Turkey’s Ministry of Treasury saw strong demand for non-competitive bids, with both medium- and long-term bonds receiving positive subscriptions.

智通财经2026/08/17 09:51

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On Monday, Turkey's Ministry of Finance announced that before the additional issuance of the floating rate bond maturing on January 2, 2030, the non-competitive bid scale from primary dealers reached 85 million lira, while the sale to national institutions during the same period was zero.
On the same day, for the additional issuance of the TLREF-linked index bond maturing on July 3, 2030, the total amount of non-competitive bids surged to 550 million lira, with an additional 100 million lira allocated to national institutions.
The maturity dates of the two bonds are spread across early and mid-next year, and the different designs—floating rate and inflation-linked—offer investors differentiated options for duration and risk hedging.
Overall, the enthusiastic participation in non-competitive bids reflects that domestic major institutions' demand for Turkish lira-denominated medium- to long-term bonds remains strong. Going forward, attention needs to be paid to changes in benchmark rate expectations and the impact of exchange rate fluctuations on the pricing of subsequent issuances.

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Turkey’s Ministry of Treasury saw strong demand for non-competitive bids, with both medium- and long-term bonds receiving positive subscriptions.

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