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Turkish Rates Gain Cautiously Following FOMC Minutes

TURKEY
  • Local & USD rates trade mixed this morning as markets mull over the FOMC minutes from last night with UST yields easing off their highs from yesterday in early trading.
  • An expedited balance sheet run-off of $95bn/month as early as May has some analysts concerned about a sustained rise in LT UST yields – creating similar trickle-down effects in EM FI.
  • In the lead-up to yesterday’s minutes, TurkGB yields rose +30-55bp in 3-5Y tenors, while USD bond yields rose +17.3-28bp with 3-10Y tenors most offered.
  • Turkish yields remain vulnerable to a tightening in external conditions due to deeply negative real policy rates and a high proportion of FX-exposed short-term debt.
  • These debt risks are often reflected via the 5Y CDS, which has risen +36.8bp since Monday.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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