August 20, 2018 / 8:17 AM / 3 months ago

Turkish sovereign dollar bonds fall, CDS rise

LONDON, Aug 20 (Reuters) - Turkish sovereign dollar bonds fell across the curve on Monday and the cost of insuring exposure to Turkish debt rose after sovereign credit ratings downgrades by Moody’s and S&P Global on Friday.

In addition, shots were fired at the U.S. Embassy in Ankara, compounding tensions between Turkey and the United States as a dispute over Turkey’s detention of an American pastor simmered.

Turkey’s 2045 Eurobond fell 1 cent to 80.02 cents in the dollar according to Tradeweb, while the 2043 issue fell 0.997 cents to 68.4 cents.

Five-year credit default swaps rose 5 basis points (bps) from Friday’s close to 503 bps, according to data from IHS Markit. (Reporting by Claire Milhench; Editing by Toby Chopra)

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