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TurkGBs Hold Onto Gains, Despite Firm NFP Data

TURKEY
  • Local & USD rates remain unch this morning, having closed Friday’s session mostly mixed.
  • TurkGB yields dipped -15-47bp on the day with the 7Y outperforming, while USD bonds slipped into the red following the notable upside surprise in US NFP data that sparked a move higher in UST yields.
  • W/w, TurkGBs gained across the curve with 1-2Y yields falling -108bp, despite significantly wider negative real yields post-CPI.
  • The tightening external backdrop will be in focus this week as the US delivers CPI data – expected to rise to 7.3% y/y vs 7.0% prior.

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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