Page 66 - TURKRptSept19

8-Jul 06/05/2024 9-Jul 10/09/2019 9-Jul 04/21/2021 9-Jul 08/06/2025
July Borrowing
19-Aug 09/16/2020 19-Aug 08/06/2025 20-Aug 08/10/2021 20-Aug 06/05/2024
Aug Borrowing
16-Sep 04/21/2021 16-Sep 06/05/2024 17-Sep 10/07/2020 17-Sep 08/06/2025
8-Oct 01/08/2020 21-Oct 10/20/2021 22-Oct 10/07/2020 22-Oct 06/05/2024
11-Nov 20/10/2021 11-Nov 06/11/2024 12-Nov 10/07/2020 12-Nov 11/06/2024 12-Nov 04/11/2026
5-year CPI-indexed semi-annual (re-open) 3.3 2.6 3-month bill (new issue) 3.7 2.1 2-year Fixed Semi-annual (benchmark) (re-open) 7.7 6.1 6-year floating semi-annual (re-open) 4.2 2.9 Total Realization 31.7 23.3 392-day Zero Coupon (re-open) 5.3 3.4 6-year floating semi-annual (re-open) 2.9 1.2 2-year lease certificate (direct sale) (semi-annual) 0.8 5-year CPI-indexed semi-annual (re-open) 4.0 2.9 Total Realization 12.2 8.4 2-year Fixed Semi-annual (benchmark) (re-open)
5-year CPI-indexed semi-annual (re-open) 385-day Zero Coupon (new)
6-year floating semi-annual (re-open) 3-month bill (new issue)
2-year Fixed Semi-annual (benchmark) (new issue) 350-day Zero Coupon (re-open)
5-year CPI-indexed semi-annual (re-open)
2-year Fixed Semi-annual (benchmark) (re-open) 5-year CPI-indexed semi-annual (new)
329-day Zero Coupon (re-open)
5-year CPI-indexed semi-annual (direct sale) 7-year floating semi-annual (new)
0.4 0.4 0.1 0.1 1.8 1.8 0.8 0.8 3.9 3.9 1.4 1.4 0.2 0.2
0.2 0.2 1.8 1.8
4.17 22.25 19.35
20.3 -
15.3 22.65 7.4 4.03
-
The Turkish Treasury has cut its borrowing plans for September- November after receiving TRY41bn worth of transfers from the central bank in July and August. Planned borrowing for September was cut to TRY6.5bn from a previous TRY9bn while borrowing plans for October was cut to TRY5.7bn from TRY6.7bn. The revised domestic borrowing program suggests a debt rollover ratio of 79% while the Treasury has TRY41bn lira and TRY24bn worth of FX as of August 28, an unnamed analyst told Reuters on August 29.
The Turkish Treasury held four domestic debt auctions on August 19-20 as it completed its scheduled auctions for the month having raised a total of TRY8.4bn ($1.7bn) versus its planned borrowing target of TRY6.5bn. The domestic debt rollover ratio was registered at 95% for August, higher than the 73% target, Is Invest said on August 21 in its daily bulletin. The costs of zero-coupon bills and 5-year CPI-indexed bonds fell compared to the rates obtained in the July auctions, while the 2-year lease certificate cost also compared lower than the rate seen in the last auction held for identical paper, back in June. However, the cost of 6-year floating coupon bonds rose to 22.65% at the auction held on August 20 from 20.3% at the previous auction, held on August 19.
From May 17 to August 2, foreign investors’ net domestic government bond acquisitions amounted to $464mn, but total outflows still stood at $2.24bn for the year to date, according to data from the Turkish central bank.
66 TURKEY Country Report September 2019 www.intellinews.com