June 25, 2018 / 7:18 AM / 3 months ago

Turkey dollar bonds push higher on Erdogan election win

LONDON (Reuters) - Turkey’s dollar-denominated bonds maturing 2022 and beyond gained on Monday after Tayyip Erdogan won Turkey’s presidential election.

A money changer holds Turkish lira banknotes next to U.S. dollar bills at a currency exchange office in central Istanbul April 15, 2015. REUTERS/Murad Sezer

The 2040 issue TR047779618= chalked up the biggest daily gains since 2013, adding 2.898 cents to reach its highest in three weeks at 93.698 cents, according to Thomson Reuters data.

However, some of the shorter-dated maturities softened a touch, with the 2019 and 2020 bonds down 0.1-0.3 cents.

Erdogan emerged victorious overnight from his biggest electoral challenge in 15 years, giving him the sweeping, executive powers he has long sought and extending his grip on the nation of 81 million until at least 2023.

Reporting by Karin Strohecker

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