Treasury borrows over $670 mln through auction
The auction was held for two-year Turkish lira overnight reference rate (TLREF)-indexed bonds -- new issuance -- to be settled on Jan. 29 and mature on Jan. 1, 2022, it said in a statement.
The total tender was 14 billion Turkish liras (some $2.4 billion), with a 28.9 percent accepted/tendered rate.
The term rate of the 728-day Treasury bills was accepted at 2.46 percent while the average annual simple and compound interest rates were 9.84 percent and 10.21 percent, respectively.
According to its domestic borrowing strategy, the ministry has projected some 61.6 billion Turkish liras ($10.7 billion) of borrowing from the market through auctions in the December 2019-February 2020 period.
The auction was fifth out of a total 19 planned auctions on the ministry's issuance calendar for the three-month period.