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Local Rates Claw Back Marginal Gains, But Risks to Further Weakness Remain

TURKEY
  • Local & USD rates trade little changed this morning, having seen a second consecutive session of gains after last week’s sharp sell-off.
  • TurkGB yields fell -8-32bp across the curve with 3-5Y tenors most bid, while USD bond yields fell -13.6-28.6bp with the curve bull steepening.
  • Credit default swaps have also eased off their highs, but remain above the 700 handle as markets remain concerned about the trajectory of the lira in its current depreciation spiral.
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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