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Bond Market News
Turkiye Upgraded to B+ by S&P
May 6, 2024
Turkiye has been upgraded by a notch, to B+ from B by S&P. The upgrade follows the completion of local elections post which S&P expects greater coordination between monetary, fiscal and income policy to improve, helping reduce elevated inflation. Over the first two months of 2024, the 12-month rolling account deficit has reduced by 1.2% of GDP with annual gold imports down to just under 1% of GDP. With no elections scheduled till 2028, S&P believes that Turkish policymakers will have space to implement prudent economic policies, for instance cuts to non-wage expenditure to compress inflation.
Turkey’s dollar bonds traded stable with its 5.125% 2028s at 94.9 cents on the dollar, yielding 6.66%.
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