Erdogan Penalized at Bond Auction as Yields Surge: Turkey Credit
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Turkey was forced to pay higher borrowing costs in the first auction of debt since anti-government protests began more than two weeks ago.
The Treasury sold 742.3 million liras ($394.1 million) of August 2014 zero-coupon notes yesterday at 6.76 percent, up from 5.07 percent at an auction of the same securities on May 21. Credit-default swaps on Turkish debt have climbed 32 basis points this month in the biggest increase among major emerging markets in Europe, the Middle East, Africa and Asia.