Macro and Politics
Tacirler Investment
*The Treasury will hold 4y TLREF indexed bond auction today. According to three-month (Dec 24 – Feb 25) domestic borrowing strategy, the Treasury has a total domestic redemption of TL71.5bn in December, while in return plans to borrow TL132bn throughout the month, indicating a roll-over ratio of 185%. After today’s single auction, the Treasury will hold 9m G-bond and 5y fixed coupon bond auctions tomorrow, 2y fixed coupon and 6y FRN bond auctions on December 16th and 3y CPI-indexed and 10y fixed coupon bond auctions as well as the direct sale of 2y lease certificate on December 17th and finalize its domestic borrowing program for December.