Turkish Treasury borrows €324mn via 14-month bond

By bne IntelliNews February 17, 2015

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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