.com/files/borsa-istanbul-bap-veri-bildirim-ve-kabul-formatlari.pdf)
- [Borsa Istanbul: Outright Purchases and Sales Market, clean price and accrued interest rules (Turkish)](https://www.borsaistanbul.com/piyasalar/borclanma-araclari-piyasasi/piyasa-isleyisi/kesin-alim-satim-pazari)
- [Borsa Istanbul: Data file names and directories (DataFilePaths.zip)](https://www.borsaistanbul.com/files/DataFilePaths.zip)
- [Borsa Istanbul: Data Dissemination, real-time, delayed and end-of-day data through licensed data vendors](https://www.borsaistanbul.com/en/data/data-dissemination)
- [US Department of the Treasury: Interest rate statistics FAQ, bond-equivalent basis](https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics/interest-rates-frequently-asked-questions)
- [TradingEconomics: Turkey 10-year government bond yield, read 5 and 6 November 2026](https://tradingeconomics.com/turkey/government-bond-yield)
- [TradingView: Turkey Government Bonds 10 YR Yield (TVC:TR10Y), maturity and coupon shown, read 6 November 2026](https://www.tradingview.com/symbols/TVC-TR10Y/)

> This guide is general information, not investment, legal or tax advice. Amounts, rates and rules in Turkey change often: check the date given for each figure and the official source before you rely on it, and ask a licensed adviser about your own situation. Sources, checks and corrections: see the [editorial policy](https://fincodelabs.com/en/editorial-policy).

---

Published by Fincode (Fincode Yazılım ve Teknoloji A.Ş.), a software company in Istanbul, Turkey: https://fincodelabs.com/en/blog/turkey-10-year-bond-yield

Cite as: Fincode, "Turkey 10 year bond yield: where the number comes from", updated November 6, 2026, https://fincodelabs.com/en/blog/turkey-10-year-bond-yield