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Turkey Sells $2.25bln of 6Y Dollar-Denominated Bonds

TURKEY
  • The Treasury and Finance Ministry sold $2.25bln of dollar-denominated bonds maturing March 2029 at a yield of 9.5%, Bloomberg report citing an unidentified person familiar with the matter. Turkey has so far raised $5bln this year from international debt through two deals, half of its 2023 target of $10bln.
  • A proposal has been accepted that imposes a one-time 10% additional tax charge on companies that declare exemptions and deductions in their corporate tax returns for the 2022 fiscal year, Ekonomi report. The tax has been introduced to support the earthquake relief efforts.
  • According to central bank data cited by Ekonomi, the most preferred interest rate on TRY deposits with a maturity of up to 3 months is 26.95%, while the interest rate on that of commercial loans excluding corporate credit cards and KMH is 12.81%. The banking sector, which now has negative net interest income, have also turned more to short-term commercial loans instead of medium and long-term credit.
  • In a meeting between President Erdogan and MHP Leader Bahceli cited by Hurriyet, it was stated that there are no obstacles to holding elections in the 11 provinces affected by the earthquake. In a statement on March 6 after the cabinet meeting, Erdogan said he will issue a presidential decree on March 10 for the renewal of the presidential and parliamentary polls on May 14.
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