Who's Laughing Now? Turkish Bond Returns Defy Bearish Consensus

Selcuk Gokoluk and Asli Kandemir, Bloomberg News
The currency exchange rates are displayed in Istanbul on June 2. Photographer: Nicole Tung/Bloomberg
, Bloomberg
(Bloomberg) -- Investors who looked past headwinds that pummeled the Turkish lira to record lows this year and bought foreign-currency bonds issued by the nation’s companies are now sitting on some of the biggest returns in fixed-income markets.
At just under 4% -- more than five times the amount netted by traders who parked their cash in a broad emerging-market bond fund -- the gains have been driven by a global clamor for yield and demand for securities that will benefit as Europe’s economy opens up. They’ve even outpaced U.S. high-yield debt, an asset class well-paced to weather the prospect of rising inflation that’s rocked markets.

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