World Bank2013-02-202013-02-202012-02https://hdl.handle.net/10986/12439The study is in response to a request by the Capital Markets Board of Turkey to assist them in developing the corporate bond market in line with best practices globally. The objective of this study is to carry out an assessment of the status of the corporate bond market in Turkey. The study identifies key impediments and solutions to sustainable development, and it presents a roadmap to address the key impediments to the development of a dynamic and robust corporate bond market. This study provides a comprehensive review of the Turkish corporate bond market: chapter two provides an overview of the Turkish economy and financial sector; chapter three discusses key impediments to the vibrant development of the corporate bond; chapter four looks at the Turkish bond market within global bond markets and gives a review of the Turkish government bond market; chapter five discusses issues relating to the investor base, factors constraining the growth of a broad and diversified investor base are highlighted; chapter six provides an overview of derivatives market in Turkey and discusses its important role in enhancing liquidity in the secondary markets for government and corporate bonds. The study concludes with a recommended roadmap to develop the corporate bond market in chapter seven. The annexes cover the latest corporate bond offerings in Turkey and examine the expected transaction costs. Survey details of the survey are also in the annex, and details on selected emerging market corporate bond markets and market issues relating to the legal, regulatory and tax frameworks for the bond market.en-USCC BY 3.0 IGOACCOUNT RECEIVABLESACCOUNTINGALTERNATIVE FUNDINGASSET MANAGEMENTBALANCE SHEETBANK CREDITBANK FINANCINGBANK LENDINGBANK LOANSBANK REGULATIONSBANKING ASSETSBANKING CRISISBANKING REGULATIONBANKING SECTORBANKING SYSTEMBANKING SYSTEMSBANKRUPTCYBENCHMARK BONDSBENCHMARK YIELDBENCHMARK YIELD CURVEBLUE CHIPBOND HOLDERSBROKERBROKERAGEBROKERAGE FIRMSCAPITAL ADEQUACYCAPITAL GAINSCAPITAL INFLOWSCAPITAL INVESTMENTCAPITAL MARKETCAPITAL MARKETSCENTRAL BANKCOLLATERALCOLLECTIVE INVESTMENTCOMMERCIAL BANKINGCONSUMER CREDITCORPORATE BONDCORPORATE BOND MARKETCORPORATE BOND MARKET DEVELOPMENTCORPORATE BOND MARKETSCORPORATE BONDSCORPORATE DEBTCORPORATE MARKETCREDIT RATINGCREDITORSCURRENCY RISKCURRENCY RISKSCURRENT ACCOUNT DEFICITCUSTODYDEBENTURESDEBTDEBT INSTRUMENTSDEBT ISSUANCEDEBT STOCKDEPOSITSDERIVATIVEDERIVATIVE MARKETSDERIVATIVESDERIVATIVES EXCHANGEDERIVATIVES MARKETDEVELOPMENT BANKDEVELOPMENT OF BOND MARKETSDIVERSIFIED INVESTORDIVERSIFIED INVESTOR BASEDOMESTIC BONDDOMESTIC BOND MARKETDOMESTIC BORROWINGDOMESTIC BORROWINGSDOMESTIC CURRENCYDOMESTIC DEBTDOMESTIC INTEREST RATESDOMESTIC MARKETEMERGING MARKETEMERGING MARKET COUNTRIESEMERGING MARKET DEBTEQUITY MARKETEXCHANGE RATEEXCHANGE RATE MOVEMENTSEXTERNAL BORROWINGFINANCIAL CRISISFINANCIAL DISTRESSFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SECTOR DEVELOPMENTFINANCIAL STATEMENTSFINANCIAL SYSTEMFISCAL DEFICITFIXED ASSETSFIXED INCOMEFIXED RATE BONDSFOREIGN CURRENCYFOREIGN CURRENCY DEBTFOREIGN EXCHANGEFOREIGN INVESTMENTFOREIGN INVESTORSFUND MANAGERSFUTURESGLOBAL BONDGLOBAL BOND MARKETSGOVERNMENT BONDGOVERNMENT BOND MARKETGOVERNMENT BONDSGOVERNMENT DEBTGOVERNMENT DEBT SECURITIESGOVERNMENT SECURITIESGROSS DOMESTIC PRODUCTHOLDINGINFLATIONINFLATION RATEINITIAL PUBLIC OFFERINGINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE INDUSTRYINTEREST RATEINTEREST RATE RISKSINTEREST RATESINTERNATIONAL DEBTINTERNATIONAL FINANCEINTERNATIONAL INTERESTINTERNATIONAL MARKETSINTERNATIONAL SETTLEMENTINVESTABLE FUNDSINVESTMENT BANKSINVESTMENT CLIMATEINVESTMENT IN GOVERNMENT SECURITIESINVESTOR BASEINVESTOR BASESINVESTOR CONFIDENCEINVESTOR PROTECTIONINVESTORS IN GOVERNMENT SECURITIESIPOLEVEL PLAYING FIELDLIQUID BOND MARKETLIQUIDITYLOANLOCAL BANKLOCAL CURRENCYLOCAL MARKETLONG-TERM FINANCEMACROECONOMIC CONDITIONMACROECONOMIC CONDITIONSMACROECONOMIC INSTABILITYMARK-TO-MARKETMARKET CAPITALIZATIONMARKET DEEPENINGMARKET INFRASTRUCTUREMARKET INFRASTRUCTURESMARKET INTERMEDIARYMARKET MAKINGMARKET PARTICIPANTSMARKET REFORMSMARKET SIZEMARKET-MAKINGMATURITIESMATURITYMATURITY MISMATCHMONETARY FUNDMUTUAL FUNDMUTUAL FUND INDUSTRYMUTUAL FUNDSNATIONAL SAVINGOUTSTANDING DEBTPENSIONPENSION FUNDPENSION FUNDSPENSION SYSTEMPORTFOLIOPORTFOLIO MANAGEMENTPRIMARY DEALERSPRIMARY MARKETPRIVATE DEBTPUBLIC DEBTPUBLIC DEBT MANAGEMENTREAL ESTATE INVESTMENTREGULATORY FRAMEWORKREGULATORY FRAMEWORKSREGULATORY STRUCTURERESERVERESERVE REQUIREMENTSRETAIL INVESTORRETURNSRISK MANAGEMENTSAVINGS RATESAVINGS RATESSECONDARY MARKETSECONDARY MARKET TRADINGSECONDARY MARKETSSECURITIESSECURITIES MARKETSECURITIES MARKETSSMALL INVESTORSOVEREIGN BENCHMARKSOVEREIGN DEBTSOVEREIGN DEBT MARKETSOVEREIGN RATINGSOVEREIGN YIELDSTOCK EXCHANGESTOCK MARKETSTOCKSSUPERVISORY AUTHORITYTAXTAX FRAMEWORKTAX FRAMEWORKSTAX RATESTAX SYSTEMTRADINGTRANSACTIONTRANSACTION COSTSTREASURYTREATYVALUE OF ASSETSYIELD CURVEWorld Bank10.1596/12439