Short answer: Turkish government bonds are issued by the Ministry of Treasury and Finance in lira, as Treasury bills and fixed-coupon, CPI-indexed, TLREF-indexed and gold-linked bonds, and abroad in US dollars and euros as eurobonds. Lira bonds are bought at Treasury auctions or on Borsa Istanbul's Debt Securities Market through a bank or broker, and eurobonds through banks, international brokers or Borsa Istanbul's International Bonds Market. Yields change with every auction and trade, so the Ministry's dated auction results are the reference point; as of October 2026, individuals pay 0% withholding on lira government bonds bought between 22 December 2021 and 31 December 2026.
Turkey's central government borrows mainly at home in lira, through regular auctions and direct sales, and adds bonds and lease certificates sold in international markets. For a foreign investor the two work differently: lira bonds settle in Turkey and pay high nominal yields with currency risk, while eurobonds trade like other emerging-market dollar or euro bonds.
This guide covers the instruments, how they are sold and traded, how prices and yields are read, how foreigners hold them and how the income is taxed. Figures come from the Ministry of Treasury and Finance (Hazine ve Maliye Bakanlığı), Borsa Istanbul, the Central Registry Agency (MKK) and the Revenue Administration (GİB) as of October 2026. Yields quoted are dated auction and issue results, not forecasts or recommendations.
Types of Turkish government bonds
The Treasury issues several kinds of lira debt, together called government domestic debt securities (devlet iç borçlanma senetleri, DİBS), plus gold-linked, foreign-currency and interest-free instruments.
| Instrument | How it pays |
|---|---|
| Treasury bills and zero-coupon bonds | Bought below 100 and repaid at 100; bills mature within 364 days |
| Fixed-coupon bonds | Fixed coupons every six months |
| CPI-indexed bonds | Principal adjusted by a reference consumer price index published by the Ministry |
| TLREF-indexed bonds | Coupons linked to the Turkish lira overnight reference rate |
| Gold bonds and gold lease certificates | Linked to gold and sold by direct sale |
| Lease certificates (sukuk) | Rental payments instead of interest, fixed, CPI-indexed or TLREFK-indexed |
| Domestic FX bonds | Issued in Turkey in US dollars or euros |
| Eurobonds | Dollar or euro bonds issued in international markets |
In the October 2026 calendar, the gold bond, the gold lease certificate, a TLREFK-indexed lease certificate and a one-year US dollar bond were sold by direct sale rather than auction.
How Treasury auctions and direct sales work
The Treasury sells most lira debt at auctions listed in a three-month issuance calendar and sells some instruments by direct sale.
| Auction date | Instruments |
|---|---|
| 9 November 2026 | 2-year and 4-year fixed-coupon bonds (reopenings) |
| 10 November 2026 | 8-year fixed-coupon bond (reopening); 5-year lease certificate (direct sale) |
| 7 December 2026 | 14-month zero-coupon bond (new, maturing 9 February 2028); 4-year fixed-coupon bond (reopening) |
| 8 December 2026 | 4-year TLREF-indexed bond and 8-year fixed-coupon bond (reopenings) |
| 4 January 2027 | 13-month zero-coupon bond and 2-year fixed-coupon bond (reopenings) |
| 5 January 2027 | 3-year CPI-indexed bond and 4-year fixed-coupon bond (reopenings); 2-year lease certificate (direct sale) |
| 12 January 2027 | 4-year TLREF-indexed bond and 8-year fixed-coupon bond (reopenings) |
| 26 January 2027 | 2-year gold bond and 2-year gold lease certificate (direct sale) |
Those dates may change with market conditions, and the Ministry announces the details of each issue at least one business day before it. Under its Principles of Participation of April 2026, auctions are open to individuals and legal entities, who bid through banks and brokers or at central bank branches. Bids must reach the central bank by 13:30 on auction day, start at TRY 1,000 nominal for lira auctions, need 1% collateral and are binding once received. Non-competitive bids, which buy at the average price, are reserved for public institutions and primary dealers, so a private investor names a price and is filled only at or above the cut-off.
Turkey government bond interest rates: recent auctions
The Treasury's auction results, published as press releases on auction day, are the official dated record of yields; the figures below are dated examples, not current rates.
| Auction | Security | Maturity | Average price | Average yield, annual compound |
|---|---|---|---|---|
| 11 August 2026 | 182-day Treasury bill | 10 February 2027 | 84.175 | 41.13% |
| 5 October 2026 | 2-year fixed coupon | 13 September 2028 | 101.226 | 39.87% |
| 5 October 2026 | 5-year fixed coupon | 16 April 2031 | 110.261 | 38.71% |
| 6 October 2026 | 4-year TLREF-indexed | 11 September 2030 | 99.693 | 41.18% |
| 6 October 2026 | 8-year fixed coupon | 27 September 2034 | 83.939 | 36.40% |
These are yields at issue on those dates. On 22 October 2026 the central bank cut its policy rate from 37% to 36%, and market yields move every day, so check the latest results before comparing. A lira yield is only meaningful next to inflation and the exchange rate; see the Turkish lira inflation rate and lira deposit rates and tax.
