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 the latest data from the Turkish central bank.
According to latest data out of the finance ministry, non-residents’ share in the government’s domestic debt stock rose to 11%, or TRY83.1bn, in July from 10.8%, or TRY79.4bn, as of June. Foreigners' share has gradually declined, moving down from 19% in April 2018 to 10% in May this year.
|Domestic Government Debt Auctions and Borrowing Programme|
|19-Mar||12/11/2019||266-day Zero Coupon (re-open)||3.9||2.8||0.6||0.6||19.97|
|19-Mar||01/10/2024||5-year CPI-indexed semi-annual (re-open)||3.2||2.6||0.5||0.5||3.89|
|26-Mar||08/12/2020||2-year fixed semi-annual (benchmark) (re-open)||3.8||3.3||1.8||1.8||19.39|
|26-Mar||08/06/2025||6-year floating semi-annual (re-open, 6.)||1.7||1.5||0.5||0.5||19.78|
|22-Apr||04/21/2021||2-year fixed semi-annual (benchmark) (new)||4.6||3.2||1.0||1.0||22.18|
|13-May||05/13/2020||364-day Zero Coupon (new)||10.1||7.2||1.3||1.3||26.12|
|13-May||01/10/2024||5-year CPI-indexed semi-annual (re-open)||4.6||3.5||0.7||0.7||4.25|
|14-May||04/21/2021||2-year fixed semi-annual (benchmark) (re-open, 2.)||5.7||4.5||1.3||1.3||25.31|
|14-May||08/06/2025||6-year floating semi-annual (re-open, 6.)||3.9||3.1||0.5||0.5||21.38|
|10-Jun||05/13/2020||336-day Zero Coupon (new)||6.9||5.3||1.1||1.1||24.45|
|10-Jun||06/05/2024||5-year CPI-indexed Semi-annual Coupon (new)||2.8||2.2||0.4||0.4||4.15|
|11-Jun||04/21/2021||2-year Fixed Semi-annual (benchmark) (re-open)||4.4||3.5||1.1||1.1||22.83|
|11-Jun||08/06/2025||6-year floating semi-annual (re-open)||2.6||2.1||0.4||0.4||20.89|
|18-Jun||06/16/2021||2-year lease certificate (direct sale) (semi-annual)||1.6||10.55|
|18-Jun||12/11/2019||6-month lease c. (to pension funds, unscheduled)||3.9||2.1||-||-||23.49|
|8-Jul||09/16/2020||434-day Zero Coupon (new issue)||12.7||9.7||0.8||0.8||20.6|
|8-Jul||06/05/2024||5-year CPI-indexed semi-annual (re-open)||3.3||2.6||0.4||0.4||4.17|
|9-Jul||10/09/2019||3-month bill (new issue)||3.7||2.1||0.1||0.1||22.25|
|9-Jul||04/21/2021||2-year Fixed Semi-annual (benchmark) (re-open)||7.7||6.1||1.8||1.8||19.35|
|9-Jul||08/06/2025||6-year floating semi-annual (re-open)||4.2||2.9||0.8||0.8||20.3|
|19-Aug||09/16/2020||392-day Zero Coupon (re-open)||5.3||3.4||1.4||1.4||15.3|
|19-Aug||08/06/2025||6-year floating semi-annual (re-open)||2.9||1.2||0.2||0.2||22.65|
|20-Aug||08/10/2021||2-year lease certificate (direct sale) (semi-annual)||0.8||7.4|
|20-Aug||06/05/2024||5-year CPI-indexed semi-annual (re-open)||4.0||2.9||0.2||0.2||4.03|
|10-Sep||08/18/2021||2-year Fixed Semi-annual (benchmark) (re-open)|
|10-Sep||06/05/2024||5-year CPI-indexed semi-annual (re-open)|
|17-Sep||10/07/2020||385-day Zero Coupon (new)|
|17-Sep||08/06/2025||6-year floating semi-annual (re-open)|
|8-Oct||01/08/2020||3-month bill (new issue)|
|21-Oct||10/20/2021||2-year Fixed Semi-annual (benchmark) (new issue)|
|22-Oct||10/07/2020||350-day Zero Coupon (re-open)|
|22-Oct||06/05/2024||5-year CPI-indexed semi-annual (re-open)|