April 11, 2019 / 12:50 PM / 8 days ago

Turkey's CDS jump to highest in nearly two weeks after reserves drop

LONDON, April 11 (Reuters) - Turkey’s 5-year credit default swaps (CDS) jumped to 431 basis points (bps) on Thursday, hiting their highest in nearly two weeks and up 19 bps on the day, data from IHS Markit showed.

The rise followed the latest drop in the country’s net international reserves, which stood at 157.29 billion lira ($27.35 billion) as of April 5, down from nearly 165 billion lira the previous week.

That heaped pressure on the lira, which slipped to 5.74 per dollar in FX markets, while Turkey’s dollar-denominated government bonds also fell as much as 1.2 cents. ($1 = 5.7505 liras) (Reporting By Tom Arnold; editing by Marc Jones)

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