Treasury Debt Instruments

Debt securities are financial instruments that offer investors a range of maturity, return and risk options.

• Flexible maturities: Alternatives are available for short-, medium- and long-term investment objectives.
• Return structure: For fixed-rate and discounted instruments, expected cash flows can be calculated in advance, subject to the terms of issuance, if held to maturity. For floating-rate and index-linked instruments, cash flows may vary according to the relevant interest rate or index.
• Liquidity: Depending on the liquidity of the instrument and market conditions, it may be possible to sell some or all of a holding before maturity and convert it into cash.
• Sensitivity to market conditions: Changes in market interest rates can affect the prices of debt securities. Falling interest rates may lead to price increases, while rising rates may lead to price decreases.
• Risk–return balance: The risk and return profile of a debt security may vary depending on the issuer’s financial position, the instrument’s maturity, interest rate structure, liquidity and market conditions.

Government bonds and Treasury bills issued by the Republic of Türkiye Ministry of Treasury and Finance offer investment alternatives for investors seeking to invest their savings over different maturities.

Treasury bills have maturities of less than one year, while government bonds have maturities of one year or longer. These instruments may be issued at a discount, with fixed or floating interest rates, or linked to inflation, offering different return and cash flow structures. Government bonds and Treasury bills can be held to maturity or traded in the secondary market. Selling before maturity may result in a gain or loss due to changes in interest rates and market conditions.

Debt securities issued by companies and banks to meet their financing needs offer investors different maturity and return options. Corporate debt securities may be issued at a discount, with fixed or floating interest rates, or with index-linked structures. Their return and cash flow characteristics may vary depending on the terms of issuance.

The risk and return profile of these products may vary depending on the issuer’s financial position and credit risk, the instrument’s maturity, liquidity and market conditions. Sales before maturity may result in gains or losses depending on market conditions.

Eurobonds are foreign-currency-denominated debt securities issued by governments or companies in international markets. They offer an investment alternative for investors seeking foreign-currency exposure and periodic interest income.

Eurobonds generally make coupon payments at specified intervals. The frequency and amount of interest payments are determined by the terms of issuance. Principal repayment is also made in accordance with the relevant issuance terms.

Eurobonds may be held to maturity or traded in the secondary market. However, sales before maturity may result in a gain or loss due to changes in market prices.

The market value of Eurobonds may be affected by international interest rates, the issuer’s credit risk, market liquidity and exchange rate movements. Investors should therefore consider the associated risks alongside potential returns when making investment decisions.

For both product groups, sales before maturity may result in gains or losses depending on market conditions. Risk and return characteristics may vary according to the terms of issuance.

If you wish to put the cash balance in your account to work through short-term investment alternatives, Tacirler Yatırım Treasury team can provide information on options suited to your needs.

Subject to the relevant eligibility criteria, agreements and transaction terms, you may consider repurchase agreements (repo), reverse repurchase agreements (reverse repo), transactions in the Takasbank Money Market, and bank deposits.

These products may differ in maturity, return, liquidity and risk characteristics. For more information on current transaction terms and available products, please contact our Treasury team.