Türk eurobond spreadlerini etkileyen makroekonomik göstergeler

This paper aims to present a proof that country specific risk factors namely some macroeconomic indicators of the country affect and shape sovereign spreads of eurobonds issued by the same country. Data is derived from Turkish Central Bank?s and Banking Regulation and Supervision Agency of Turkey?s data banks. In this study total debt, current account balance as a ratio of GNP, Emerging Market Bond Index, Consumer Price Index and Central Bank?s Trust Index are taken as independent variables against dependent variable US Dolar denominated Turkish Eurobonds? spreads within quarters from 2000 up to end of 2005. The analysis shows that; Except current account balance, all other independent variables have significant and theoretically expected coefficients within 10% confidence intervals. Looking to the structure of the study; In the first chapter takes place general information about eurobonds and international bond markets. In the second chapter investigation focused on Turkey. And in the last Chapter there is the analysis connecting Turkey? s eurobond spreads with country specific risk factor indicators. Key Words: 1)Eurobond, 2)International Bond Markets, 3)International Financial Markets, 4)Financial Management