Turkish Treasury Borrows Over $571M Through Auction

Treasury and Finance Ministry holds auction for domestic markets to issue fixed coupon bond bill with 630 day maturity.

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. -