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- local & USD rates remain unchanged so far this morning, having sold off sharply in the aftermath of yesterday's surprise -100bp CBRT rate cut -resulting in a sharp deterioration in sentiment.
- TurkGBs were most offered with the curve rising +21-53bp, with the curve closing bear steeper on the day: 2Y +28bp, 3Y +31bp, 5Y +47bp, 7Y +53bp, 10Y +43bp.
- Similarly, USD bonds also sold-off sharply across the curve (+14.5-21.7bp) with the 2-5Y yields most affected to close bear flatter.
- Turkey's 5Y CDS also rose +14.56bp, making a decisive break of the 400 handle.