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Mar 14 2019

Turkey sells 916.4 million euros of debt on local markets

Turkey’s government sold 916.4 million euros ($1.04 billion) of debt on the local markets.

The Treasury and Finance Ministry said on Thursday that the domestic debt securities (GDDS) mature in one year. It didn't provide details on pricing.

Turkey is seeking to vary the means by which it borrows and reduce the amount of lira-denominated bonds it sells after local interest rates surged in the aftermath of a currency crisis, which peaked in August.

Turkish banks have traditionally relied on returns from lira debt to bolster their profits, but the fewer bonds now available mean they are being encouraged to lend more to the real economy, which is in a recession.