February 10, 2020 / 9:38 AM / 16 days ago

Turkey dollar bonds tumble, CDS spike as regulator limits FX transactions

LONDON, Feb 10 (Reuters) - Turkey’s dollar-denominated sovereign bonds tumbled and the cost of insuring exposure to its debt rose after the country’s bank regulator stepped in to limit FX transactions.

The country’s 3038 bond suffered the heftiest falls, dropping 1.7 cents in the dollar to trade at 111.728 cents in the dollar in its biggest daily decline since October, Refinitiv data showed.

Five-year credit default swaps (CDS) jumped by 6 basis points from Friday’s close to 264 bps, the highest level since mid-January, according to IHS Markit. (Reporting by Karin Strohecker; Editing by Tom Arnold)

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