May 24, 2018 / 7:54 AM / a month ago

Turkish CDS retreat to one-week low after emergency rate hike

LONDON, May 24 (Reuters) - The cost of insuring exposure to Turkish sovereign debt fell to a one-week low on Thursday after the country’s central bank delivered an emergency rate hike in an attempt to stem the slide of the lira.

Turkey’s five-year credit default swaps fell by 15 basis points from Wednesday’s close to 267 bps, according to data from IHS Markit.

Reporting by Karin Strohecker

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