Dec. 1 (Bloomberg) -- Turkish bond yields fell for a fourth day after Spain and France completed bond sales, easing concern about the European debt crisis and spurring demand for bonds globally.
Yields on two-year bonds fell seven basis points, or 0.07 percentage points, to 10.32 percent at the 5:00 p.m. close in Istanbul, the lowest level in two weeks, a Turk Ekonomi Bankasi AS index of the securities showed.
“Bond auctions went well in Spain and France and this is backing demand for bonds globally,” Erkin Isik, a fixed-income strategist at Turk Ekonomi Bankasi AS, said in e-mailed comments.
The two countries sold 8.1 billion euros ($10.9 billion) of bonds today, meeting their sale targets. The sales were a test of investor confidence after the Federal Reserve, the European Central Bank and four other central banks yesterday cut the cost of emergency dollar funding for European banks.
The lira weakened 0.2 percent to 1.8314 per dollar, falling for the first day in four. The currency lost 19 percent over the last 12 months, making it the worst performer among more than 20 emerging market currencies tracked by Bloomberg.
--Editor: Mark Bentley
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