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TRY Underperforms High-Beta Peers, Facing Hurdles to Risk Premia Compression

TURKEY
  • TRY the clear CEMEA underperformer today ahead of meetings with the EU.
  • ZAR faring the best, while RUB trades tentatively, with Ukraine & US tensions tempering a pullback in oil markets
  • Although Turkey's 5Y CDS is compressing somewhat, it faces significant hurdles to a meaningful unwind with little space for policy slippage and extensive monetary policy headwinds associated with CBRT Gov Agbal's replacement

  • Turkey 5Y CDS


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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