Publications

Here are all of our publications listed chronologically. You can also find the publications relating to single geography under “Publications by geography” or narrow down your search using the “Advanced filter”.

Latest publications on Corporate debt

Türkiye | Quarterly Debt Outlook_ 4Q2025

February 3, 2026

BRSA and CBRT have tightened macro-prudential measures further. The increasing pace of retail & SME NPL inflows will decelerate again with the additional BRSA restructuring decision and potential CGF packages in 1Q26.

Türkiye | Quarterly Debt Outlook 2Q 2025

July 31, 2025

The overall total FX position of the economy improved in May25 compared to Dec24. The composition of external debt started to shift again between the public sector and the real sector.

Türkiye | Quarterly Debt Outlook. Second Quarter 2024

July 29, 2024

The indebtedness of the private sector remains below that of peer countries, though signs of deterioration in NPL ratios started to be seen. Banks’ FC liquid assets are solid enough to cover their ST external debt. FC credit evolution and swap policies of the CBRT will be decisive for banks’ FC liquidity.

Türkiye | Quarterly Debt Outlook. First Quarter 2024

April 9, 2024

The indebtedness of different agents remains below that of peers. The composition of external debt has been shifting among the borrowers since 2018. There is the increasing trend led by public, compared to the ongoing decline in the private sector.

Spain | Corporate debt in the time of COVID-19

May 31, 2021

Spanish companies are facing the invisible attack of COVID-19 from a position of relative strength after experiencing strong deleveraging over the past decade due to the Global Financial Crisis, which led them to lower their debt from levels of more than 110% of GDP (2008) to 73% (2019).

U.S. | Corporate financial distress in the wake of the Covid-19 pandemic

May 26, 2020

Corporate financial distress is a condition experienced by companies under pressure to service their debt due to one or more factors such as overindebtedness, an increase in borrowing costs, challenges rolling over maturing debt due to tighter financial conditions or a decline in revenues.

U.S. | Corporate debt in the twilight of the credit cycle

November 13, 2018

Nonfinancial corporate debt-to-GDP is high, but debt-to-assets and debt-to-earnings remain moderate. Solid earnings, tax cuts and low real interest rates allow corporations to service their debt without problems. However, tighter financial conditions, a slowdown in profit growth and higher risk aversion will lead to higher debt distress and deterioration in credit quality.

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