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Investing.com -- Turkey’s sovereign dollar bonds experienced a significant rise, outperforming other emerging-market peers. This increase is due to growing expectations that the recent political unrest in the country will not affect its economic policy direction.
The sovereign bond due in May 2047 increased by 0.6 cent on the dollar. This rise placed at least 17 Turkish securities among the top 20 performers in the Bloomberg EM Sovereign Total (EPA:TTEF) Return Index.
Credit default swaps, which provide protection against default risk over the next five years, narrowed by 17 basis points. This is on track to be the largest daily contraction since March 2024.
Last week, Turkey’s assets were affected by a selloff following the arrest of Ekrem Imamoglu, a key political adversary of President Recep Tayyip Erdogan. This event brought back memories of previous years when politics frequently disrupted economic policy.
In response, Erdogan’s government has acted quickly to dispel these concerns. The president publicly supported the economic program of Finance Minister Mehmet Simsek. Simsek, along with central-bank Governor Fatih Karahan, will directly address global investors later on Tuesday.
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