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Turkish USD Bonds Hold Up Better than TurkGBs Against Rising UST yields

TURKEY
  • Local & USD rates trade slightly mixed this morning, with USD bond yields +1-4bp higher across the curve and TurkGB yields a fraction lower.
  • This follows on from yesterday’s broadly weaker session across both curves as rising UST yields sparked risk off in global FI markets.
  • TurkGB yields rose +19-32bp across the curve with 3-5Y tenors most offered, while USD bond yields were somewhat more resilient at +6-9.1bp higher with a slight bear steepening bias holding.
  • Turkey’s 5Y CDS ahs been mostly stable, however, hovering above 580 since Friday, despite the uptick in oil prices.
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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