Turkish Treasury borrows €324mn via 14-month bond
Turkey’s Treasury said it borrowed TRY904mn (€324mn) on February 17 at an auction it held for 420-day zero-coupon bonds (new issue), ahead of its TRY2.1bn of domestic debt redemption on February 18.
Demand for the paper amounted to TRY2.7bn. The Treasury sold TRY301mn of the 14-month paper at an annual compound yield of 8.39% (market consensus estimate: 8.48%). Sales to primary dealers amounted to TRY603mn. This was the Treasury’s last auction scheduled for February.
This week, the Treasury said it was planning a lease certificate issue. TRY-denominated lease certificates will be issued on February 18.
| Turkish Treasury's Domestic Borrowing Programme | |||
| Redemptions | |||
| (TRY mn) | Market | Public | Total |
| 04-Feb | 375 | 84 | 459 |
| 11-Feb | 11,339 | 1,470 | 12,809 |
| 18-Feb | 2,054 | 61 | 2,115 |
| 25-Feb | 597 | 107 | 704 |
| Feb Total | 14,365 | 1,722 | 16,088 |
| Mar Total | 4,702 | 667 | 5,369 |
| Apr Total | 9,711 | 3,472 | 13,183 |
| Auctions | |||
| 09-Feb | 5-year | new issue | fixed-coupon |
| 09-Feb | 10-year | re-open | CPI-indexed |
| 10-Feb | 2-year | re-open | fixed-coupon |
| 10-Feb | 6-year | re-open | floating-coupon |
| 10-Feb | 10-year | re-open | fixed-coupon |
| 17-Feb | 14-month | new issue | zero-coupon |
| Planned Borrowing (TRY bn) | |||
| Feb | 14 | ||
| Mar | 4.5 | ||
| Apr | 11.5 | ||
| Source: treasury | |||
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