September 13, 2018 / 11:43 AM / 6 days ago

Turkey dollar bonds gain after sharp rate hike

LONDON, Sept 13 (Reuters) - Dollar-denominated bonds issued by the Turkish government rose across the curve on Thursday after the central bank hiked its benchmark rate by 625 basis points, boosting the lira.

Turkey’s 2038 Eurobond jumped 2.8 cents to 89.74 cents in the dollar, according to Tradeweb, its highest level since end-August.

The 2045 issue also leapt 2.8 cents to 83.45 cents, and the 2043 bond gained 2.7 cents to 71.8 cents.

The bank raised the one-week repo rate to 24 percent, meaning it has now increased interest rates by 11.25 percentage points since late April, in an attempt to put a floor under the tumbling lira. (Reporting by Claire Milhench and Karin Strohecker Editing by Matthew Mpoke Bigg)

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