The study is in response to a request bythe Capital Markets Board of Turkey to assist them indeveloping the corporate bond market in line with bestpractices globally. The objective of this study is to carryout an assessment of the status of the corporate bond marketin Turkey. The study identifies key impediments andsolutions to sustainable development, and it presents aroadmap to address the key impediments to the development ofa dynamic and robust corporate bond market. This studyprovides a comprehensive review of the Turkish corporatebond market: chapter two provides an overview of the Turkisheconomy and financial sector; chapter three discusses keyimpediments to the vibrant development of the corporatebond; chapter four looks at the Turkish bond market withinglobal bond markets and gives a review of the Turkishgovernment bond market; chapter five discusses issuesrelating to the investor base, factors constraining thegrowth of a broad and diversified investor base arehighlighted; chapter six provides an overview of derivativesmarket in Turkey and discusses its important role inenhancing liquidity in the secondary markets for governmentand corporate bonds. The study concludes with a recommendedroadmap to develop the corporate bond market in chapterseven. The annexes cover the latest corporate bond offeringsin Turkey and examine the expected transaction costs. Surveydetails of the survey are also in the annex, and details onselected emerging market corporate bond markets and marketissues relating to the legal, regulatory and tax frameworksfor the bond market.
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