Turkish Treasury borrows $440M through auction

By Tuba Sahin

ANKARA (AA) - The Turkish Treasury borrowed 3.2 billion Turkish liras ($440 million) from the domestic market in an auction held on Monday.

The Treasury and Finance Ministry announced four-year Turkish lira overnight reference rate (TLREF)-indexed government bonds -- second issue, quarterly -- were up for an auction.

The government bonds will be settled on Wednesday, Aug. 12, and mature on July 17, 2024.

The total tender for the bonds was nearly 6 billion Turkish liras ($820 million) with a 53.1% accepted/tendered rate.

According to the ministry, the term rate of 1,435-day government bonds was accepted at 2.61%, while the annual simple and compound interest rates were 10.45% and 10.86%, respectively.