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Emerging Markets

Short end yield pick-up prompts lira deals

As the Turkish ruling party continues to fight a legal challenge, investors are keen to take advantage of an inverted yield curve. The World Bank and KfW have both priced two year lira deals offering high coupons and after a quiet week last week, European and Asian accounts were keen to invest in the deals. KfW was able to offer a 19.25% coupon, while the World Bank issued at 100.45 with a coupon of 19%. Read EuroWeek on Friday for more details on the niche currency bond market.

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