October 31, 2019 / 2:14 PM / 13 days ago

Turkey to issue 5-, 6-year fixed-coupon bonds as rates fall

ISTANBUL, Oct 31 (Reuters) - Turkey will issue 5- and 6-year fixed-coupon bonds in November, the Treasury said on Thursday, taking advantage of sharp interest-rate cuts to return to long-term borrowing.

The Treasury had last issued a 5-year fixed-coupon bond in November 2018 and a 10-year fixed bond in July 2018. It has since preferred shorter-term issuance to limit the long-term impact of the cost of borrowing.

After having raised its policy rate to 24% in September of last year, the central bank in the last four months has cut rates by 1,000 basis points. (Reporting by Nevzat Devranoglu; Writing by Ali Kucukgocmen; Editing by Jonathan Spicer)

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