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TurkGBs Gain as Risk Premia Slip Below Key Support

TURKEY
  • Local & USD rates trade little changed this morning, having continued to firm in yesterday's session. TurkGBs ended lower across the curve with gains concentrated in 3 & 7Y yields (-11bp), while USD bonds closed -3.4-5.8bp lower across the breadth of the curve.
  • Sovereign risk premia fell across EM yesterday in line with more favourable global risk conditions, with Turkey's 5Y CDS falling 7bp to move below 400 support.
  • 1m USD/TRY risk reversals and implied vols remain stable to higher, however, diverging from the lower trend observed in peers ZAR & RUB.
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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