Turkey’s five-year credit risk premium (CDS) continued its downward trend with positive news flows and normalization steps in economic policies, falling to the lowest level in 33 months. Turkey’s CDS, which exceeded 700 basis points during the election period, is at 446 points, down 2.6 percent compared to the last transactions yesterday, as of 16:44.
CDS (Credit Default Swap), which is among the most used indicators of whether a country is at an investment grade level or not, has been in a downward trend since the duo of Mehmet Şimşek and Hafize Gaye Erkan took over the economy.
Especially, the fact that Minister Şimşek is a well-known name in foreign markets softens the perspectives of foreign investors towards Turkey, which has a distorted macroeconomic outlook. It is seen as another factor causing regression in ‘s.
While the signals of the duo to return to their ‘rational economy’ policies after taking office aroused excitement on the part of foreign investors, it was a matter of great curiosity whether these investors would return to the stock market in particular.
While the first signals of a return to rational ground after the elections were received with the end of the interventions in the exchange rate, we know that the rapidly depreciating TL increased the investment appetite for capital markets for foreign investors. Especially after the election, it is possible to understand this from the report about Turkey sent one after another by banks such as Credit Suisse, HSBC, Danske Bank, which have strong investment capacity.
In fact, although the interest of foreign investors seems to be returning to Turkey again, clear signs that foreigners have increased their weight in Borsa Istanbul have not yet started to be seen. The biggest indicator we have of the increasing interest of foreigners is the fact that foreigners’ net purchases and sales have been on the buy side for the last 4 weeks, as seen in the Weekly Securities Statistics.
In the last 4 weeks, net share purchases and sales of foreign investors are on the positive side of 1 billion dollars.
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