Macro and Politics
Tacirler Investment
*The Treasury will hold 7y FRN and 9y fixed coupon bond auctions today. The Treasury tapped the domestic markets to the tune of TL97.2bn (including non-competitive sales) via yesterday’s 8m G-bond and 4y TLREF-indexed bons auctions. The bid – to – cover ratio was high at 3.12x for today’s new issuance of 4y TLREF-indexed auction, indicating high demand, while the term rate was 24.68%. For 8m G-bond auction, the average cost of borrowing was 44.15% and bid – to – cover ratio was 1.94%. After today’s double auctions, on July 14, new benchmark bonds with 2-year and 5-year maturities will be issued, alongside a 4-year CPI-linked bond auction. On July 21, the Treasury will hold the direct sales of a 2-year lease certificate, as well as 1-year USD-denominated bond and 1-year USD-denominated lease certificates. According to three-month (July – September 2025) domestic borrowing program, the Treasury has a domestic redemption of TL316.6bn in July, while in return it plans to borrow TL376.4bn in total throughout the month, indicating a roll-over ratio of 119%.