Turkish Treasury borrows over $571M through auction

ANKARA

The Turkish Treasury borrowed nearly 3.4 billion Turkish liras (around $571 million) from domestic markets, the Treasury and Finance Ministry announced on Monday.

The auction was held for two-year fixed coupon bonds -- reopen (4th issue), semiannually, 6.90 coupon rate -- to be settled on Wednesday and mature on Oct. 20, 2021, according to an official statement.

The total tender amounted to 5.71 billion Turkish liras (nearly $960 million), with a 59.3% accepted/tendered rate.

The term rate of the 630-day Treasury bills was accepted at 4.93%, while the average annual simple and compound interest rates were 9.85% and 10.09%, respectively.

According to the domestic borrowing strategy, the ministry has projected some 61.6 billion Turkish liras ($10.7 billion) of borrowing from the market through auctions in the period of December 2019 to February 2020.