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Turkey Bond Yields Rise 3rd Day as Banks Raise Cash Before Sale

Turkey’s borrowing costs rose for a third day as investors sold debt holdings to rotate into tomorrow’s issuance of 15-month bonds on bets yields will not fall any further.

Yields on benchmark two-year notes rose 3 basis points, or 0.03 percentage point, to 6.02 percent at the close in Istanbul. The lira weakened less than 0.1 percent against the dollar to 1.7713 in its second day of declines.

The Treasury will issue September 2014 zero-coupon bonds tomorrow in its fifth local debt auction this month as part of plans to sell 34.6 billion liras ($19.5 billion) of debt in the first quarter. The issuance target is 89 percent more than the sale in the last three months of 2012. Ten billion liras were raised in four auctions last week, including the new benchmark January 2015 bonds.

“People are closing their positions before tomorrow’s auction,” Evren Kirikoglu, a strategist at Akbank TAS in Istanbul said in e-mailed comments.

Yields on benchmark notes dropped 16 basis points so far this month, extending last year’s 483 basis points drop, the biggest retreat among 20 emerging markets, as foreign investors bought a record $16.2 billion of the country’s bonds.

“The Treasury needs to sell 1.25 billion liras to meet its January targets, including sales to public institutions, and I don’t expect any problems on that,” Kirikoglu said.

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