Turkish Treasury holds auction to borrow $585M

By Muhammed Ali Gurtas

ANKARA (AA) – The Turkish Treasury borrowed 2.4 billion Turkish liras ($585 million) from domestic markets on Tuesday, according to an official statement.

The Treasury Undersecretariat reported that an auction was held for five-year fixed coupon government bonds — semiannually, re-open, fourth issuance.

The government bonds will be settled on Wednesday and mature on Jan. 18, 2023. According to the Treasury, the total tender amounted to around 6.1 billion Turkish liras ($1.5 billion), with a 39.2 percent accepted/tendered rate.

The Treasury said the interest rate of 1,736-day bonds was accepted at a 6.58-percent term rate, while annual simple and compound interest rates stood at 13.17 and 13.60 percent, respectively.