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Yields on Turkey USD Bonds Extend Decline Following US Data

TURKEY
Yields on Turkey USD bonds have extended lower following the softer-than-expected US CPI data and now sit close to levels not seen since just before the first round of the Presidential elections on May 14. Yields on 3Ys last deal at 7.854%, down 31.1bps on the day, while 10Ys are down 18.6bps. The broader move lower in yields accelerated earlier this week after President Erdogan announced that Turkey would be withdrawing its veto for Sweden NATO membership.
  • Despite trading in the red at the time of typing, Turkey’s benchmark Borsa Istanbul Index printed a fresh record high following the data, before paring gains.
  • Erdogan's Sweden step is the latest in a series of diplomatic manoeuvres that indicate warmer relations between Turkey and the West, on which markets are increasingly sensitive due to the precarious position of FX reserves after the pre-election drawdown.
  • Local newspaper Cumhuriyet reported this morning that business representatives are cautiously optimistic that such warmer relations may pave the way for Turkey's EU membership, which in turn will lead to a series of economic and political reforms, starting with the revision of the Customs Union and visa exemptions.
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