Turkey: Treasury borrows nearly $280M through auction

By Gokhan Ergocun

ISTANBUL (AA) - The Turkish Treasury has borrowed over 1.5 billion Turkish liras ($280.5 million) from domestic markets, according to an official statement on Tuesday.

An auction was held for seven-year floating rate bonds (reopen, second issuance), the Treasury and Finance Ministry announced.

The government bonds will be settled on Wednesday and mature on Aug. 6, 2025, while the total tender was over 2.7 billion Turkish liras ($504.9 million), with a 56.1-percent accepted/tendered rate.

The interest rate of the 2,422-day bonds was accepted at a 9.74-percent term rate, with annual simple and compound interest rates of 19.49 and 20.44 percent, respectively.