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TurkGBs Brush Off Higher CPI to Close Bull Flatter W/W

TURKEY
  • Local & USD rates remain unchanged this morning, having closed broadly mixed in Friday's session post-CPI.
  • After a brief bout of weakness following the higher CPI print local TurkGBs returned to positive territory – bear flattening -4-7bp on the day.
  • Meanwhile USD bonds continued to underperform, bear flattening +3bp from the front end. W/w the TurkGB curve closed play -30-33bp bull flatter as overblown taper fears continued to bolster duration demand in EM FI.
  • Turkey's 5Y CDS also dipped lower in Friday's session, but will need to overcome 363.96 support to take the next leg lower.


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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