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Ukraine Progress Adds Positive Momentum to Turkish USD Bonds

  • 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 |
MNI London Bureau | +44 020-3983-7894 |

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