Biggest Drop in Lira Yields Stops as Oil Spoils Deficit Cut: Turkey Credit
By Selcuk Gokoluk - Mar 5, 2012 5:00 PM ET
The rally in Turkish debt that sent yields down the most in emerging markets is starting to falter as rising oil prices revive concern over the biggest current account deficit after the U.S. and Italy.
Yields on benchmark two-year lira bonds rose for a third day yesterday after sliding as much as 248 basis points this year, the most among the 15 largest developing nations tracked by Bloomberg. The lira, which strengthened 7.8 percent against the dollar in the first seven weeks of this year, fell to the lowest level since Jan. 31 yesterday.
More:Biggest Drop in Lira Yields Stops as Oil Spoils Deficit Cut: Turkey Credit - Bloomberg
