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.
Turkey’s official consumer price index (CPI) inflation rose slightly to 16.65% in July from 15.72% in June.
Domestic Government Debt Auctions and Borrowing Programme | |||||||
(TRY bn) | Total | Public | Yield | ||||
Auction | Maturity | Paper | Bids | Sold | B | S | (%) |
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 |
June | Borrowing | Total Realization | 20.5 | 16.7 | 3.0 | 3.0 | - |
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 |
July | Borrowing | Total Realization | 31.7 | 23.3 | 3.9 | 3.9 | - |
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) |