Macro and Politics
Tacirler Investment
* The Treasury will hold 6m zero-coupon bond auction today. According to the Treasury and Finance Ministry’s three-month domestic borrowing strategy for the December 2025 – February 2026 period, domestic redemptions amounting to TL109.4bn in December will be met with planned borrowing of TL124.2bn, implying a rollover ratio of 114%. Following today’s single auction, the Treasury will hold 2y and 5 y fixed coupon bond auctions tomorrow. On 16 December, it will complete its December borrowing program with a direct sale of 2y TLREFK-indexed lease certificate and 5y CPI-indexed bond auction.