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Selling Pressure Persists in TurkGBs, 5Y CDS Approaches 450

TURKEY
  • Local & USD rates remains unchanged this morning, having continued to sell off in yesterday's session on the back of sustained bearish momentum post-CBRT, combined with higher UST yields.
  • The back end of the TurkGB curve continued to rise, with 5-10Y yields +12-18bp higher on the day and the 7Y leading.
  • Similarly, USD bonds continued to weaken across the curve with yields lifting +7-11.2bp and most notably in 5 & 7Y yields.
  • Turkey's 5Y CDS also continues to head skyward after jumping another +11.55bp yesterday as we approach 450 – 33bp short of the post-Agbal highs

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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