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This $16 Billion Turkish Wall of Debt Is at Risk From Lira Crash

  • Government, corporates, financials have bonds maturing soon
  • Those borrowing in foreign currencies may face difficulties
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Turkey's at the Point of Recovery Rates on Debt, Says Hardy
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Major Turkish companies, financial institutions and the government have at least $16 billion in bonds denominated in foreign currency that are due by the end of next year, data compiled by Bloomberg shows.

The amount due by the end of next year is mostly composed of debt issued by Turkish financial institutions, and includes conventional bonds and Islamic sukuk bonds valued at a minimum of $100 million at the time of issuance. Investors are watching closely to see whether Turkish banks and other companies will maintain access to the foreign funding they need to keep economic activity humming as the country’s currency plunges.