Turkey rally put to the test as tier two banks line up tier two trades

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Turkey rally put to the test as tier two banks line up tier two trades

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As many look on in horror at Turkey’s slide towards autocracy, investors are showing few qualms by piling into the country’s debt. State-owned Ziraat Bank was able to cut through political noise to print with no new issue premium this week. But lower rated banks are lining up to test just how far this demand extends down the ratings scale.

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