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Turkish USD Bonds Wither, 5Y CDS Bounces

TURKEY
  • Local & USD rates remain unchanged this morning, having traded mixed to weaker in yesterday's session.
  • Turkish USD bonds underperformed local TurkGBs, bear flattening +11bp in 2Y yields while the rest of the curve lifted +5.2-8.9bp.
  • TurkGBs traded choppily to end with the 2Y -5bp, while the rest of the curve ended +/- 1bp around the open.
  • Turkey's 5Y CDS bounced +5.3bp after testing last week's swing low – but will need to overcome 370 to take the next leg higher towards 380 in the lead-up to the CBRT.

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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