June 13, 2018 / 9:50 AM / a year ago

Turkey CDS hit highest since Dec 2016 -IHS Markit

LONDON, June 13 (Reuters) - The cost of insuring exposure to Turkish sovereign debt rose to the highest level since December 2016 on Tuesday as the currency lurched towards fresh record low.

Turkey 5-year credit default swaps jumped 9 basis points (bps) from Tuesday close to 305 bps, according to IHS Markit.

These levels were last seen when Turkey’s ruling AKP party worried markets by announcing it would present plans to parliament for a referendum to change the country to an executive presidency.

Reporting by Karin Strohecker, editing by Marc Jones

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