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Local & USD Curves Diverge W/W, Locals Feel The Brunt

TURKEY
  • Local & USD rates Unch this morning having traded mixed in yesterday's session.
  • Local curve shifted higher across the breadth (+3-6bp), but most notably in 7Y yields (+20bp).
  • USD curve was mixed – bull steepening from the 3Y (-4.4bp).
  • W/w the local curve has lifted 10-15bp in the 7-10Y section of the curve.
  • W/w USD bonds have pulled -15-20bp lower in the 2-8Y section, with 1Y yields dropping 45bp.

Data/Events:

  • 0800BST: CBRT Survey of expectations on inflation, exchange rates, GDP (inflation seen at 11.54% in last month's survey)
  • 1330BST Erdogan speaks in Istanbul
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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