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Bond Market News
Turkish Wealth Fund Considers First Dollar Bond Issuance of 2025 in September
August 27, 2025
The The Turkish Wealth Fund, Türkiye Varlık Fonu (Tvf), is considering a potential dollar debt sale in September, aiming to raise up to $500mn. This would be its first debt issuance this year, with the exact size and maturity of the note still being determined. The fund has been increasingly using loan financing, recently securing $600mn in sukuk financing, which complies with Islamic rules. The fund, established in 2016 to lead major investments, holds significant stakes in key Turkish companies. These include state lenders like Türkiye Halk Bankası and Ziraat Bankası, as well as Turkish Airlines and the local stock exchange.
Its dollar bonds offer a yield pick-up to the sovereign’s notes. For instance, Tvf’s 8.25% 2029s are trading at 105.88, yielding 6.33%. This offers a 48bp yield pick-up over Turkiye’s sovereign 7.625% 2029s that trade at 105.75, yielding 5.85%. Both issuers are rated Ba3/BB-/BB-.
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