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CBRT Reportedly Asked Banks to Buy Dollar Bonds This Week

TURKEY
  • According to a Bloomberg report, Turkey’s central bank asked some local lenders this week to step in and buy the country’s dollar bonds, which have fallen since the first round of the presidential elections, according to people familiar with the matter. The central bank declined to comment.
  • Some of the country’s banks were called by officials on Monday and asked to buy the nation’s dollar bonds across multiple maturities in secondary markets, the people said asking not to be named as they are not authorized to speak publicly on the matter.
  • The move, the people said, was aimed at keeping borrowing costs stable and also prevent a spike in credit-default swaps — a measure of protection against potential credit events, such as default. The lenders were not given purchase targets. (BBG)
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