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Turkish Rates Outperform Peers, Despite Higher CPI

TURKEY
  • Local & USD rates remain unchanged this morning, having ended yesterday's session flat to firmer – broadly against the grain in EM with rising UST yields keeping yields biased higher across the space.
  • TurkGBs gave up early gains to end flat on the day, outperforming Russian & SA local bonds by some distance.
  • Turkish USD bonds traded more firmly in the green, ending 2.1-5.3bp lower across the curve with gains concentrated in 5-10Y tenors.
  • Turkey's 5Y CDS continued to tick higher – now just a fraction below 440 resistance.
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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