Turkish Treasury borrows $970M through auction

The Turkish Treasury borrowed 3.4 billion Turkish liras (nearly $970 million) from the domestic market in an auction on Monday, according to an official statement.

Turkey's Undersecretariat of Treasury announced that five-year fixed coupon bonds (semiannually, new issuance) were up for auction that will be settled on Wednesday and mature on Aug. 17, 2022.

According to the statement, the total tender for the securities was around 7.56 billion Turkish liras (some $2.16 billion) with a 44.9 percent accepted/tendered rate.

The Treasury said the interest rate of the newly issued fixed coupon bonds was accepted at a 5.33 percent term rate while annual simple and compound interest rates were 10.65 and 10.94 percent, respectively.