August 2, 2018 / 8:10 AM / 10 months ago

Turkey CDS hit 6-1/2 yr high after U.S. imposes sanctions -IHS Markit

LONDON, Aug 2 (Reuters) - The cost of insuring exposure to Turkish debt rose on Thursday to a 6-1/2 year high after the United States imposed sanctions on two of President Tayyip Erdogan’s ministers in a dispute over the trial of an American pastor.

Five-year credit default swaps jumped 16 basis points (bps) from Wednesday’s close to 346 bps according to IHS Markit data, the highest level since January 2012.

The U.S. imposed sanctions on Turkey’s Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu in an attempt to get Turkey to hand over Andrew Brunson, who is accused of backing a coup attempt against Erdogan two years ago. (Reporting by Claire Milhench and Karin Strohecker)

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