September 13, 2018 / 1:28 PM / 7 days ago

Turkey CDS fall 34 bps after hefty central bank rate hike

LONDON, Sept 13 (Reuters) - The cost of insuring exposure to Turkish debt fell 34 basis points (bps) to the lowest level since mid-August on Thursday after the central bank raised its benchmark rate by 625 bps.

Five-year credit default swaps fell to 475 bps, down sharply from Wednesday’s close of 509 bps, according to IHS Markit data.

The lira firmed by 2.6 percent and dollar bonds rose across the curve in the wake of the bank’s decision, which exceeded market expectations.

Reporting by Claire Milhench; Editing by Janet Lawrence

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