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Turkey Sells ₺66.7 Billion in Bond Auctions Indexed to TLREF and CPI

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The Turkish Treasury successfully raised ₺66.74 billion through two government bond auctions held this week, signaling strong investor interest in medium-term fixed-income securities.

A total of ₺40.74 billion was secured through the auctions, while ₺26 billion was added via non-competitive (ROT) sales, bringing the overall sales volume to ₺66.74 billion.

The Treasury issued two types of 4-year bonds: one indexed to the Turkish Lira Overnight Reference Rate (TLREF) with a maturity of 1,393 days, and the other indexed to the Consumer Price Index (CPI or TÜFE) with a maturity of 1,428 days.

TLREF-Indexed Bond Auction

The TLREF-linked bond attracted ₺74.6 billion in bids, reflecting high market demand. The Treasury sold ₺39.86 billion in net terms, with a nominal sale value of ₺39.46 billion.

Key auction figures:

  • Minimum yield: 11.43% (simple)

  • Average yield: 11.50%

  • Maximum yield: 11.55%

  • Minimum price: ₺100,713

  • Average price: ₺101,005

These floating-rate bonds, which pay coupons every three months, will be reissued with a value date of May 14, 2025, and will mature on March 7, 2029.

CPI-Indexed Bond Auction

Meanwhile, the auction for CPI-indexed bonds drew a more modest ₺6.87 billion in bids, with the Treasury accepting ₺887 million net and ₺880 million nominal in sales.

Key auction figures:

  • Average real simple yield: 5.49%

  • Minimum compound real yield: 5.04%

  • Average compound real yield: 5.57%

  • Maximum compound real yield: 5.82%

  • Minimum price: ₺99,932

  • Average price: ₺100,793

This bond will also be reissued with a value date of May 14, 2025, and will mature on April 11, 2029, with semi-annual coupon payments.

The dual auction highlights continued government efforts to manage public debt while offering diverse instruments to appeal to different investor risk profiles amid ongoing macroeconomic volatility.

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