Turkish Treasury holds auction to borrow $590M

By Muhammed Ali Gurtas

ANKARA (AA) - The Turkish Treasury borrowed 2.23 billion Turkish liras ($590 million) from domestic markets on Tuesday, according to an official statement.

The Undersecretariat of Treasury reported that an auction was held for six-year floating rate notes -- re-open, sixth issuance.

The government bonds will be settled on Wednesday and mature on June 5, 2024. According to the Treasury, the total tender amounted to 3.45 billion Turkish liras ($913 million), with a 64.5 percent accepted/tendered rate.

The Treasury said the interest rate of 2,296-day bonds was accepted at a 6.22-percent term rate, while annual simple and compound interest rates stood at 12.45 and 12.83 percent, respectively.