Turkish treasury bills for global investors
How lira-denominated bills work for a non-resident holder, where the assets sit, and which risks dominate.
The instrument
Turkish treasury bills are issued by the Republic of Türkiye through the Ministry of Treasury and Finance, in Turkish lira, with tenors up to one year. Like other bills they are sold at a discount and repaid at par. Yields follow the policy rate set by the Central Bank of the Republic of Türkiye, which stood at [rate, TCMB, month 2026].1
What a non-resident holder actually holds
A tokenized bill token gives the holder a claim on bills held by a named custodian in Türkiye, in an account segregated from the issuer's own assets. The holder does not open a Turkish brokerage account and does not hold the bills directly. The custodian, the account structure and the legal form of the claim are stated on the asset page and in the legal structure document.
Where the yield comes from and how it is paid
The bills accrete toward par; the token reflects that through a rising net asset value per token. Target yield is variable, not guaranteed and shown net of fees. The as-of date on the asset page tells you which auction the figure reflects.
Currency risk
Because the bills are denominated in lira, a holder who measures returns in another currency carries the exchange rate. A high nominal yield can be reduced or reversed by lira depreciation over the holding period. The asset page shows yield in lira terms; it does not hedge and does not forecast the exchange rate. Past performance is not indicative of future results.
Sovereign, liquidity and custody risk
Sovereign risk is the risk that the issuer does not repay on time; it is reflected in the yield and in published credit ratings, which the asset page cites with their date. Liquidity risk is the risk that a holder cannot exit before maturity at a fair price; redemption terms and any secondary venue are stated per asset. Custody risk is the risk of loss at the custodian; the off-chain audit reviews the custody agreement and segregation, and the attestation confirms the holdings monthly.
Who may hold it
Availability depends on your jurisdiction and investor status. The eligibility check runs before subscription and the restricted jurisdictions table is published on the compliance page.
- The policy rate is a placeholder until the editor confirms the figure and date against the TCMB release. Back