BREAKING NEWS

Turkish deputy PM Simsek says macroeconomic fundamentals are strong

By REUTERS

SEPTEMBER 26, 2016 15:29

ANKARA - Turkey's macroeconomic fundamentals are strong and investors are showing strong demand for Turkish debt despite a downgrade from ratings agency Moody's, Deputy Prime Minister Mehmet Simsek said on Monday.

On his official Twitter account, Simsek said there were lower-than-expected yields at the latest debt auctions on Monday. Turkey tapped a 10-year benchmark bond at a yield of 9.94 percent at an auction on Monday, below a poll forecast of 9.98 percent.

The auction, one of three on Monday, came after Moody's downgraded Turkey's sovereign credit rating to "junk." In its decision late on Friday, Moody's cited worries about the rule of law following a failed July 15 coup and risks from a slowing economy.

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