Page 42 - TURKRptDec22

6.1.2 Banks specific issues
Between July and October 21, Turkish companies sold a total of Turkish lira 24bn ($1.3bn) worth of domestic bonds, nearly three times what was raised in H1. The cost of borrowing through bonds reached as high as 36% in October (still not attractive for investments, suggesting about a 50% negative yield based on official inflation). That compared with an average commercial loan rate of 18.3%. However, central bank regulations have ended companies’ access to corporate credit.
42 TURKEY Country Report December 2022 www.intellinews.com