Free Trial

Maturities seen Lengthening As CBRT Jumps At Market Optimism

TURKEY
  • Local analysts highlight a key lengthening of foreign & local bond maturities following the announcement of the 2031 $benchmark bond as it seizes on renewed market optimism surrounding the new policy orthodoxy pivot.
  • Turkey last borrowed $2.5bn on international markets in October in a 5Y sale
  • Today's TRY 1.5bn 11.7% 10Y auction saw a strong bid to cover of 2.29x, showing budding demand for Turkish debt on early signs of improving fundamentals
  • This was the first 10Y auction since 2018, which priced at a yield of 17.6%
  • Former FinMin Albayrak's strategy tilted towards shorter bonds with ave maturity ~20-months in October vs ~70-months in 2018
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.