April 18, 2018 / 2:30 PM / a month ago

Turkey CDS fall 5 basis points on early election call

LONDON, April 18 (Reuters) - The cost of insuring exposure to Turkish sovereign debt fell on Wednesday after President Tayyip Erdogan announced elections will be held on June 24 — more than a year ahead of schedule.

Turkish five-year credit default swaps fell 5 basis points (bps) from Tuesday’s close to 200 bps, according to IHS Markit data.

Reporting by Karin Strohecker Editing by Catherine Evans

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