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Turkish Bonds Wither as Ukraine Risks Weigh

TURKEY
  • Local & USD rates remain Unch this morning, having withered in yesterday’s session as markets showed concern over Turkey’s exposure to the Ukraine crisis.
  • TurkGB yields rose +8-24bp across the curve with 2 & 5Y yields most offered, while USD bond yields rose +4.3-7.4bp with 3 & 10Y tenors underperforming.
  • The USD 10Y has also tentatively broken the upper trendline of a triangle structure around the 8.00 handle and may look to retest the Dec-Jan highs at 8.17-8.25 as the trend resumes higher.
  • Credit default swaps inched +2.2bp higher yesterday, pulling back from a test of the 550 level.

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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