Treasury to repay $13 billion debt in first quarter

ISTANBUL

Turkey’s Treasury will redeem a total of 80 billion Turkish Liras (around $13.4 billion) of domestic debt in January, February and March.

The Treasury plans to borrow 73.8 billion liras from the domestic market in the first quarter.

For January, domestic debt redemption is projected at 23.6 billion liras, whereas domestic borrowing is seen at 15 billion liras, the Treasury and Finance Ministry said on Dec. 31 in its domestic borrowing strategy for the first quarter of 2020.

In the first month of 2020, the Treasury will hold a total of six tenders, including sales of floating rate bonds, lease certificates and TLREF (Turkish Lira Overnight Reference Rate)-indexed bonds.

The statement added that domestic debt redemptions amount to 27.8 billion liras in February while domestic borrowing is projected at 29 billion liras.

In the month, the authority will hold five auctions.

The Treasury said in March it plans to borrow 29.8 billion liras from the domestic market versus its debt redemption of 28.6 billion liras.

In March, a total of five auctions will be held.

The statement added that no external borrowing is planned in January-March.