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TurkGBs Remain Under Pressure as Ukraine Crisis Leaves Turkey Vulnerable

  • Local & USD rates trade little changed around the open, having traded mixed in yesterday’s session that saw massive sanctions hit the Russian economy.
  • USD binds were little changed, while TurkGB yields rise +35-77bp across the curve with 3 & 7Y tenors most offered on the day.
  • The 5Y CDS held its ground yesterday, pulling back from the 600 handle.
  • USD/TRY 1m risk reversals also ticked higher but failed to establish a new high as spot USD/TRY fell sharply below 14.00.

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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