Turkiye vs Brazil
Two sovereigns, nine shared metrics, one spread gap.
Head to head
| Turkiye | Brazil | |
|---|---|---|
| BT-SFS score | 46.9 | 48.4 |
| Composite rating | BB− | BB |
| Fiscal pillar | 71.5 | 33.0 |
| External pillar | 39.7 | 68.4 |
| Macro pillar | 46.7 | 62.5 |
| Institutions pillar | 25.0 | 35.4 |
| Benchmark bond | TURKEY 9.375 33 | BRAZIL 5.5 33 |
| Spread over Treasuries | 258 bps | 157 bps |
| Yield to worst | 6.73% | 5.72% |
| Duration | 4.8y | 5.3y |
Metric by metric
| Metric | Turkiye | Brazil |
|---|---|---|
| Current account / GDP | -2.8% (33.3) | -2.7% (35.4) |
| International reserves, months of imports | 4.7 mo (44.4) | 8.0 mo (93.3) |
| General government debt / GDP | 25.5% (95.8) | 96.5% (12.5) |
| Interest expense / revenue | 10.2% (58.3) | 18.1% (35.4) |
| Primary balance / GDP | -0.3% (58.3) | -0.5% (54.2) |
| WGI institutional composite | -0.49 (25.0) | -0.36 (35.4) |
| Real GDP growth | 3.4% (54.2) | 1.9% (18.8) |
| GDP per capita, USD | $19,018 (72.9) | $12,313 (56.3) |
| Inflation stress | 28.6% (21.4) | 4.0% (100.0) |
Frequently asked questions
Who has stronger fundamentals, Turkiye or Brazil?
Brazil scores higher on the BT Sovereign Fundamentals Score: 46.9 (Turkiye) vs 48.4 (Brazil), a gap of 1.4 points.
Whose USD bonds trade wider, Turkiye or Brazil?
Turkiye trades wider: 258 bps (Turkiye) vs 157 bps (Brazil) over US Treasuries — a 101 bps gap on near-5-year USD benchmarks.
Related
- Turkiye — full Turkiye profile: pillars, metrics, history.
- Brazil — full Brazil profile: pillars, metrics, history.
- All sovereigns ranked on the Sovereign Signal hub.
- BT-SFS methodology paper — how the scores are built.