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Turkish Rates Mixed Ahead of US CPI, 5Y CDS Stalls

TURKEY
  • Local rates open on the weaker side this morning, trading +1-2bp higher with a marginal bear flattening bias after a broadly firmer session yesterday.
  • TurkGBs closed mostly in the green with 7-10Y yields falling -5-7bp on the day. USD bonds, however, slipped into the red to close +2.7-3.7bp higher across the breadth of the curve.
  • Turkey's 5Y CDS slowed its push lower yesterday to rise back to the 400 level, while implied volatility ticked up on a 1w & 1m basis across the EM space as markets position for US CPI today.
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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