This page has been archived and commenting is disabled.

Turkey 10Y Yield Hits Record As Instability Rises

Tyler Durden's picture




 

The Turkish yield curve has inverted once again as the 10Y bond yield in the troubled nation crosses 11% and hits record highs for that maturity. 2Y at 11.2% has broken to almost 5 year high yields as the Lira also presses back lower to six-week lows. This comes as the nation mourns the death of a teenager from last year's riots and Erdogan remains defiant ahead of March 30 elections in the face of rising calls from the EU to let the law run its course:

  • *TURKEY 10-YR BOND YIELD RISES TO 11.34% RECORD ON CLOSING BASIS
  • *ERDOGAN: MAR 30 VOTE MOST IMPORTANT IN TURKEY DEMOCRACY HISTORY
  • *ERDOGAN SAYS VIOLENT PROTESTS WON'T BRING DEMOCRACY TO TURKEY
  • *EU PARLIAMENT URGES TURKEY NOT TO INTERFERE WITH LEGAL PROBES
  • *ERDOGAN RECITES ISLAMIC POEM FOR WHICH HE'D BEEN JAILED IN 1997

So once again political instability is soaring and with it capital outflows and bond yields. No, EM is not fixed!

 

 

Those with short memories will remember that Turkey was the center of theunivrse just 2 months ago as the Emerging Market crisis was exploding with claims that their emergency rate hike save the world... yields are worse now and the currency is rapidly escalating back to pre-rate hike levels - this is not over and Erdogan's indignance is not helping as people take to the streets once again.

 

Chart: Bloomberg

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 03/12/2014 - 08:23 | 4537925 new game
new game's picture

valley of death at 6%.

Wed, 03/12/2014 - 08:26 | 4537933 Arius
Arius's picture

Down with Erdogan!

 

Freedom to the Kurdish People!!!

Wed, 03/12/2014 - 08:57 | 4538062 CLE
CLE's picture

Freedom to the Kurds and also to the Turks who are learning for the first time about the atrocities committed by their government in their name.

Wed, 03/12/2014 - 08:28 | 4537939 ghengis86
ghengis86's picture

And gold has morning wood; $1,361+!

Quick, someone hide the pics of Mr Yellen and Diane Cuntstein; don't want to render gold impotent!

Wed, 03/12/2014 - 08:24 | 4537927 fonzannoon
fonzannoon's picture

The Spanish 10yr is 3.34

Wed, 03/12/2014 - 08:28 | 4537940 negative rates
negative rates's picture

Yea but they don't pull teeth in Spain, they just let them rot out. 

Wed, 03/12/2014 - 08:33 | 4537959 Global Hunter
Global Hunter's picture

fonzannoon, 20 character post that about sums up the madness. 

What more to add?  If they can get their youth unemployment (25 and under) under 50% the 10yr will be 2.5%?

Wed, 03/12/2014 - 08:58 | 4538067 NoDebt
NoDebt's picture

Spanish 10 year yields should be under the yield on a 10 year UST by..... mmmmmm.... maybe the end of this year.

Wed, 03/12/2014 - 08:27 | 4537936 101 years and c...
101 years and counting's picture

we need moar TAPER.  

Wed, 03/12/2014 - 08:28 | 4537942 Sufiy
Sufiy's picture

Gold Breaks $1,360 today


Peter Schiff and GATA's Bill Murthy: The Real Value of Gold

It is time to listen and remind ourselves about the real value of Gold and what is coming next with all geopolitical games unfolding at the crucial levels for US Dollar and Gold markets. China is the major subject of conversation here again and Russia is already talking about the asymmetrical retaliation to the imposed by the West sanctions around the Ukraine situation. Gold manipulation can not go foreverwith China buying the record amount of Gold officially and who knows what are the real numbers in its state-level military plan to accumulate Gold for the De-Dollarisation reset?

 

http://sufiy.blogspot.co.uk/2014/03/peter-schiff-and-gatas-bill-murthy-r...

Wed, 03/12/2014 - 08:35 | 4537946 1fortheroad
1fortheroad's picture

Ho Le Cit

Wed, 03/12/2014 - 08:32 | 4537955 Frostfan1
Frostfan1's picture

No one in Zionist land is mourning Erdogan's troubles after the Mavi Mamara incident and all his jabbing at Israel the last several years.  That being said, his decision to send firefighters to help Israel when they badly needed to fight a fire means he can sip Turkish coffee in Tel Aviv in peace.

Wed, 03/12/2014 - 08:40 | 4537990 sudzee
sudzee's picture

Erdogans problems created by the west just like ukraine, egypt, lybia. Putin will be smilin as he eaits for the call.

Wed, 03/12/2014 - 10:21 | 4538451 Urban Redneck
Urban Redneck's picture

People in Zionist land might not be mourning Erdogan's troubles, but the timing of troubles must be troubling, whereas the Kremlin is probably smiling at both the troubles and their timing.  

Apparently someone didn't get the memo that the Princes of Hell are to corrdinate their bankster battles for the greater good of Mammon.  Beezlebub's disciples getting out of line will not please Ba'al...

Wed, 03/12/2014 - 09:00 | 4538075 orangedrinkandchips
orangedrinkandchips's picture

11% for a 10 year in todays REALITY....IS FAIR VALUE!!!

 

This bullshit 3% 10yr when the risk is through the roof IS BULLSHIT.

 

HIGHER RISK....HIGHER RETURN.....

 

11% IS FAIR!

Wed, 03/12/2014 - 09:20 | 4538168 WhyWait
WhyWait's picture

"...Erdogan's indignance is not helping as people take to the streets once again."

But no need to fear a revolution. Erdogan has seen to that.  Revolutions happen in public squares, right? And Erdogan's Turkey has converted all the public squares in Istanbul into private shopping malls, so it can't happen there!

Do NOT follow this link or you will be banned from the site!