Treasury Sells ₺90.2B in Bonds Across 3 Auctions

In a significant round of government debt issuance, the Turkish Treasury raised a total of ₺90.26 billion through three separate bond auctions. The figure includes ₺49.26 billion in direct auction sales and ₺41 billion from non-competitive (ROT) sales ahead of the auctions.

The auctions covered three maturities:

• 2-year fixed coupon bonds (728 days)

• 4-year CPI-indexed bonds (1,428 days)

• 5-year fixed coupon bonds (1,820 days)

2-Year Fixed Coupon Bond Auction

The Treasury sold ₺30.9 billion net, with a nominal volume of ₺30.69 billion. Bids totaled a strong ₺44.4 billion, showing continued investor appetite.

• Compound interest rate ranged from 40.09% to 41.19%, averaging 40.80%

• Simple interest averaged 37.32%

• Average price: ₺100,688

• Issue date: July 16, 2025

• Maturity: July 14, 2027

• Coupon rate: 18.92% semi-annually

Coupon Payment Dates:

1. Jan 14, 2026

2. Jul 15, 2026

3. Jan 13, 2027

4. Jul 14, 2027

4-Year CPI-Indexed Bond Auction

This bond, linked to consumer inflation, drew relatively low demand with just ₺1.61 billion in bids, resulting in a net sale of ₺433.9 million.

• Reel compound interest rate: Average 6.29%, peaking at 6.34%

• Simple real interest: 6.20%

• Average price: ₺96,420

• Issue date: July 16, 2025

• Maturity: June 13, 2029

• Coupon: 2.25% real, paid semi-annually

5-Year Fixed Coupon Bond Auction

The Treasury raised ₺17.93 billion net, with ₺17.62 billion nominal sales. Bids totaled ₺29.3 billion, highlighting solid interest in longer maturities.

• Compound interest ranged from 35.50% to 36.60%, averaging 36.15%

• Simple interest: 33.37% average

• Average price: ₺101,721

• Issue date: July 16, 2025

• Maturity: July 10, 2030

• Coupon rate: 17.05% semi-annually

Coupon Payment Dates:

1. Jan 14, 2026

2. Jul 15, 2026

3. Jan 13, 2027

4. Jul 14, 2027

5. Jan 12, 2028

6. Jul 12, 2028

7. Jan 10, 2029

8. Jul 11, 2029

9. Jan 9, 2030

10. Jul 10, 2030