October 7, 2019 / 4:11 PM / a month ago

Turkey dollar bonds tumble after Syria worries mount, Trump threat

LONDON, Oct 7 (Reuters) - Turkey’s sovereign dollar bonds dropped their most in nearly a month on Monday on growing concerns about Ankara’s military operations in northeast Syria and a tweet by U.S. President Donald Trump threatening to obliterate the country’s economy.

The 2038 issue lost 1.3 cents to 102.102 cents in the dollar, its biggest daily fall since Sept. 10, according to Tradeweb data. The 2040 issue lost 1.2 cents to 96.494 cents in the dollar, the data showed.

The White House said on Sunday Ankara will soon move forward with its long-planned military operation to create what it calls a “safe zone” in northern Syria.

Yet later on Monday Trump threatened in a tweet that he would “totally destroy and obliterate” the Turkish economy if Turkey took any action he considered “off-limits” following his decision to withdraw American forces from northeastern Syria.

Turkish assets came under broad selling pressure with the lira tumbling 1.7% against the dollar, sliding to its lowest level in more than a month and suffering its biggest daily decline since early July.

Reporting by Tom Arnold, editing by Karin Strohecker

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