Turkish government bond auction sees yield and pricing divergence between two bonds
智通财经2026/09/14 13:06- On Monday, the Turkish Ministry of Finance issued a fixed-rate bond maturing on September 13, 2028, with a winning yield of 39.98% and a net issuance size of approximately 34.5 billion lira.
- Prior to the auction, this bond received approximately 19.4 billion lira in non-competitive bids, of which about 9.5 billion lira was sold to primary dealers and about 15.8 billion lira was sold to government institutions.
- On the same day, the Ministry of Finance also issued a TLREF-indexed bond maturing on September 11, 2030, at an average price of 98.429 lira and a net issuance size of approximately 48.9 billion lira.
- This index-linked bond received about 112.3 billion lira in non-competitive bids prior to the auction, of which about 30 billion lira was sold to primary dealers and about 5.4 billion lira was sold to government institutions.
- Both bonds were priced on the same day: the fixed-rate bond had a yield close to 40%, while the index-linked bond was issued at an average price below par value, reflecting a clear market stratification in pricing Turkey’s inflation and interest rate trajectory.
- Subsequent attention will focus on changes in secondary market yields after the auction results are announced, as well as the further impact of the Central Bank of Turkey’s monetary policy direction on financing costs.
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