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Turkish dollar bonds rise after referendum victory for Erdogan
April 18, 2017 / 7:23 AM / 8 months ago

Turkish dollar bonds rise after referendum victory for Erdogan

LONDON, April 18 (Reuters) - Turkish dollar bonds rose across the curve on Tuesday to five-month highs after President Tayyip Erdogan’s narrow victory in a referendum on constitutional change granted him sweeping powers.

The most-traded 2030, 2034, 2036 and 2045 issues rose up to 0.5 cents according to Tradeweb data, to hit their highest levels since early November 2016, ,,.

The constitutional changes could keep Erdogan in power until 2029 or beyond. Late on Monday the cabinet extended a state of emergency by three months, the third such extension since a failed coup attempt last July.

Turkish five-year credit default swaps were trading at 233 basis points, according to IHS Markit data, unchanged since close of business on Friday at a two-week low.

Reporting by Claire Milhench; Editing by Andrew Heavens

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