Turkish Treasury borrows over $670M through auction

Treasury and Finance Ministry holds auction for domestic markets to sell TLREF-based government bonds with 728-day maturity

Tuba Sahin   | 28.01.2020
Turkish Treasury borrows over $670M through auction


Turkey's Treasury borrowed over 4 billion Turkish liras (around $670 million) from domestic markets, the Treasury and Finance Ministry said Tuesday.

The auction was held for two-year Turkish lira overnight reference rate (TLREF)-indexed bonds -- new issuance -- to be settled on Wednesday and mature on Jan. 1, 2022, it said in a statement.

The total tender was 14 billion Turkish liras (some $2.4 billion), with a 28.9% accepted/tendered rate.

The term rate of the 728-day Treasury bills was accepted at 2.46% while the average annual simple and compound interest rates were 9.84% and 10.21%, respectively.

According to its 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 December 2019-February 2020 period.

Tuesday's auction was fifth out of a total 19 planned auctions on the ministry's issuance calendar for the three-month period.

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