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- Local rates trade a fraction firmer around the open, having continued to slide in yesterday’s session.
- Sentiment continued to deteriorate yesterday as Erdogan reiterated his support for the new economic policy of low rates with rumours circulating surrounding his renewed desire for single digit rates.
- Yields rose +12-22bp across the curve with 5-7Y yields most offered on the day. Meanwhile, USD bonds sustained their bear flattening bias, rising +10-13bp in 2-5Y yields.