October 23, 2017 / 9:43 AM / in a year

Turkey CDS rise by 4 bps on Washington-Ankara tensions

LONDON, Oct 23 (Reuters) - The cost of insuring exposure to Turkish debt rose on Monday to a 12-day high as the banking regulator was forced to dismiss a weekend report that some of the country’s lenders face substantial U.S. fines for Iran sanctions evasion.

Data from IHS Markit showed that five-year credit default swaps (CDS) for Turkey rose 4 basis points (bps)to 177 bps, the highest level since October 11. The lira and Turkish banking stocks fell.

Relations between NATO allies Washington and Ankara have been strained by a series of diplomatic rows. (Reporting by Karin Strohecker, editing by Mike Dolan)

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