Turkish Treasury borrows $476M through auction

By Muhammed Ali Gurtas

ANKARA (AA) - The Turkish Treasury borrowed 2.51 billion Turkish liras ($476 million) from domestic markets, according to an official statement Tuesday.

The Treasury and Finance Ministry said the auction was held for one-year zero coupon bonds (reopen, second issuance) to be settled on Wednesday and mature on Jan. 15, 2020.

The total tender for the bonds was 2.98 billion Turkish liras ($567 million) with a 84-percent accepted/tendered rate.

The interest rate of the 336-day bonds was accepted at a 17.66-percent term rate, as the annual simple and compound interest rates were 19.13 and 19.26 percent, respectively.

According to the ministry's borrowing strategy, the Treasury projected to hold nine bond-auctions and a direct sale of lease certificate in the February-April period to borrow some $6.6 billion from domestic markets.