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Turkish Rates Feel Some Reprieve, 5Y CDS Dips Slightly

TURKEY
  • local & USD rates unchanged so far this morning, having see a relief rally after a series of successively weaker sessions.
  • USD bonds outperformed with yields falling -7.4-15bp across the curve with a bull steepening bias: 2Y -15bp, 3Y -10.4bp.
  • Similarly, TurkGBs also caught a bid moving -4-12bp lower on the day with 3 & 7Y tenors leading the way (-12 & -9bp).
  • Turkey's 5Y CDS also saw some reprieve, falling -5.13bp which its peers Russia & SA traded flat to marginally lower.
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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