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Front-End Rates Surge as Sentiment Deteriorates & Liquidity Dries Up

TURKEY
  • USD/TRY stands +13% higher today, fluctuating in a +10-15% after reaching a swing high at 13.4539 amid thin liquidity as offers dry up and cause market disfunctionality
  • Local & USD yields have surged higher today with 2-5Y yields in TurkGBs trading +104-128bp higher on the day
  • USD bonds are somewhat more subdued, but still trading +48-52bp higher in 2-5Y yields* 5Y CDS +44bp & Turkish stocks +0.54%
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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