March 22, 2019 / 4:27 PM / a month ago

Turkey CDS soar to near 4-month high on lira tumble

LONDON, March 22 (Reuters) - The cost of insuring exposure to Turkey’s sovereign debt rose to the highest level since late November on Friday as the country’s assets were hammered by a sharp tumble in the lira currency.

Turkey’s 5-year credit default swaps jumped 45 basis points (bps) to 396 bps from Thursday’s close of 351 bps, data from IHS Markit showed.

The lira tumbled as much as 5 percent against the dollar as investors fretted over FX deposits of local individuals soaring to a record high, FX reserves declining sharply and heightening tensions between Ankara and Washington after Donald Trump’s move to recognise Israeli sovereignty over the Golan Heights.

Reporting by Karin Strohecker; Editing by Tom Arnold

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