Treasury raises $2.5 billion via lease certificate issuance

ANKARA

The Treasury and Finance Ministry has issued lease certificates in the international capital markets with a size of $2.5 billion and a maturity of 5.5 years.

The offering attracted an orderbook of approximately 2.5 times the actual issue size from 135 accounts, it said in a statement.

Some 66 percent of the certificates were sold to investors in the Middle East, 15 percent in the U.K., 9 percent in the U.S., 6 percent in Türkiye, 3 percent in other European countries and 1 percent in Asian countries.

With this transaction, a total of $13 billion of bonds were issued in the international capital markets in 2024, including approximately $11.1 billion in cash financing.

It had been stated in the Treasury Financing Program that financing opportunities in the conventional bond or sukuk market could be evaluated for a potential financing transaction in the remainder of the year.

“The recent improvement in investor sentiment and the sovereign risk premium has been effective in raising prefinancing,” the statement added.

In the financing program for 2025, the ministry said that it plans to raise $11 billion in equivalent external funding next year.

In order to raise funding from international capital markets, conventional eurobonds, lease certificates, green bonds, social bonds and/or sustainable bonds may be issued in varying maturities depending on market conditions, it said.