August 30, 2018 / 1:54 PM / 2 years ago

Turkey CDS jump, sovereign dollar bonds extend falls

LONDON, Aug 30 (Reuters) - The cost of insuring exposure to Turkish debt jumped on Thursday and government dollar-denominated bonds extended falls across the curve with the lira down over 4 percent as the currency crisis continued.

Turkish five-year credit default swaps leapt 27 basis points (bps) from Wednesday’s close to a two-week high of 535 bps according to IHS Markit data.

Turkey’s sovereign dollar bonds also fell further, with the 2045 issue down 2 cents to 78 cents in the dollar according to Tradeweb.

Turkey’s central bank deputy governor and rate-setter Erkan Kilimci was said to be leaving the bank, which has been under pressure from President Tayyip Erdogan not to increase interest rates despite high inflation and the collapsing lira. (Reporting by Claire Milhench Editing by Alison Williams)

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