April 18, 2018 / 2:06 PM / in 6 months

Turkey dollar bonds gain across curve on early election call

LONDON, April 18 (Reuters) - Turkey’s dollar-denominated bonds gained across curve on Wednesday with longer-dated issues adding around 1 cent after President Tayyip Erdogan announced elections will be held on June 24 — more than a year ahead of schedule.

Longer-dated maturities reaped the biggest gains, with the 2045 bond recording its biggest daily gain in two months. It was trading at 98.852 cents, according to Tradeweb data.

“In calling an early election Erdogan must feel confident he and his AKP Party have the necessary numbers to achieve victory,” said Paul Greer, portfolio manager at Fidelity International. “That itself should reduce market uncertainty.” (Reporting by Karin Strohecker Editing by Catherine Evans)

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