August 9, 2018 / 10:33 AM / 10 days ago

Turkish bank bonds extend losses, fall to record lows

LONDON, Aug 9 (Reuters) - Dollar debt issued by Turkish banks extended losses on Thursday, with some Yapi Kredi and Halkbank bonds dropping to record lows as the depreciation of the lira intensified investor fears of capital erosion.

The lira hit another record low against the dollar, down over 2 percent, as investor concern over Turkey’s relationship with the United States and the direction of monetary policy mounted .

Yapi Kredi’s 2026 issue fell 2.6 cents to a record low of 77.4 cents,according to Tradeweb. Earlier this week, Goldman Sachs identified Yapi Kredi as having the weakest capital levels of all the main Turkish banks .

Halkbank’s 2020 eurobond slipped 2.2 cents to another record low of 74.4 cents, and Isbank’s 2024 bond fell 2.5 cents to 77.53 cents in the dollar, also a record low. (Reporting by Claire Milhench, editing by Larry King)

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