NN Capital Advisory publishes selective observations drawn from active market engagement — not from secondary analysis or general commentary.

The focus is practical: financing conditions, structural developments in debt and capital markets, ECA and IFI activity, and cross-border capital flows relevant to Turkey and the wider region.

Publications are selective and infrequent — issued only where there is a clear, practical perspective to add. They are intended for clients, counterparties and market participants directly involved in these markets.

Latest
Eurobond & EMTN Markets: A Primer for Turkish Corporate Issuers
Following the record ~$33bn issuance year in 2024, international bond markets have reopened decisively for Turkish corporates. This note covers market structure, Reg S / EMTN frameworks, the current issuer universe with verified data, and where secondary market levels sit today.
Turkey Corporate Financing: When Bank Funding Shortens
Turkish bank lending is growing — but for corporates, access is becoming both more selective and shorter in tenor. Short-term loans have risen from 31% to nearly 47% of total lending since 2021. That combination creates a risk that is not yet fully recognised: refinancing risk.
Turkey Corporate Financing: An Underutilised Toolkit
Turkish corporates are not facing a shortage of financing options. They are facing a structural gap between the capital that is available and the capital that is actually being used — across domestic bonds, international markets and private credit.
Turkey: The Case for a Shift from Refinancing to Capital Structure Optimisation
Dun & Bradstreet's 2026 Global Bankruptcy Report placed Turkey sixth globally for the pace of corporate insolvency growth in 2025. The question for Turkish corporates is not whether the cycle is turning — it clearly is — but whether they are positioned to take advantage of it.
Turkey Private Credit: Opportunity in a Market that Rewards Local Knowledge
As institutional allocators become more selective, Turkey offers a deep borrower base, attractive risk-adjusted returns and a regulatory framework that is genuinely navigable — for those who know it.

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If any of these themes are relevant to a financing situation you are navigating, we would be pleased to exchange views.

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