How to buy Turkish government bonds on Borsa Istanbul
Issued lira bonds trade on the Outright Purchases and Sales Market (Kesin Alım Satım Pazarı) of Borsa Istanbul's Debt Securities Market, through a member bank or broker.
- Order size: orders under TRY 1 million nominal go to the Small Orders Market, where lira DİBS orders run from TRY 10,000 to TRY 990,000 nominal.
- Quoting: zero-coupon securities are quoted by simple yield in steps of 0.01%, fixed-coupon bonds by clean price in steps of 0.001; you pay the dirty price, which adds accrued interest.
- Value date: lira DİBS can settle from the trade day up to 90 days later, and unfilled same-day orders are canceled at 14:00.
- Hours: 09:30 to 14:00 for same-day value and 09:30 to 17:30 for forward value, Istanbul time, with Takasbank as central counterparty.
Hypothetical example: a bill with 120 days left is bought at a simple yield of 36%. Its price is 100 ÷ (1 + 0.36 × 120 ÷ 365) ≈ 89.417, so TRY 100,000 nominal costs about TRY 89,416.95 before fees and pays TRY 100,000 at maturity. The gain of TRY 10,583.05 is an 11.84% return over 120 days, about 40.53% compounded annually. If yields rise before you sell, the price falls. All figures are hypothetical.
Banks and brokers also sell bonds from their own inventory at prices they quote, which can differ from the exchange.
Turkish eurobonds: prices, yields and 2026 issues
Treasury eurobonds are dollar and euro bonds sold in international markets, quoted as a price per 100 of face value with a fixed coupon.
| Issue date | Currency and size | Maturity | Coupon | Price | Yield at issue |
|---|---|---|---|---|---|
| 14.01.2026 | USD 2 billion | 14.03.2033 | 6.300% | 99.726 | 6.350% |
| 14.01.2026 | USD 1.5 billion | 14.01.2038 | 6.875% | 99.798 | 6.900% |
| 10.02.2026 | EUR 2 billion | 10.03.2034 | 5.150% | 99.667 | 5.200% |
| 22.04.2026 | USD 2 billion | 22.05.2031 | 6.375% | 99.883 | 6.400% |
| 02.07.2026 | USD 2.75 billion lease certificate | 02.07.2032 | 6.700% | 99.757 | 6.750% |
| 30.09.2026 | USD 1.5 billion ESG bond | 30.01.2037 | 7.500% | 98.957 | 7.650% |
In the same press release, the Ministry said its borrowing from international markets in 2026 had reached USD 12.2 billion with the September issue. A price below 100 means the yield is above the coupon. Buyers also pay accrued interest since the last coupon; the prospectus for the September 2026 dollar note, for example, counts interest on a 360-day year of twelve 30-day months (30/360).
Hypothetical example: USD 10,000 nominal of a 7% dollar eurobond paying coupons twice a year is bought at a clean price of 98.00, 60 days after the last coupon. You pay USD 9,800.00 plus USD 116.67 of accrued interest, USD 9,916.67 in total, and receive USD 350.00 at each coupon date. All figures are hypothetical.
As of 25 October 2026, Turkey's long-term sovereign ratings are BB- from Fitch, Ba3 from Moody's and BB- from S&P, all with stable outlooks, as listed on the Ministry's credit ratings page. The Republic's prospectus supplement filed with the US SEC on 24 September 2026 dates the latest affirmations to 17 July 2026 (Fitch), 17 April 2026 (S&P) and 23 January 2026 (Moody's, which took no rating action at its July 2026 periodic review).
How foreign investors can hold Turkish bonds
Foreign individuals usually buy lira bonds through a Turkish bank or broker, foreign institutions can also use omnibus accounts linked to MKK, and eurobonds are widely available outside Turkey.
- Individuals: a Turkish investment account needs a Turkish tax number; see how foreigners get a Turkish tax number and how to buy Turkish stocks, which covers the same account steps.
- Institutions: under Article 12/A of MKK's dematerialization rules, local custodians and foreign central securities depositories can open omnibus accounts for foreign institutions and funds to hold government debt securities. MKK lists direct links for government debt securities with Euroclear Bank from 2020, Azerbaijan's central depository from 2022, and Clearstream and Kazakhstan's central depository from 2025.
- Eurobonds: they are offered by international brokers and by Turkish banks, and those listed in Turkey trade on Borsa Istanbul's International Bonds Market in orders of 10,000 to 5,000,000 nominal, priced per 100 in the issue currency, settling one to fifteen days after the trade, between 09:30 and 17:30.
