LONDON, Nov 20 (Reuters) - The cost of insuring exposure to Turkish debt rose on Monday to the highest level in six months, as tensions with the United States remained high ahead of a key court case.
Data from IHS Markit showed that five-year credit default swaps rose 9 basis points (bps) from Friday’s close to 217 bps, the highest since mid-May.
Ankara said on Monday that an upcoming U.S. court case against a wealthy Turkish gold trader was a “clear plot against Turkey” that lacked any legal basis.
Investors have also been unsettled by stinging comments by Turkish President Tayyip Erdogan last week that a lack of government intervention in monetary policy had left Turkey saddled with high inflation and facing a potential slowdown in investment.
Reporting by Claire Milhench; editing by Marc Jones