August 9, 2018 / 11:09 AM / a year ago

Turkey CDS hit 2009 highs as Turkey-U.S. concerns weigh

LONDON, Aug 9 (Reuters) - The cost of insuring exposure to Turkish debt rose on Thursday to the highest level since 2009 as the lira, Turkish sovereign debt and bank bonds sold off hard.

Turkish assets have taken a pounding following a deterioration in relations with the United States over Ankara’s treatment of an American pastor.

Turkey’s five-year credit default swaps rose to 370 basis points (bps), up 14 bps from Wednesday’s close, according to IHS Markit, as the lira tumbled more than 2 percent to record lows.

Turkey’s sovereign dollar bond yield spreads over U.S. Treasuries hit their widest since April 2009 as issues fell across the curve. (Reporting by Claire Milhench Editing by Robin Pomeroy)

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