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TurkGBs Under Pressure W/W as Ukraine Risks Weigh Heavily, 5Y CDS Ticks Higher



  • Local & USD rates remain unch this morning, having closed Friday’s session notably firmer on the back of markets acclimating to the Ukraine crisis.
  • This may be short-lived following weekend moves from the West targeting Russia’s international reserves & SWIFT status – sending the markets into risk-off mode.
  • Turkish rates remain vulnerable due to their deeply negative real yields and economic exposure to Ukraine & Russia.
  • W/w The TurkGB curve rose +171-215bp with a bear flattening bias holding in 1-5Y tenors. Similarly USD bond yields rose +26-61bp across the curve with a bear flattening bias - but remained more resilient than local bonds.
  • The 5Y CDS is up +14bp in early trading with Friday’s highs at 628 the next major resistance beyond the 600 handle.
  • TurkGB Curve w/w

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

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