Page 86 - TURKRptJun19

May Borrowing May Borrowing May Borrowing May Debt Service May Debt Service May Debt Service
10-Jun 05/13/2020 10-Jun 06/05/2024 11-Jun 04/21/2021
11-Jun 08/06/2025
18-Jun 06/16/2021 June Borrowing
June Borrowing
June Debt Service
June Debt Service June Debt Service
8-Jul 09/16/2020 8-Jul 06/05/2024
9-Jul 04/21/2021 9-Jul 08/06/2025
Total Realization Planned Domestic Planned External Total
Domestic
External
336-day Zero Coupon (re-open)
5-year CPI-indexed Semi-annual Coupon (new) 2-year Fixed Semi-annual (benchmark) (re-open)
6-year floating semi-annual (re-open) 2-year lease certificate (direct sale) Domestic
External
Total Domestic External
434-day Zero Coupon (new issue)
5-year CPI-indexed semi-annual (re-open)
2-year Fixed Semi-annual (benchmark) (re-open) 6-year floating semi-annual (re-open)
Domestic
External
24.4 18.3 18.8 0.0 22.0 19.2 2.8
11.0 0.0 13.8 11.4 2.4
3.7 3.7 -
3.7
2.4
July July July July July
Borrowing Borrowing Debt Service Debt Service Debt Service
19.5 0.0 23.2 21.4 External 1.8
Total Domestic
5.0
Turkey leaning on local banks to buy more government bonds in debt auctions: report. Economically embattled Turkey is leaning on local banks to buy more government bonds in debt auctions, three people with direct knowledge of the matter were cited as saying by Bloomberg on May 20. The move will be seen by the markets as the latest sign of the government’s increasingly interventionist approach to policy making. The sources reportedly said that Turkish authorities asked some of the nation’s primary dealers to support the government’s borrowing drive last week. The banks, they said, were asked to bid for more bonds than they needed in their roles as market makers. The development comes amid a substantial loosening of the fiscal purse strings. It has widened Turkey’s budget deficit, raised borrowing costs toward the highest level seen in a decade and deepened the already embattled Turkish lira’s depreciation. Investors, the news agency reported, said that instead of reining in spending to help steady markets, the government has been trying to impact market rates directly and often by turning to lenders. Last year, officials began curtailing the supply of long-dated local-currency bonds even as Turkey’s borrowing needs ballooned, killing off liquidity in the market for benchmark securities. The government also piled pressure on state banks to extend cheap loans, hurting their profits. Turkey’s annualised budget deficit
86 TURKEY Country Report June 2019 www.intellinews.com