Macro and Politics
Tacirler Investment
* The Treasury will hold 2y and 5 y fixed coupon bond auctions today. The Treasury tapped the domestic markets to the tune of TL33.9bn via yesterday’s 6m zero-coupon bond auction. The bid – to – cover ratio was high at 2.75x, while average cost of borrowing stood at 39.72%. After today’s double auctions, the Treasury will hold a 5y CPI-indexed bond auction as well as the direct sale of 2y TLREFK-indexed lease certificate on December 16 and finalize its domestic borrowing program for the month.