Turkey’s dollar bonds fell sharply across the curve on Monday following news of President Erdogan sacking the Central Bank Chief. Turkey’s 7.375% 2025, 6.875% 2036 and 5.75% 2024 were down 6.0, 10.6 and 10.6 points on Monday to 104.51, 92.79 and 77.18, yielding 6.05%, 7.5% and 5.78% respectively. Other bonds were not spared, falling ~5 points on average since last Friday. Among Turkish corporate bonds, Turkey’s largest private bank IS Bank’s 7.75% 2030 and Turkey’s leading mobile phone operator Turkcell’s 5.8% 2028 fell the most, ending Monday 7.08 and 6.25 points lower to 96.4 and 100.26 on Monday. Turkey is currently rated B2/BB-/B+ and had its outlook recently revised to stable by Fitch noting the improved confidence by the central bank.