Türkiye's Ministry of Treasury and Finance raised a total of $3.530842 billion through a US dollar-denominated government bond and lease certificate sale to institutional investors on August 20, 2026. According to the ministry's results notice, all offers submitted for the two instruments were accepted. The settlement date was set for August 21, 2026, while both securities will mature on August 20, 2027.
Two parts of the transaction
The fixed-coupon government bond accounted for most of the total. Investors submitted offers worth $3.425415 billion, and the ministry issued the full amount. Offers and issuance for the fixed-rent lease certificate reached $105.427 million. Together, the bond and lease certificate generated $3.530842 billion in dollar-denominated borrowing.
In its initial announcement one day before the transaction, the Treasury said both instruments would be offered only to institutional investors. The bond and lease certificate were structured with a one-year maturity. The final notice shows no difference between the offers received and the amounts accepted, confirming that the transaction was completed within the announced institutional-investor framework.
Payment schedule
The government bond carries an annual coupon rate of 5.75 percent. Coupon payments are scheduled for February 20, 2027 and August 20, 2027. The lease certificate also has an annual rental rate of 5.75 percent, with payments due on the same dates. Both instruments will be redeemed on August 20, 2027.
The ministry described both instruments as foreign-currency-denominated domestic borrowing. The government bond was issued directly by the Treasury, while the lease certificate was offered through Hazine Müsteşarlığı Varlık Kiralama AŞ, the Treasury's asset-leasing company. Although the instruments use different legal structures, this transaction gave them the same settlement date, maturity and annual payment rate.
What the figures show
The government bond represented about 97 percent of the combined amount, while the lease certificate accounted for roughly 3 percent. Those shares are simple calculations based on the nominal amounts in the official results. The ministry did not disclose the number of investors, sector allocation or geographical distribution of demand. A more detailed assessment of the investor base would therefore require additional data.
Dollar-denominated domestic borrowing is one of the Treasury's financing tools, but this single transaction does not by itself establish the direction of the overall borrowing program. Its effect on the budget and debt stock must be considered alongside other borrowing, redemptions and exchange-rate movements. The official result establishes only the terms and completed amounts of these two instruments.
Because the transaction is denominated in dollars, principal and periodic payments will also be tracked in foreign currency. The official result did not provide the bond's issue price, compound yield or possible secondary-market trading conditions. It would therefore be inappropriate to draw a broader market comparison from the published coupon and rental rates alone. The announcement is a transaction record, not an assessment of relative investment value.
What comes next
The first scheduled cash flows are the coupon and rental payments on February 20, 2027. Principal repayment and the second payment period fall on August 20, 2027. For observers of public finances, the next relevant information will appear in the Treasury's monthly borrowing programs and debt-stock statistics.
The August 20 result provides a clear transaction table because all offers were accepted and the two securities share the same maturity. However, the announcement does not commit the Treasury to further foreign-currency issues. Any additional transactions will become definite only through future official notices.
