May 6, 2020 / 11:54 AM / 23 days ago

Turkey CDS, currency volatility jump to multi-week highs as lira slumps

LONDON, May 6 (Reuters) - The cost of insuring exposure to Turkey’s sovereign debt and lira volatility gauges climbed to multi-week highs on Wednesday as the country’s currency tumbled as much as 1.4% to trade near all-time lows.

Turkey 5-year credit default swaps added 30 basis points (bps) from Tuesday’s close to 628 bps, the highest in nearly three weeks, data from IHS Markit showed.

Turkish lira implied volatility gauges jumped to the highest level in two weeks, with the one week gauge rising to 20%, data from Fenics showed. (Reporting by Karin Strohecker; Editing by Tom Arnold)

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