ISTANBUL

The Turkish Treasury borrowed 2.9 billion Turkish liras ($506.5 million) from domestic markets on Tuesday, according to an official statement.

The Treasury and Finance Ministry announced that five-year CPI-indexed government bonds (reopen, third issue, semiannually) were sold in an auction.

The government bonds will be settled on Wednesday and mature on June 5, 2024. The total tender amounted to 4 billion Turkish liras ($698.6 million) with a 72.6% accepted/tendered rate.

The Treasury said the term rate of 1,750-day government bonds was accepted at 1.99%, while the annual simple and compound interest rates were 3.99% and 4.03%, respectively.

The Treasury held two more auctions on Monday to borrow 4.67 billion Turkish liras ($830.5 million) from the domestic market.

According to the ministry's borrowing strategy, the Treasury projects to hold 14 bond-auctions and a direct sale of lease certificates this July-September to borrow some 36.5 billion Turkish liras ($6.3 billion) from domestic markets.