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Bond Market News
Erdogan Wins the Election in Turkey To Continue Presidential Tenure
May 29, 2023
Turkey’s second round run-off elections concluded with Erdogan retaining his presidency by winning another 5Y term with more than 52% of the votes. Erdogan defeated his opposition challenger Kemal Kilicdaroglu who promised a return to orthodox, market-friendly policies as against Erdogan’s unconventional policies of cutting interest rates amid high inflation. Market participants broadly expect the lira to depreciate further and Erdogan to continue maintaining his unconventional policy approach.
Turkey’s dollar bonds were amongst the losers early last week as markets had priced-in a likely chance of Erdogan winning after a third challenger backed out of the race and supported him. Turkey’s bonds have not seen a major move yet this morning – Turkey’s 9.375% 2033s are up 0.7 points to 93.1, yielding 10.72%
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