Turkey’s five-year credit default swap (CDS) premium has been steadily declining, indicating an improvement in the country’s loan repayment status and risk premium. Last week, the CDS premium fell below 350 basis points, reaching its lowest level since March 19, 2021. This decrease in CDS premium is happening amidst the Central Bank of the Republic of Turkey (CBRT) interest rate decision.
On Thursday, the CBRT is expected to announce its November interest rate decision, with markets anticipating a slower interest rate hike of 250 basis points. Over the past five meetings, the Central Bank has increased the interest rate by a total of 2650 basis points in efforts to stabilize the economy.
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