Turkish bonds drop as Erdogan’s executive powers come into play

Turkey’s president Recep Erdoğan delivered a shock to investors on Monday, announcing a cabinet reshuffle in which he removed market favourites Mehmet Simsek, who was deputy prime minister, and Naci Agbal, minister of finance. He appointed his son-in-law Berat Albayrak, who previously served as energy minister, as finance minister.

  • By Virginia Furness
  • 10 Jul 2018

Though investors have long voiced concerns about Turkey’s increasingly autocratic president, the move still appeared to surprise the market with Turkish dollar bonds dropping three cash points and bank debt selling off 50bp in response. Turkey’s five year CDS widened to 310bp.

After being sworn in as president ...

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5 Deutsche Bank 25,531.88 100 4.85%

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5 HSBC 12,653.58 57 7.38%

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