Credit default swaps, or the cost of insuring exposure to Turkish debt, spiked 11 basis points (bps) in one day to reach 483 bps, similar to levels seen ahead of Turkey’s local elections in late March, Reuters reported, citing IHS Markit. Dollar bonds for the country of 80 million fell across the curve.
The lira was trading at 6.225 to the dollar at around 1:00 p.m. Istanbul time.
Analysts attribute some of the pressure to concerns over U.S.-China trade talks, but the lira has now been on a downward spiral for more than a year.
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