All Newsletters

DESA reported TL 1.03bn revenue, TL 207mn EBITDA (20% margin) and TL 115mn net profit in 2Q25; the gross margin came in at 56%. 1H25 results were TL 1.84bn revenue, TL 568mn EBITDA (31% margin) and TL 242mn net profit. Despite the impact of promotional activity and higher selling & marketing and G&A expenses, operating profitability was preserved in 2Q. In yesterday’s analyst call, management reaffirmed...
Read More

Good morning. In the Fed minutes, despite weak employment data, inflation-related risks were emphasized as the priority, leading to a continued decline in expectations for a rate cut at the September 17 Fed meeting. In addition to this discouraging development, the lack of near-term catalysts and concerns from some institutions about excessive valuations in technology companies have also fueled further selling....
Read More

* The Treasury will hold the direct sales of 1y USD-denominated bond & 1y USD-denominated lease certificate today, finalizing its domestic borrowing program for August. According to its three-month (August – October 2025) domestic borrowing program, the Treasury faces a hefty domestic redemption of TL339bn in August, while in return it plans to borrow TL440.8bn in total throughout the month, indicating a...
Read More

Good morning. In the U.S., following technology companies’ gains of up to 50% in dollar terms since April and their elevated valuations, investment banks have started issuing warnings about risks and inflated multiples. With Fed rate-cut expectations losing some strength, these warnings have become more reflected in prices, triggering broad-based selling in U.S. equities, led by the technology sector. The...
Read More

* The Treasury borrowed TL142.3bn in total (including non-competitive sales) via yesterday’s 4y TLREF-indexed and 5y fixed coupon bond auctions. The bid – to – cover ratio was high at 6.58x for 4y TLREF-indexed auction, indicating high demand, while the term rate was 23.98%. For 5y fixed coupon auction, the average cost of borrowing was 36.12% and bid – to – cover ratio stood at 1.76x.  Accordingly, the total...
Read More

Good morning. Global markets are closely monitoring the ongoing negotiations aimed at ending the Russia–Ukraine war, with the participation of the U.S. and European countries. Although no concrete outcomes have been reached yet, messages suggesting a potential Putin–Zelensky meeting within the next two weeks are creating a moderate sense of optimism. Global equities opened the day on a mixed note: U.S. futures are...
Read More

* The Treasury will hold 4y TLREF & 5y fixed coupon bond auctions today. The Treasury tapped the domestic markets to the tune of TL28.1bn (including non-competitive sales) via yesterday’s 7y FRN bond auction. The bid – to – cover ratio was high at 9.61x, indicating robust demand, while the real compounded rate materialized at 22.14%. Accordingly, the total domestic borrowing for the month reached TL164.1bn....
Read More

Good morning. Although the Trump–Putin summit did not yield a concrete “ceasefire” or “lasting peace,” efforts to bring the Russia–Ukraine war to an end continue. Today, Ukrainian President Zelensky is expected to meet with European leaders in Washington, D.C., under U.S. auspices. While global markets monitor these developments, equities are starting the new week on a slightly optimistic note. On Friday, Borsa...
Read More