Government bonds are not bank deposits: Turkey's deposit insurance fund TMSF says bonds and bills sold through banks are not covered; repayment depends on the Treasury as issuer.
Withholding tax on Turkish bonds for residents and non-residents
For individuals, resident or not, lira government bonds bought between 22 December 2021 and 31 December 2026 carry 0% withholding, and Treasury eurobonds carry none.
| Instrument | Treatment | Basis |
|---|---|---|
| Lira DİBS and Treasury lease certificates bought 22.12.2021 to 31.12.2026 | 0% withholding, final | Presidential Decree 11444, Resmî Gazete 20 June 2026 |
| Lira DİBS issued from 2006 and bought outside that window | 10% | GİB guide on provisional Article 67, February 2026 |
| Gold-linked DİBS and gold lease certificates | 0% | Same GİB guide |
| Treasury eurobonds | Outside provisional Article 67 withholding (0% for non-residents); residents declare interest above the declaration threshold (TRY 330,000 for 2025 income, TRY 400,000 for 2026) and any gain after indexation; non-residents file no return | GİB guides, 2026 |
| Bond funds bought from 9 July 2025 | 17.5% | Presidential Decree 10041 |
The rate depends on the purchase date. GİB's rate table still showed 31 December 2026 as the end of the 0% window in October 2026, so the rate for later purchases depends on any new decree. Non-resident companies and funds fall under other provisions, so confirm their rate with the custodian. Treaty claims need a residence certificate, and your home country may tax the interest; fund rules are in Turkish mutual funds and TEFAS.
Frequently asked questions
How do I buy Turkish government bonds as a foreigner?
Open an account with a Turkish bank or broker, which needs a Turkish tax number, and buy at an auction, on Borsa Istanbul or from the firm's inventory. Institutions can also use omnibus links such as Euroclear or Clearstream, and eurobonds are sold by international brokers.
Can I buy Turkish government bonds in USD?
Yes, through Treasury eurobonds in dollars or euros. According to its 24 September 2026 press release, the Treasury's 2026 dollar bonds and dollar lease certificate were sold to yield 6.35% to 7.65% at issue; these are yields at issue, not current market yields.
What is the minimum investment in Turkish government bonds?
Lira auction bids start at TRY 1,000 nominal, Borsa Istanbul's Small Orders Market at TRY 10,000 nominal, and its International Bonds Market at 10,000 nominal in the issue currency.
Are Turkish government bonds covered by deposit insurance?
No. TMSF says government bonds and bills sold through banks are not insured; repayment depends on the Treasury as issuer.
When are the next Turkish Treasury auctions?
The Ministry's strategy of 30 October 2026 lists auctions on 9 and 10 November and 7 and 8 December 2026, and on 4, 5, 12 and 26 January 2027; the December and January dates are provisional, and the Ministry announces details at least one business day before each issue.
Sources
- Ministry of Treasury and Finance: Domestic Borrowing Strategy, November 2026 to January 2027 (30.10.2026, Turkish) (opens in a new tab)
- Ministry of Treasury and Finance: Results of the auctions of 5 October 2026 (opens in a new tab)
- Ministry of Treasury and Finance: Results of the auctions of 6 October 2026 (opens in a new tab)
- Ministry of Treasury and Finance: Auction result of 11 August 2026, 182-day Treasury bill (Turkish) (opens in a new tab)
- Ministry of Treasury and Finance: Press release on the ESG bond and 2026 international issues (24.09.2026) (opens in a new tab)
- Ministry of Treasury and Finance: Credit ratings (opens in a new tab)
- Ministry of Treasury and Finance: Principles of Participation in DİBS Auctions, April 2026 (Turkish) (opens in a new tab)
- TMSF: Deposit insurance FAQ, products not covered (Turkish) (opens in a new tab)
- Borsa Istanbul: Outright Purchases and Sales Market rules (Turkish) (opens in a new tab)
- Borsa Istanbul: International Bonds Market rules (Turkish) (opens in a new tab)
- Borsa Istanbul: Debt Securities Market trading hours (Turkish) (opens in a new tab)
- MKK: Omnibus accounts operations, Article 12/A and links with foreign central securities depositories (opens in a new tab)
- US SEC: Republic of Türkiye prospectus supplement for the 7.500% notes due 2037, 24.09.2026 (ratings, day count, Turkish taxation) (opens in a new tab)
- GİB: Guide to provisional Article 67 for individual investors, February 2026 (Turkish) (opens in a new tab)
- Resmî Gazete: Presidential Decree 11444 extending 0% withholding on government bonds to 31.12.2026 (Turkish) (opens in a new tab)
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.