March 27, 2019 / 10:53 AM / 3 months ago

Turkey dollar bonds tumble, CDS soar as lira pressure mounts

LONDON, March 27 (Reuters) - Turkey’s dollar-denominated sovereign bonds tumbled on Wednesday and the cost of insuring exposure to its debt soared to a 6-1/2 month high as authorities efforts to shore up the lira saw investors rush to sell the country’s assets.

Many dollar bond issues plumbed multi-month lows with the 2030 bond falling 2.9 cents in the dollar to trade at 126.75 cents - the lowest level since October 2019, according to data from Tradeweb.

Turkey’s 5-year credit default swaps (cds) soared to 441 basis points (bps), up 25 bps from Tuesday’s close, having now jumped by more than 100 bps over the past week, data from IHS Markit showed.

Reporting by Karin Strohecker; editing by Sujata Rao

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