Turkey sells $2.25 billion of bonds to meet borrowing goal

Turkey’s government sold $2.25 billion of dollar-denominated bonds and met its borrowing goal for the year.

The 2024 bonds will yield 6.45 percent annually for investors, the Treasury and Finance Ministry said on its website on Wednesday.

Turkey has raised $8.7 billion in the international markets this year as it seeks the funds to help lift the economy out of a painful downturn without the need for international donor assistance. The bonds also offer lower yields than local debt, which provides a premium to investors over the currency inflation rate of 15.7 percent.

The government has converted the amount into euros, giving a coupon rate of 3.8 percent, the ministry said. The offering attracted an order book of approximately three times the amount sold. Almost 40 percent of the debt was sold to U.K. investors and 27 percent to those in the United States, the ministry said.