Turkey's Treasury borrows $315M through auction

By Muhammed Ali Gurtas

ANKARA (AA) - Turkish Treasury borrowed 1.12 billion Turkish liras (nearly $315 million) from the domestic market in an auction on Tuesday, according to an official statement.

Turkey's Undersecretariat of Treasury announced that two-year fixed coupon bonds (semiannually, re-opened, fifth issue) were up for auction that will be settled on Wednesday and mature on May 15, 2019.

According to the statement, the total tender for the securities was 3.75 billion Turkish liras (some $1.06 billion) with a 30 percent accepted/tendered rate.

The Treasury said the interest rate of the fixed coupon bonds was accepted at a 5.79 percent term rate while annual simple and compound interest rates were 11.57 and 11.91 percent, respectively.