Treasury Domestic Rollover Ratio Seen Staying Above 130% in August–October
hazine bakanlıgi
Ankara — Turkey’s Treasury expects its domestic debt rollover ratio to remain at a high level of around 130% during the August–October 2025 borrowing period, as domestic redemptions are met with substantial new issuances amid persistent funding needs.
Borrowing Plan: TL1.31 Trillion in Domestic Debt Redemptions
According to the Treasury’s latest financing program, the government will repay TL1.31 trillion in domestic debt and the equivalent of TL126 billion in external debt between August and October.
A total of 18 domestic auctions are planned, targeting TL1.48 trillion in gross domestic borrowing, implying a domestic rollover ratio of 130%.
For the August–October period, the Treasury will repay TL1.36 trillion in total debt, including TL1.18 trillion in lira-denominated domestic obligations and TL166 billion in lira-equivalent external repayments. Around TL1.11 trillion in domestic borrowing is planned to cover the domestic redemptions.
January–July Data: Domestic Rollover Ratio at 115%
In the first seven months of 2025, the Treasury repaid TL1.48 trillion in domestic debt while borrowing TL1.70 trillion, corresponding to a domestic rollover ratio of 115%.
The increase in the borrowing ratio compared to the January–June period (which averaged 113%) reflects higher domestic issuance in July to fund growing needs.
From January to July, gross domestic borrowing totaled TL1.83 trillion, including TL1.25 trillion from market issuances and TL578 billion from other sources. External borrowing was USD 12.5 billion, comprising USD 10 billion from bond sales and USD 2.5 billion from other sources.
Financing Needs Remain Elevated
The Treasury highlighted that it will maintain a high rollover ratio as large redemptions and fiscal needs persist.
The August–October program will feature short-term borrowing instruments, including discount Treasury bills, and medium- to long-term fixed and floating-rate notes. The government also plans to issue inflation-linked instruments.
According to the Treasury’s projections, net domestic borrowing for the three-month period will total TL150–360 billion, depending on market conditions. The domestic debt rollover ratio is expected to remain above 130%.
