June 24, 2019 / 7:55 AM / 22 days ago

Turkey CDS fall after opposition rides to victory in Istanbul vote

LONDON, June 24 (Reuters) - The cost of insuring exposure to Turkey’s sovereign debt fell by 16 basis points (bps) on Monday after the opposition Republican People’s Party (CHP) scored a decisive win against President Tayyip Erdogan’s ruling AK Party in Sunday’s Istanbul elections.

Turkey 5-year credit default swaps (CDS) eased to 429 bps from Friday’s close of 445 bps, according to data from IHS Markit.

The election results gave a lift to Turkish assets across the board, with the lira strengthening 1.6% while longer-dated dollar-denominated sovereign bonds rose to multi-month highs. (Reporting by Karin Strohecker; editing by Sujata Rao)

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