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USD Bond Yields Slightly Lower Following FX Tool Adjustments

TURKEY
  • Turkey’s USD bond yield curve sits lower and steeper following changes by the CBRT to incentivise savings in regular lira deposits rather than FX-protected KKM accounts. According to a decree published in the official gazette, commercial banks whose clients don’t convert a certain ratio of their KKM deposits to regular lira accounts will have to purchase additional government bonds. (See more here: https://marketnews.com/turkey-makes-adjustments-to...).
  • Yields on 3Y USD bonds sit ~7bps lower on the day, easing off Friday’s levels which were the highest seen since mid-July. Nevertheless, yields across the curve generally respect recent ranges, though local newspaper Ekonomi expect the adjustments to decrease bond yields further.
  • The Borsa Istanbul Index trades 1.75% in the green at typing, outperforming the counterparts of its CEEMEA peers. However, the banking sector sub-index sits a notable 2.50% lower, extending last week’s losses from recent record highs.
  • The CBRT key rate decision is the highlight this week. The central bank delivered on the lower end of expectations with a 250bp key rate hike in July. Further tightening is expected at the Aug 24 meeting, with another 250bps increase the median estimate of the Bloomberg survey.
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