The Treasury held two auctions yesterday (November 18) for 5-year (1820 days) fixed coupon (new issue) through which it borrowed a total of TRY 2.13bn at an annual compound of 8.76% (market consensus estimate: 8.83%) and for 10-year (3640 days) CPI-indexed bonds (new issue) through which it borrowed a total of TRY 2.42bn at an annual compound of 2.60% (market consensus estimate: 2.80%).

The Treasury borrowed a total of TRY 4.55bn (EUR 1.7bn) via two auctions yesterday.

Demand for the 5-year paper stood at TRY 8.3bn. The Treasury sold TRY 1.02bn of the bond in the auction and the sales to primary dealers amounted to TRY 1.1bn.

Demand for the 10-year paper stood at TRY 25bn. The Treasury sold TRY 1.05bn of the bond in the auction and the sales to primary dealers amounted to TRY 1.37bn.

The authority will hold three more auctions today for 2-year fixed coupon bonds (re-open), 7-year floating coupon bonds (new issue) and 10-year fixed coupon bonds (re-open), and will complete the scheduled domestic auctions for this month.

The Treasury held an auction on November 12 for 12-month (371 days) zero coupon bond (re-open) through which it borrowed a total of TRY 994.5mn at an annual compound of 8.87% (market consensus estimate: 8.87%). Demand for the paper stood at TRY 3.355bn. The Treasury sold TRY 454.1mn of the bond in the auction and the sales to primary dealers amounted to TRY 540.4mn.

The Treasury plans six debt auctions this month. The heftiest domestic debt redemption is on November 20. Treasury will redeem TRY 14bn, of which TRY 11.48bn to the market, tomorrow.

The Treasury plans a total domestic borrowing of TRY 11.6bn in November against its domestic debt redemption of TRY 14.4bn.