The Treasury will borrow on Tuesday via 12-month (371 days) zero coupon bond (re-open) ahead of its TRY 278mn (EUR 102mn) domestic debt redemption scheduled for November 13.
Including tomorrow’s bond sale, the Treasury plans to hold a total six debt auctions this month (two auctions on November 18 and three more on November 19). The Treasury will have its heftiest domestic debt redemption on November 20 when it has to redeem TRY 13.98bn of which TRY 11.83 to the markets.
In November, the Treasury plans a total domestic borrowing of TRY 11.6bn against its domestic debt redemption of TRY 14.4bn.
Last week, the authority finalised a Eurobond issue due 2021 and raised EUR 1.25bn.
The bond that matures on November 12, 2021, had a coupon of 4.35% and a yield to investor of 4.45%.
With this issue, The Treasury completed its USD 6.5bn 2013 external borrowing programme. Approximately USD 640mn portion of the issue is for pre-financing of the 2014 external borrowing program, The Treasury said.
The total amount of external financing for 2014 is planned at TRY 14.8bn via project and program loans from World Bank, European Investment Bank and other international financial institutions and through bond issuances in international markets.
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