The Treasury held an auction on May 18 for 7-month bills and it borrowed TRY813mn (€277mn) at an annual compound yield of 9.88%.
Demand for the paper stood at TRY2.63bn while the borrowing cost of the Treasury was slightly higher than the market forecast of 9.85%.
This was the last auction the Treasury planned for May. The authority initially projected TRY9bn of domestic borrowing in May against a total domestic debt redemption of TRY11.9bn.
Turkish Treasury's Domestic Borrowing Programme | |||
Redemptions | |||
(TRY mn) | Market | Public | Total |
06-May | 99 | 71 | 1,127 |
13-May | 9,380 | 154 | 9,534 |
20-May | 1,130 | 544 | 1,674 |
27-May | 359 | 198 | 557 |
May Total | 10,969 | 966 | 11,935 |
June Total | 7,941 | 1,542 | 9,483 |
July Total | 5,690 | 1,215 | 6,905 |
Auctions | |||
11-May | 5-year / 1,729-day | re-open | fixed-coupon |
11-May | 10-year / 3,626-day | re-open | CPI-indexed |
12-May | 2-year / 553-day | re-open | fixed-coupon |
12-May | 7-year / 2,534-day | re-open | floating-coupon |
12-May | 10-year / 3,591-day | re-open | fixed-coupon |
18-May | 7-month / 210-day | re-open | zero-coupon |
Planned Borrowing (TRY bn) | |||
May | 9.0 | ||
June | 8.5 | ||
July | 6.0 | ||
Source: treasury |
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