Turkish Treasury holds auction to borrow over $377M

By Gokhan Ergocun

ANKARA (AA) – The Turkish Treasury borrowed 1.95 billion Turkish liras ($377.7 million) from domestic markets on Monday, according to an official statement.

The Treasury Undersecretariat said an auction was held for 10-month, zero-coupon government bonds — re-open, third issue.

The government bonds will be settled on Wednesday and mature on June 12, 2019.

According to the Treasury, the total tender amounted to around 3.8 billion Turkish liras (nearly $734.9 million), with a 51.4 percent accepted/tendered rate.

The Treasury said the interest rate of 308-day bonds was accepted at a 16.37-percent term rate, while annual simple and compound interest rates stood at 19.34 and 19.62 percent, respectively.

The Treasury is set to hold two more auctions on Tuesday.