LONDON: Turkey's dollar-denominated sovereign bonds tumbled on Thursday for an eighth straight session and the cost of insuring exposure to its debt soared to a 6-1/2 month high as the lira suffered another sharp sell-off.
Many dollar bond issues plumbed multi-month lows after suffering a losing streak last seen in June 2017. The 2030 bond fell 1.9 cents in the dollar to trade at 125.128 cents - the lowest level since September 2018, according to data from Tradeweb.
Turkey's 5-year credit default swaps (CDS) soared to 506 basis points (bps), up 36 bps from Wednesday's close, having now jumped by some 177 bps over the past week, data from IHS Markit showed.
Comments
Comments are closed.