Treasury borrowed 73.4 billion TL in two bonds

The Ministry of Treasury and Finance borrowed 73.4 billion TL in two bonds with pre-tender sales.

The Ministry of Treasury and Finance created a total resource of 73.4 billion lira with two separate bond issuances in line with the domestic borrowing calendar. In the process where two- and four-year maturity bonds with semiannual coupon payments were reintroduced, 36.5 billion lira of funding was provided from direct auction sessions and 36.9 billion lira from direct sales made before the auction.

Tender Results and Interest Balance

In the first leg of the borrowing operation, government bonds with a two-year maturity and 18 percent coupon return were put into circulation again. In the tender, which received a demand of 34.1 billion lira from investors, the Treasury approved a net sale of 19.1 billion lira and the compound interest was at 39.51 percent. While 29.1 billion lira bids were collected from market makers for the paper in question at the pre-tender stage, a net allocation of 15 billion lira was made from this group.

Market actors offered 31.2 billion liras for the second bond, which has a four-year maturity and a periodic coupon payment of 16.63 percent. While the Treasury management realized net sales of 17.4 billion liras on this front, the compound interest rate of the tender was reflected in the tables as 39.07 percent. With the total allocation of 36.9 billion lira made to public institutions and market makers before the tender, the final borrowing balance of the day reached 73.4 billion lira.

Financial Balances and Their Effects on the Technology Ecosystem

The compound return rate of approximately 39 percent on treasury bonds continues to keep the risk-free return threshold high in capital markets. This cost table directly increases the access to financing expenses of companies making R&D and technology-oriented growth plans. While debt instruments remain attractive in the preference of venture capital funds and technology investors to evaluate their cash positions, it requires the real sector to carry out liquidity management much more cautiously in digital transformation investments.