July 24, 2018 / 2:08 PM / 2 months ago

Turkey 5-yr CDS rise 22 bps on day after c.bank triggers selloff

LONDON, July 24 (Reuters) - Turkey’s debt insurance costs rose on Tuesday to one-week highs in the credit default swaps (CDS) market after the central bank triggered a broad market selloff by keeping interest rates unchanged instead of delivering an expected rate rise.

Data from IHS Markit showed five-year CDS up 22 basis points from Monday’s close to 323 bps.

The lira is down almost 3 percent against the dollar after the central bank decision, stocks fell as much as 5 percent and local 10-year bond yields rose more than 150 bps.

Reporting by Sujata Rao

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