October 9, 2017 / 3:04 PM / in 12 days

Turkey CDS jump to 1-week high on visa spat with United States

LONDON, Oct 9 (Reuters) - The cost of insuring exposure to Turkish debt rose on Monday to the highest level in a week after the United States and Turkey mutually suspended visa services, signalling fraying relations between the NATO allies.

Data from IHS Markit showed that five-year credit default swaps (CDS) for Turkey rose 8 basis points (bps)to 185 bps, the highest level since October 2.

Turkey’s lira, stocks and bonds all tumbled after the U.S. mission in Turkey and subsequently the Turkish mission in Washington mutually scaled back visa services after a U.S. consulate employee was arrested in Turkey . (Reporting by Karin Strohecker, editing by Sujata Rao)

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