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USD Bonds Shine Post-Lockdown, Bull Steepening

TURKEY
  • Local & USD rates unch this morning, having traded mixed in yesterday's session.
  • USD bonds were better bid across the curve, bull steepening on the back of reduced Covid restrictions.
  • Front end yields dipped -10.2-13.7bp, while 7-15Y tenors traded -7.6-12.4bp lower.
  • Conversely, local bonds turned offered across the curve, lifting +2-7bp across the breadth with selling concentrated mostly in the 5Y tenor.
  • 5Y CDS came off -4.43bp, making a third test of 400 support, reflecting an uptick in post-lockdown optimism
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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