February 20, 2018 / 3:46 PM / a year ago

Turkish dollar bonds fall, CDS rise on Syria tensions

LONDON, Feb 20 (Reuters) - Turkish sovereign dollar bonds fell and the cost of insuring exposure to the country’s sovereign debt rose on Tuesday as pro-Syrian government forces entered Syria’s northwestern Afrin region to help a Kurdish militia fend off a Turkish assault.

Turkey’s May 2040 bond fell over 1 cent to 104 cents, according to Tradeweb data. The April 2043 issue also fell over 1 cent to trade at 82 cents.

Turkish five-year credit default swaps rose 9 basis points from Monday’s close to 172 basis points - the highest level since Friday, according to HIS Markit..

Turkey’s month-old offensive is aimed at driving the Kurdish YPG militia, which it sees as a big security threat on its border, from Afrin. (Reporting by Claire Milhench, editing by Karin Strohecker)

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