HALISTER1: Buy Turkey, Sell South Africa 5-Year CDS, BNP Paribas Says

Buy Turkey, Sell South Africa 5-Year CDS, BNP Paribas Says

(Bloomberg) -- Turkey CDS basis is cheapest in 6 months and one of the world’s most attractive buys, BNP strategists including Andrew Macfarlane, said in e-mailed report dated yday.
  • Says forced investment grade selling after Moody’s credit downgrade is probably over
  • Recommends investors buy Turkey 2021 dollar bonds
  • Says investors should switch from:
    • AKBNK $ ’22s into TCZIRA $ ’21s
    • EXCRTU $ ’21s into TCZIRA $ ’21s
    • VAKBN $ sub ’22s into VAKBN $ ’21s
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Andrew MacFarlane (BNP Paribas SA)

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