Sovereign Analysis /

Turkey: Market implications of election run-off

  • Hopes of market-friendly policy shift have dimmed given President Erdogan's likely victory in Sunday's run-off election

  • Sharp TRY devaluation is still inevitable post-election as CBRT runs out of ammo to defend the currency

  • CDS has adjusted sharply but spreads could rise further absent an orthodox policy shift; initiate Buy on 5yr CDS

Turkey: Market implications of election run-off
Patrick Curran
Tellimer Research
26 May 2023
Published byTellimer Research


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