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Morning Commentary: Turkey’s bonds fade after strong open post-election
By Rebecca Melvin
New York, June 25 – Turkey’s bonds were fading back after a strong open on Monday in the wake of results showing president Recep Tayyip Erdogan won the presidential election on Sunday and his AK Party retained control of parliament.
The Turkey 6 1/8% notes due 2028 were recently 93.435, which was off 0.2% on the day but close to their high of 93.6 in recent sessions.
The drop back was “not a surprise given the amazing rip we saw to finish off last week,” a London-based trader said.
Turkey’s five-year sovereign credit default swaps tightened by 25 basis points to 275 bps after news that Erdogan, a vocal opponent of raising the country’s interest rates, had won his second term and the AKP retained its parliamentary majority.
A similar move was seen in the Turkey lira which spiked lower before climbing back to around 4.69 on Monday. That was only slightly weaker compared to a level around 4.68 on Friday.
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