VKF_FRAE_2017

43 VakıfBank Annual Report 2017 The average cumulative maturity term of domestic borrowing in cash was 71.2 months in 2017. »» IN 2017, THE FIRST GOLD-BASED LEASE CERTIFICATE WAS ISSUED. As per 2017 realizations, the average cost of fixed income TL-denominated debt increased from 11.4% on December 2016 to 13% while the average maturity of domestic cash debt declined from 67.4 months in 2016 to 71.2 months in 2017. In order to broaden the investor base and diversify the funding base, Turkey continued to issue lease certificates, which were issued for the first time in 2012 and regularly issued in the domestic market since 2013. In this vein, in February, June, August and October, lease certificates totaling TL 4.26 billion were issued in the domestic market. In addition, the Undersecretariat of Treasury began to issue gold-based lease certificates in October 2017, and these reached a total figure of 1.32 million in 2017. The Undersecretariat of Treasury began to issue gold-based lease certificates in October 2017. DOMESTIC DEBT MATURITY (MONTHS) Source: Undersecretariat of Treasury 2017 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 28 34 31.7 35.3 44.1 44.7 60.8 74.3 68.5 71.8 67.4 71.2