Banking & Finance Turkey borrows $2.5bn via green bond issue By Reuters April 7, 2023 REUTERS/Yuriko Nakao Remittances to Mexico from abroad hit a record high of $58.5 billion in 2022 The Turkish treasury has borrowed $2.5 billion in a green bond issue maturing in 2030 with a yield of 9.3 percent, two banking sources said. Demand for the issue was more than $8 billion with a 9.125 percent coupon rate, the bankers said. On Wednesday Turkey’s Treasury mandated Bank of America, ING, JP Morgan and Standard Chartered for the green bond issue as part of its 2023 external financing programme. The treasury has borrowed $7.5 billion from international markets this year including the latest issue. Foreign reserves fall Meanwhile, the Turkish central bank’s net international reserves fell some $460 million to $18.47 billion in the week to March 31, data from the bank showed on Thursday. Last July Turkey’s net forex reserves dropped to $6.07 billion, their lowest in at least 20 years, but subsequently rebounded. Forex reserves had dropped sharply in recent years due to market interventions and in the wake of a currency crisis in December 2021. The lira lost some 30 percent of its value against the dollar last year and 44 percent in 2021. The net forex reserves are still in negative territory once outstanding swaps, which stood at $36.83 billion on Wednesday, are deducted.