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The Treasury sold TRY 1.4bn in net of the 5-year fixed coupon bond and TRY 1.3bn in net of the 7-year FRN at today's auctions. Demand was relatively weaker compared to the preceding months. The bid-to-cover ratios were 2x and 3.2x for the fixed coupon bond auction at the non-competitive sales and the auction, respectively. These ratios were lower than the 5-year fixed coupon bond auction held in February (20x and 6x, respectively). In line with the relatively weaker demand, the average interest rate settled at 6.54% for the five-year bond auction vs. the Reuters' poll at 6.45%. The demand for the FRN was relatively stronger, with 5x and 4.3x bid-to- cover ratios at the non-competitive sales and the auction, in the same order. Yet, the price of the 7-year FRN came in also slightly lower than expected. The Treasury will hold two auctions today for the brand-new 10-year fixed coupon bond and 2-year fixed coupon bond. The auction results pushed yields higher in the secondary market, with the benchmark bond now trading at a 6.0% yield. The pressure in the bond market may continue with the expectation of weak demand at today's auctions.
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