Turkey, Economy

Turkish Treasury borrows $347M through auction

Treasury holds an auction for domestic markets to issue zero-coupon bonds with 12-month maturity

18.09.2018
Turkish Treasury borrows $347M through auction

By Muhammed Ali Gurtas

ANKARA

The Turkish Treasury borrowed some 2.2 billion Turkish liras (around $347 million) from domestic markets, the Treasury and Finance Ministry announced on Tuesday.

The auction was held for 12-month zero coupon bonds -- new issuance -- to be settled on Wednesday and mature on Sept. 18, 2019, according to an official statement.

The average annual simple and compound interest rates of the 364-day bonds were 25.05 percent, the ministry added.

According to the domestic borrowing strategy, the ministry has projected 21.9 billion liras (around $3.4 billion) of borrowing from the market through auctions in the September-November period.

Tuesday's auction was second out of a total 11 planned auctions on the ministry's issuance calendar for the three-month period.

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