Turkey’s Treasury borrowed a total of ₺141.9 billion through two government bond auctions held on August 20, 2025. The auctions generated ₺68.37 billion in direct sales, while an additional ₺73.54 billion was raised through non-competitive (ROT) sales conducted ahead of the auctions.
The Treasury issued a 4-year TLREF-indexed bond and a 5-year fixed-coupon bond in the offerings.
TLREF-Indexed Bond Auction
In the TLREF-linked auction, net sales amounted to ₺27.71 billion, with a nominal issuance of ₺27.29 billion. Investor demand was strong, with total bids reaching ₺179.55 billion.
- Periodic compound yield: 23.78% (low), 23.98% (average), 24.05% (high)
- Minimum price: ₺101,330
- Average price: ₺101,548
The bond, carrying semi-annual coupon payments, will be settled on August 20, 2025 and will mature on July 4, 2029.
Fixed-Coupon Bond Auction
In the fixed-coupon auction, the Treasury sold ₺40.67 billion net, with a nominal issuance of ₺38.79 billion, against total bids of ₺68.35 billion.
- Compound yield: 35.96% (low), 36.12% (average & high)
- Average simple yield: 33.34%
- Minimum price: ₺104,628
- Average price: ₺104,845
The bond, also featuring semi-annual coupon payments, will be issued on August 20, 2025 and will mature on July 10, 2030.
Source: Bloomberght/ Prepared by: İlayda Gök