September 3, 2019 / 8:30 AM / 5 months ago

Turkey dollar bonds rise after softer than expected inflation data

LONDON, Sept 3 (Reuters) - Turkey’s dollar-denominated sovereign debt made healthy gains on Tuesday after inflation data showed prices were rising at a slower-than-expected pace.

Longer-dated maturities enjoyed the biggest gains with the 2045 issue rising around 1.3 cents to a two week-high of 91.691 cents in the dollar in a third straight day of gains.

Data showed annual inflation fell by a bit more than expected to 15.01% in August, resuming its downward march after last year’s currency crisis and likely paving the way for lower interest rates before year end.

This added to the momentum from Monday when data showed the economy contracted less than expected in the second quarter. (Reporting by Karin Strohecker; Editing by Tom Arnold)

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