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Turkish Rates Slide, Risk Premia Rise as Sentiment Falls Off a Cliff Pre-CBRT

TURKEY
  • Local & USD rates trade little changed this morning, having slipped into the red in yesterday's session as the CBRT meeting draws nearer.
  • Weakness was concentrated in 5-10Y yields in both TurkGBs and USD bonds with the former rising +15-17bp, while the latter lifted +9.6-10.6bp.
  • With sentiment extremely weak at this current juncture we may see selling momentum persist in today's session as the CBRT meeting approaches.
  • Risk Premia also remain buoyant as TRY depreciation gathers pace, with the 5Y CDS rising +8.6bp yesterday to resume its uptrend.
  • Turkey 5Y CDS


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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