Page 40 - TURKRptAug20

In May, the Treasury tapped €1.64bn via 364-day euro-denominated papers (with a 1.25% semi-annual coupon) and $1.35bn via 364-day USD-denominated papers (1.75% semi-annual coupon) from local lenders.
In March, it sourced €1.26bn from local lenders with a €-denominated paper providing a 0.75% semi-annual coupon.
The Treasury on June 5 redeemed $2bn worth of eurobonds, having on May 18 redeemed $2bn worth of eurobonds.
Together with interest payments, the Treasury repaid $2.74bn in external debt in May and $2.42bn in June, according to data from the finance ministry.
From July 2020 to February 2021, the Treasury will repay $4.48bn in external debts, equating to around $560mn per month on average. In March 2021, $4.5bn is to be repaid, including a eurobond redemption.
Since February, when it sold $4bn worth of eurobonds, the Treasury has not borrowed abroad, but it has tapped a total of TRY87bn ($13bn) from local lenders via FX and gold-denominated domestic papers.
The Treasury’s FX and gold-denominated domestic debt stock rose from TRY175bn as of July 10 to TRY192bn as of July 17.
The central government debt amounted to TRY1.64 trillion at the end of June.
Since May, there has been an acceleration in Turkish borrowers striking loan deals, while Akbank has sold $550mn worth of eurobonds. However, debt rollover rates are still below 100%.
The additional FX liquidity of the Turkish banking industry was $18bn ($6bn at home and $12bn held in foreign bank accounts) as of July 9.
40​ TURKEY Country Report​ August 2020 ​ ​www.intellinews.com