Obbligazioni valute high yield TURCHIA bond in usd e lira turca (1 Viewer)
- Creatore Discussione sentex
- Data di Inizio
pietro17elettra
Nonno pensionato
Da Moody's:
NEWS AND ANALYSIS SOVEREIGNS Turkey's renewed financial turmoil and lira's decline will increase policy uncertainty following 31 March municipal elections On 28 March, Turkey's (Ba3 negative) central bank published weekly statistics showing that its gold and foreign exchange reserves dropped more than $2 billion in the week that ended 22 March. The latest loss adds to the nearly $6 billion drop in reserves during the previous two weeks, which prompted a steep sell-off of the Turkish lira on 22 March, even though the central bank tightened monetary policy that day by shifting the provision of local bank funding to the more expensive late liquidity window from the repo policy rate. The currency's fall followed months of relative calm amid the fragile equilibrium in Turkey's financial markets, despite its economy having fallen into recession in the second half of last year. The overall erosion of Turkey’s FX reserves is credit negative. Gross and especially net reserves were already at very low levels – gross reserves covered less than half of short-term external debt repayments as of year-end 2018 – and their decline increases Turkey’s external vulnerability. Additionally, the fall in reserves suggests that the central bank had been intervening in the local foreign exchange market to prop up the lira ahead of municipal elections. Intervention to support the lira is contrary to the central bank's longstanding policy to allow the exchange rate to float freely and poses renewed questions about the transparency and independence of the central bank, and by extension of Turkey's broader institutional framework. Then last week, local banks reported that they had been instructed to withhold lira liquidity from foreign banks and investors. The restrictions helped the lira more than recover, at least temporarily, its 6% loss from 22 March, as short-term interest rates to buy lira in the offshore swap market rose to more than 1,000% from 23% a week before. Because market participants recognized the inevitable damage to the economy and financial system should government policy cause offshore rates to remain at such levels, however, the prices of other financial assets were negatively affected. The Istanbul stock exchange index dropped more than 12% at its lowest point on Wednesday from a week earlier, the same day that sovereign 10-year bond yields climbed above 17%, compared to 14.5% at the end of February, and CDS spreads widened to B3 equivalent. The government's policy choices will heavily influence developments in the coming days and weeks. Lira liquidity eased on 28 March, but the exchange rate resumed its decline after that day's announcement of the further drop in reserves, losing about 5% of its value against the dollar cumulatively on Thursday and Friday, while the stock index marginally improved once liquidity was restored. Renewed turmoil in the Turkish financial markets and heightened uncertainty regarding the policy reaction to the ongoing recession raise the risk of further capital flight. This weekend's municipal elections results will likely determine the future path of macroeconomic policy and therefore whether the latest market shock persists or dissipates. 28 Credit Outlook: 1 April 2019
NEWS AND ANALYSIS SOVEREIGNS Turkey's renewed financial turmoil and lira's decline will increase policy uncertainty following 31 March municipal elections On 28 March, Turkey's (Ba3 negative) central bank published weekly statistics showing that its gold and foreign exchange reserves dropped more than $2 billion in the week that ended 22 March. The latest loss adds to the nearly $6 billion drop in reserves during the previous two weeks, which prompted a steep sell-off of the Turkish lira on 22 March, even though the central bank tightened monetary policy that day by shifting the provision of local bank funding to the more expensive late liquidity window from the repo policy rate. The currency's fall followed months of relative calm amid the fragile equilibrium in Turkey's financial markets, despite its economy having fallen into recession in the second half of last year. The overall erosion of Turkey’s FX reserves is credit negative. Gross and especially net reserves were already at very low levels – gross reserves covered less than half of short-term external debt repayments as of year-end 2018 – and their decline increases Turkey’s external vulnerability. Additionally, the fall in reserves suggests that the central bank had been intervening in the local foreign exchange market to prop up the lira ahead of municipal elections. Intervention to support the lira is contrary to the central bank's longstanding policy to allow the exchange rate to float freely and poses renewed questions about the transparency and independence of the central bank, and by extension of Turkey's broader institutional framework. Then last week, local banks reported that they had been instructed to withhold lira liquidity from foreign banks and investors. The restrictions helped the lira more than recover, at least temporarily, its 6% loss from 22 March, as short-term interest rates to buy lira in the offshore swap market rose to more than 1,000% from 23% a week before. Because market participants recognized the inevitable damage to the economy and financial system should government policy cause offshore rates to remain at such levels, however, the prices of other financial assets were negatively affected. The Istanbul stock exchange index dropped more than 12% at its lowest point on Wednesday from a week earlier, the same day that sovereign 10-year bond yields climbed above 17%, compared to 14.5% at the end of February, and CDS spreads widened to B3 equivalent. The government's policy choices will heavily influence developments in the coming days and weeks. Lira liquidity eased on 28 March, but the exchange rate resumed its decline after that day's announcement of the further drop in reserves, losing about 5% of its value against the dollar cumulatively on Thursday and Friday, while the stock index marginally improved once liquidity was restored. Renewed turmoil in the Turkish financial markets and heightened uncertainty regarding the policy reaction to the ongoing recession raise the risk of further capital flight. This weekend's municipal elections results will likely determine the future path of macroeconomic policy and therefore whether the latest market shock persists or dissipates. 28 Credit Outlook: 1 April 2019
vetro
valgo zero ma non sono scemo
Fabrib
Forumer storico
Turkey's main opposition candidate for mayor of Istanbul said on Monday he is 25,158 votes ahead of his rival from the AK Party of Turkish President Tayyip Erdogan, according to his Republican People's Party (CHP) database.
Turkish President Tayyip Erdogan's AK Party (AKP) said on Monday it expected to shift the outcome of local elections in Ankara in their favour through its appeals, after the main opposition won control of the capital in Sunday's mayoral elections.
Reuters
Turkish President Tayyip Erdogan's AK Party (AKP) said on Monday it expected to shift the outcome of local elections in Ankara in their favour through its appeals, after the main opposition won control of the capital in Sunday's mayoral elections.
Reuters
fabriziof
Forumer storico
Dovrei postare più spesso messaggi simili
vetro
valgo zero ma non sono scemo
Turchia, Erdogan sconfitto alle elezioni e la lira crolla ancora Da Investing.com
scusa, so che sei molto esperto.....è vera questa o ....................
vetro
valgo zero ma non sono scemo
se vado su link...................morto..........
ultimo prezzo fineco
Cambio: Acq. 6,1889 Ven. 6,2672
in teoria da ultimi acquisto sto in guadagno..........allora perchè crollo?
stamane cambio era
Cambio: Acq. 6,2675 Ven. 6,3466
pardon, sito no morot,,,manutenzione:
Siamo temporaneamente fuori servizio per manutenzione
Si prega di controllare presto ...
ultimo prezzo fineco
Cambio: Acq. 6,1889 Ven. 6,2672
in teoria da ultimi acquisto sto in guadagno..........allora perchè crollo?
stamane cambio era
Cambio: Acq. 6,2675 Ven. 6,3466
pardon, sito no morot,,,manutenzione:
Siamo temporaneamente fuori servizio per manutenzione
Si prega di controllare presto ...