August 9, 2018 / 8:03 AM / 3 months ago

Turkey bond yield spread over Treasuries hits highest since 2009

LONDON, Aug 9 (Reuters) - Turkey’s sovereign dollar bond yield spreads over U.S. Treasuries hit their widest since April 2009 on Thursday as its issues fell across the curve, with some eurobonds down over 1 cent.

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 average spread over safe-haven Treasuries on the JPMorgan EMBI Global Diversified index rose to 462 basis points (bps), up 10 bps from Wednesday’s close as the Turkish lira hit another record low.

The 2045 sovereign issue fell around 1 cent to 84.32 cents in the dollar according to Tradeweb, while the 2041 eurobond was down 1.1 cent to 79.28 cents, the lowest since mid-June.

Turkey’s five-year credit default swaps rose 3 bps from Wednesday’s close to 359 bps according to IHS Markit data.

Reporting by Claire Milhench

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