Turkish Treasury holds auction to borrow over $400M

The Turkish Treasury borrowed 1.84 billion Turkish liras ($405.3 million) from domestic markets on Tuesday, according to an official statement.

The Treasury Undersecretariat said an auction was held for one-year, zero-coupon government bonds -- annually, first issuance.

The government bonds will be settled on Wednesday and mature on June 12, 2019.

According to the Treasury, the total tender amounted to around 3.36 billion Turkish liras (nearly $740 million), with a 54.9 percent accepted/tendered rate.

The Treasury said the interest rate of 364-day bonds was accepted at a 19-percent term rate, while annual simple and compound interest rates stood at 19 percent.