Banking stocks and sovereign dollar bonds slide for a second day and the cost of insuring exposure to Turkish debt rises further after President Tayyip Erdogan defied expectations in the presidential race.
Banking stocks and sovereign dollar bonds slid for a second day and the cost of insuring exposure to Turkish debt rose further after Erdoganon Sunday, May 14, securing just under the 50% threshold needed to win outright and giving him the lead over opposition rival Kemal Kilicdaroglu, ahead of the May 28 runoff vote.
Longer-dated, dollar-denominated government bonds had the biggest falls in fixed-income markets, although key corporate and banking sector bonds also edged lower. Turkey’s interest rate swap forwards, which are a rough guide for where traders expect the country’s interest rates to be once “risk premia” is added on, are now pricing them at around 27% in a year’s time, compared with a pre-election level of over 40%.
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