Bloomberg
Oluşturulma Tarihi: Haziran 20, 2009 00:00
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ISTANBUL - Turkish bonds are poised to weaken as interest-rate cuts end and the Treasury borrows more to finance spending in the absence of an International Monetary Fund loan, Barclays Capital and Morgan Stanley said.
Lira-denominated bonds are losing their allure as the Central Banks may consider keeping its key rate unchanged at 8.75 percent after reducing it by 8 percentage points in eight months, Arko Sen, an emerging-markets rates strategist in London at Barclays Capital, said Thursday.
"The Central Bank ... is nearing the end of the easing cycle," he said. "Further demand from investors to buy Turkish bonds is slowing down ... and ... the fiscal situation has worsened ... If there had been an IMF program ... that would have reduced the pressure on domestic issuance," Sen said.