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TURKEY
  • Local & USD bonds have gone offered into the weekend, with losses most acutely felt in locals.
  • Belly of the local curve seeing the most selling pressure: 5-7Y tenors +21-31bp.
  • USD curve also seeing selling concentrated in 3-7Y tenors: +7.5-9.1bp.
  • Turkey swap rates also +55-70bp higher across the curve, bear flattening from the front end.
  • USD/TRY +0.95%, trading a fraction below 8.60 having made a consolidated break of the 8.50 handle.
  • Risk premia seen lifting with the 5y CDS +9bp, back above 400. 1w & 1m Implied vol also notching higher in today's session.
  • Turkish stocks diverging the trend somewhat: Bist 100 +0.20%, holding marginally above 1400 support.
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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