June 24, 2019 / 7:16 AM / a month ago

Turkey dollar-bonds hit multi-month highs after Istanbul opposition win

LONDON, June 24 (Reuters) - Dollar-denominated bonds issued by Turkey’s government rose across the curve on Monday after the opposition Republican People’s Party (CHP) scored a decisive win against President Tayyip Erdogan’s ruling AK Party in the Istanbul elections.

Prices for longer-dated bonds chalked up the biggest gains, with most bonds maturing in 2030 or beyond rising 1.5 cents in the dollar or more.

The 2040 and 2041 maturities jumped 1.7 cents, the latter trading at the strongest level since February.

Turkey’s lira also booked strong gains. (Reporting by Karin Strohecker; Editing by Saikat Chatterjee)

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