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Bonds Trade Mixed as Risk-Off Hits Global Markets, USD/TRY Risk Reversals Drift Lower

TURKEY
  • Local & USD rates unchanged so far this morning, having traded mixed to firmer in yesterday's session.
  • Local bonds saw mixed sentiment as 2Y yields lifted +19bp, 5Y yields dipped -20bp alongside 7-10Y yields at -6-8bp – resulting in a flatter curve at both ends.
  • Meanwhile, USD bonds had a more stable session, bull flattening -4-6bp.
  • Downside momentum stalled out somewhat on the 5Y CDS, but 1w USD/TRY 25D risk reversals have continued to drift lower this morning.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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