Free Trial

Ukraine Progress Adds Positive Momentum to Turkish USD Bonds

TURKEY
  • Turkish USD bonds have accelerated their gains this morning on early signs of a thawing in Russia-Ukraine tensions with both sides showing a willingness to negotiate amid Russian military difficulties.
  • Turkish USD bond yields trade -33-45bp lower today, adding to weekly gains as the crisis tentatively simmers. 3 & 10Y yields are most bid, but gains are mostly uniform across the curve. Credit default swaps also continued to retrace from the 700 mark, having fallen -33bp today and -85bp since Monday.
  • Oil prices have fallen sharply from their highs, but trade +2% in the green today – just above the $100/bbl handle. This eases pressure on Turkey’s BOP and trade deficit as a net importer, and softens inflationary risks on the margins - although the inflation picture in Turkey is already decidedly dire.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.