August 10, 2018 / 8:51 AM / 3 months ago

Turkish bank bonds tumble to fresh lows

LONDON, Aug 10 (Reuters) - Dollar debt issued by Turkish banks tumbled to record lows on Friday, with the lira plunging more than 7 percent as investors eyed a rift with the U.S. and a lack of response from the authorities to contain the currency crisis.

Yapi Kredi’s 2024 issue fell 1.85 cents to a record low of 77.94 cents in the dollar according to Tradeweb.

Halkbank’s dollar bonds also fell across the curve, with the July 2021 issue tumbling 2.8 cents to 70.11 cents.

Isbank’s 2023 Eurobond slipped 1.8 cents to 76.56 cents and Vakifbank’s 2027 bond fell 2.4 cents to 65.72 cents, both new record lows. (Reporting by Claire Milhench Editing by Robin Pomeroy)

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