Turkey's lira slides, credit default swaps spike after election
The lira was at 19.65 to the dollar at 0655 GMT, after reaching 19.70 in earlier trading, its weakest since a record low of 19.80 hit in March this year following deadly earthquakes.
"This is a major disappointment to investors hoping for a win for opposition candidate Kilicdaroglu and the reversion to orthodox economic policy he promised," said Hasnain Malik, head of equity research at Tellimer. Dollar-denominated sovereign bonds issued by Turkey fell sharply by more than 5 cents, while the five-year Turkey credit default swap spread jumped 105 basis points to 597 bps, according to S&P Global Market Intelligence, the highest since November 2022.
Last week, Turkish stocks and bonds rallied when third-party presidential candidate Muharrem Ince withdrew from the race, boosting expectations of a Kilicdaroglu win.
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