August 27, 2019 / 8:52 AM / 9 months ago

Turkish sovereign dollar bonds slump, 2030 issue at lowest in six weeks

LONDON, Aug 27 (Reuters) - Dollar-denominated bonds issued by Turkey’s government slumped on Tuesday, with the 2030 issue down to its lowest level in six weeks as pressure on the lira continues.

The 2030 and 2034 issues both tumbled more than 1 cents in the dollar, according to Tradeweb data.

The lira fell around 0.5% against the dollar on Tuesday, extending the more than 1% crash on Monday, to trade at its weakest level since June 19 as concerns weigh about the impact of a Sino-U.S. trade war and tensions in Syria’s northwest.

“Investors are worried about the impact of more significant interest rate cuts on the lira as the currency will be the first macroeconomic indicator to adjust,” said Nikolay Markov, a senior economist at Pictet Asset Management. (Reporting By Tom Arnold; Editing by Karin Strohecker)

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