Turkey this week caught the markets attention on two occasions, the first, after Moody’s upgraded Turkey’s sovereign bond ratings to investment grade (Baa3), in line with Fitch at BBB- and above S&P at BB+. The second time occurred after Turkey’s Central Bank extended its monetary easing cycle. The rating upgrade has been a part of “consensus expectations for an extended period and was one of the main drivers of real money demand for Turkish bonds in the past 12-months.” Investors [...] read more
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