October 10, 2019 / 8:58 AM / 4 months ago

Turkey CDS touch month high after military moves into Syria

LONDON, Oct 10 (Reuters) - The cost of insuring exposure to Turkey’s sovereign debt climbed to its highest in a month on Thursday, after Turkish troops and their Syrian rebel allies launched a ground operation against a Kurdish militia in northeast Syria.

Turkey’s five-year credit default swaps (CDS) rose to 396 basis points (bps), up from 388 bps at the end of trading on Wednesday, according to IHS Markit data.

Turkish dollar bonds also fell for a fourth straight day on Thursday, with the 2045 issue dropping 0.86 cents to its lowest in three weeks, Tradeweb data showed.

Turkish commandos pushed deeper into Syrian territory east of the Euphrates river on the second day of a offensive against Kurdish militia. (Reporting by Tom Arnold; editing by Marc Jones)

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