The Ministry of Treasury and Finance has published its 2027 Treasury Financing Program. It projects debt service of 7,921.9 billion lira in 2027 and sets out a plan for 13 billion dollars of external financing.
Domestic borrowing costs
Average maturity of cash domestic borrowing was 32.5 months between January and October 2026. The average cost of fixed-rate lira domestic borrowing reached 38.4 percent in 2026, while cash domestic borrowing averaged 34.3 percent.
Fixed-rate lira instruments made up 35 percent of domestic borrowing in 2026. The program plans regular issuance of fixed-coupon lira benchmark bonds, along with short-term Treasury bills to cover temporary cash gaps.
External financing and gold
The 2026 external financing target is 13 billion dollars. Bond and lease certificate issuance had raised 12.2 billion dollars between January and September.
Gold-backed securities totalled 144.5 tonnes between January and October 2026. Gold bonds accounted for 53.6 tonnes and gold-indexed lease certificates for 90.8 tonnes.
Issuance calendar
Issuance included a dual-tranche bond of 3.5 billion dollars in January, with 7- and 12-year maturities. A 10-year sustainable bond of 1.5 billion dollars followed in September.
The program says Middle East developments and advanced-economy central bank decisions shaped international financing conditions in 2026. Details of each tender will be announced at least one business day in advance.
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Source: Ministry of Treasury and Finance
