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Turkish Rates Rally Against the Grain in EM, Brushing Off Concerning CPI Data

TURKEY
  • Local & USD rates remain unch this morning, having gained mostly against the grain in EM as rising UST yields kept the developing world under pressure.
  • TurkGB yields fell -9-26bp across the curve with 2 & 10Y tenors outperforming on the day at -26bp & -21bp respectively. USD bonds were also better bid on the day with 2Y yields falling -23.3bp, while the rest of the curve dipped -1.7-5.0bp.
  • This better performance broadly ignores the deeply negative real rates established by Monday’s 36.08% CPI print, but rates at these levels are likely to remain under pressure over the medium to longer-term unless the CBRT makes a policy U-Turn or manages to control inflation.
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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