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Turkish USD Rates Rally as Risk-On Sparks Reversal

TURKEY
  • Local & USD rates trade little changed this morning, having seen a firm rebound yesterday on broad-based risk-on in global markets as global equity indices marched higher.
  • TurkGBs racked up some modest gains, while USD bonds rallied -23-44.8bp across the curve. 5-10Y yields outperformed on the day, falling -33-44.8bp led lower by the 7Y tenor.
  • Turkey’s 5Y CDS also marked a notable turnaround, dropping -39.5bp to pull back below the 500 handle.
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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