Research

* The Treasury borrowed a total of TL95.7bn from the domestic market (including non-competitive sales at an amount of TL47.3) through yesterday’s auctions for a 6m G-bond and a 5y fixed coupon bond. The bid-to-cover ratio in the 6m G-bond auction stood at 2.73x, pointing to strong demand, while the average compound yield was 41.13%. In the 5y fixed coupon bond auction, the bid-to-cover ratio remained relatively low...
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Doğan Holding reported TL26.2bn in revenue, TL7.0bn in EBITDA and TL3.3bn in net profit in 2Q26. Revenue declined by 11% YoY in real terms. However, EBITDA increased by 18%, while the EBITDA margin improved to 27% from 20% a year ago. The strong increase in net profit was supported by better operating performance, higher investment income, lower financing expenses and TL1.6bn in deferred tax income. Following the...
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Good morning. Oil prices are rising again due to the ongoing dispute over the Strait of Hormuz. Global risk appetite has not yet been significantly affected by the situation, but US Treasury yields continue to rise, particularly as hawkish comments from Fed officials add to the pressure. There is not yet a serious threat to emerging market assets, but pressure on these assets could increase if yields break above...
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* The Treasury will hold auctions for a 6m G-bond and a 5y fixed coupon bond today. The Treasury tapped the domestic markets to the tune of TL72bn (including non-competitive sales) via yesterday’s 2y fixed coupon bond auction, while also sold TL66.6bn at the direct sale of 2y TLREFK-indexed lease certificate. The bid-to-cover ratio stood at 2.06x in the 2y fixed coupon bond auction, while the average compound yield...
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Good morning, and have a good week. Although the US-Iran negotiations are continuing, the strike on a Saudi Aramco refinery located in the UAE and an Emirati vessel passing through the Strait of Hormuz indicate that geopolitical tensions remain elevated. Active Brent crude oil prices continue to trade around $83 per barrel, while we are starting the new week with a mixed outlook in global risk appetite. US and...
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* TURKSTAT will release June industrial production (IP) figures today at 10:00 local time. The sequential (seasonally and calendar-adjusted monthly figure) industrial production (IP)  contracted by 2.9% m/m in May, while calendar-adjusted annual IP was unchanged at 0%. The trend in intermediate goods imports excluding gold and energy points to a rebound in industrial production in June. In addition, the fading...
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Good morning. Oil prices are moving higher again amid continued uncertainty surrounding the Strait of Hormuz and Iran’s ongoing threats against vessels from countries it considers unfriendly. Active Brent crude oil contracts, which were trading around $78 per barrel yesterday morning, are now priced at around $83. US and European futures, as well as Asian equities, are also broadly negative on this backdrop,...
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* The Treasury and Finance Ministry will release July cash budget figures @ 17:30 local time. The Treasury's cash balance posted a surplus of TL50.8bn in June, bringing the cumulative cash deficit to TL1.1tn in the Jan - Jun period. Meanwhile, the central government budget registered a surplus of TL114.2bn in June, while the primary balance recorded a surplus of TL315.8bn. The sharp deterioration in the budget...
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