May 7, 2019 / 8:54 AM / 6 months ago

Turkey CDS soar to March pre-election levels after Istanbul vote decision

LONDON, May 7 (Reuters) - The cost of insuring exposure to Turkey’s sovereign debt soared on Tuesday after a decision by the country’s elections board to scrap and re-run Istanbul elections sent Turkish assets sharply lower.

Five-year credit default swaps rose 27 basis points (bps) from Monday’s close to 461 bps - levels last seen in the run up to local elections at the end of March, according to IHS Markit.

President Tayyip Erdogan’s AK Party suffered a narrow defeat in Istanbul, the country’s main commercial hub, in the March ballot. (Reporting by Marc Jones, writing by Karin Strohecker; Editing by Tom Arnold;)

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