Turkish Treasury borrows $515M through auction

The Turkish Treasury borrowed some 3.3 billion Turkish liras ($515 million) from domestic markets, according to an official statement Tuesday.

The auction was held for 2-year fixed coupon bonds -- semiannually, re-open, second issue -- the Treasury and Finance Ministry announced.

The government bonds will be settled on Wednesday and mature on August 12, 2020, while the total tender was around 5.9 billion Turkish liras ($915 million) with a 56.3-percent accepted/tendered rate.

The interest rate of the 700-day bonds was accepted at a 11.85-percent term rate, with annual simple and compound interest rates of 23.71 and 25.11 percent, respectively.

According to the domestic borrowing strategy, the ministry has projected 21.9 billion liras (around $3.33 billion) of domestic borrowing from the market through auctions and there will be no planned external borrowing in the September-November period.