Aggressive repricing of Turkish assets Turkish lira and local - PowerPoint PPT Presentation
Aggressive repricing of Turkish assets Turkish lira and local government bonds move in lockstep 6.0 24 Lira per USD Turkish short-term sovereign yield (RHS) 22 5.5 Yield to maturity (%) 20 Spot FX rate 5.0 18 4.5 16 4.0 14 3.5 12
Aggressive repricing of Turkish assets Turkish lira and local government bonds move in lockstep 6.0 24 Lira per USD Turkish short-term sovereign yield (RHS) 22 5.5 Yield to maturity (%) 20 Spot FX rate 5.0 18 4.5 16 4.0 14 3.5 12 Source: M&G, Bloomberg, 10 August 2018 BONDVIGILANTES
EM Currencies: Idiosyncratic tails within a USD rally Best YTD Total Returns vs USD (%) -4 -2 0 2 4 6 8 10 12 Mexican Peso 11.09 Clombian Peso 5.21 Malaysian Ringgit 1.55 Peruvian Sol 1.2 Hong Kong Dollar 0.6 Tahi Baht -0.96 Singapore Dollar -1.14 Romanian Leu -1.69 Chinese Rinminbi -1.89 Taiwanese Dollar -2.3 Worst YTD Total Returns vs USD (%) Turkish Lira -23.5 Argentine Peso -20.31 Brazilian Real -9.41 Russian Ruble -9.4 Hungarian Forint -6.21 South African Rand -4.57 Polish Zloty -4.52 South Korean Won -3.51 Indian Rupee -3.24 Czech Koruna -3.1 Philippine Peso -2.95 -25 -20 -15 -10 -5 0 Source: Bloomberg, 9 August 2018 BONDVIGILANTES
European banks feel Turkish pressure Banks’ contingent convertible spreads jump wider 700 BBVA Co-Cos UniCredit Co-Cos 600 Z-spread (bps) 500 400 300 200 Source: M&G, Bloomberg, 10 August 2018 BONDVIGILANTES
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