August 8, 2018 / 10:06 AM / a month ago

Turkish bank bonds stay under pressure, Yapi Kredi tumbles

LONDON, Aug 8 (Reuters) - Dollar debt issued by Turkish banks slid further on Wednesday, with some Yapi Kredi and Halkbank paper hitting record lows as the lira weakened 0.8 percent.

Investors are concerned that the rapid depreciation in Turkey’s currency will erode capital buffers at its banks, and Goldman Sachs identified Yapi Kredi as having the weakest capital levels.

Yapi Kredi’s 2026 issue tumbled over 4.6 cents to a record low of 82 cents in the dollar, according to Tradeweb data.

Halkbank’s July 2021 eurobond fell 1.55 cents, and its February 2021 issue was down 1.2 cents to 74.94 cents, also a record low.

Other Turkish bank bonds also sold off, with Akbank’s 2027 bond down 0.76 cents to a record low of 75.97 cents.

Reporting by Claire Milhench; editing by John Stonestreet

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