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Turkish Rates Slide Ahead of Key Week, 5Y CDS Reflects MonPol Concerns

TURKEY
  • Local & USD rates remain unchanged this morning, having continued to trade softer into the weekend. Both curves closed higher on Friday with USD bonds underperforming TurkGBs.
  • Weakness was concentrated in the belly (5-7Y tenors) with the USD curve rising +6.7-11.4bp, while the TurkGB curve lifted +6-7bp.
  • Turkey's 5Y CDS has also risen sharply into this week (+23.71bp) ahead of the CBRT in what appears to be an idiosyncratic move as concerns of premature easing creep in.

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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