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TurkGBs Snap Multi-Session Selling Spree, But Outlook Remains Grim

TURKEY
BulletEM BulletEmerging Markets
  • Local & USD rates are little changed this morning, having closed yesterday’s session broadly mixed. TurkGBs snapped a multi-session selling spree with yields falling -20-65bp across the curve with the 3Y most bid.
  • Conversely, USD bond yields rose +6.3-26.6bp across the curve with a bear flattening bais holding.
  • More supporting global risk conditions and a softer USD could see positive momentum continue today in TurkGBs, but the direction of travel remains overwhelmingly negative for Turkish assets on a medium to longer-term outlook.
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  • Local & USD rates are little changed this morning, having closed yesterday’s session broadly mixed. TurkGBs snapped a multi-session selling spree with yields falling -20-65bp across the curve with the 3Y most bid.
  • Conversely, USD bond yields rose +6.3-26.6bp across the curve with a bear flattening bais holding.
  • More supporting global risk conditions and a softer USD could see positive momentum continue today in TurkGBs, but the direction of travel remains overwhelmingly negative for Turkish assets on a medium to longer-term outlook.