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Local Rates Play Catch-Up Post-Holiday, USD Curve Steepens

TURKEY
  • Local & USD rates unch this morning, with local bonds having been closed for Commemoration of Ataturk, Youth and Sports Day.
  • USD bonds, however, traded softer across the curve with selling pressure concentrated in the 3-10Y portion of the curve.
  • W/w the USD curve is bull steeper, driven lower by 1-3Y tenors (-17-30bp).
  • Meanwhile the local curve continues to pivot around the belly, lifting at the front end and dipping at the back end in a marginal net bull flattening.
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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