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Market Snapshot: 5Y CDS Rises +21bp Pre-FOMC Minutes

TURKEY
  • Global risk-off is hitting markets across the board today with US equity indices falling sharply, led lower by the Nasdaq. UST yields are moving higher, exerting similar pressures on Turkish bonds.
  • TurkGB yields trade +23-66bp higher across the breadth with the 7Y most offered. USD bond yields als stand +16-27bp higher with 3-10Y tenors most offered.
  • USD/TRY has been somewhat muted in today’s session and is +0.15% higher on the day, holding just shy of 14.75.
  • Turkey’s 5Y CDS is up +21bp, having risen +10bp yesterday and is inching towards the 600 mark as the next topside objective.
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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