Turkey’s dollar bonds rallied by over 2-4% after the withdrawal of Muharrem Ince was said to boost the chances of Erdogan’s presidential challenger, Kemal Kilicdaroglu. Muharrem Ince is a prominent politician and a former presidential candidate. His pulling out is estimated to see more than 5-percentage-point advantage for Erdogan’s rival Kilicdaroglu. Turkey’s elections require the candidate to get over 50% of votes needed to win the election outright on Sunday. If no candidate secures 50%, the vote goes to a run-off two weeks later. As per current polls, Erdogan stands at 43.7% and Kilicdaroglu at 49.3%.

Turkey’s 9.375% 2023s jumped 2.4 points to trade at 104.89, yielding 8.62%

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