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After stock market and currency market turmoil, emerging market might be facing next phase of crisis and that's a credit one.
Turkey provided evidence over this and shows it could be very much real. Emerging markets would be in greater trouble, if current instability and turmoil turns out as debt crisis.
- Turkey paid highest yield on lira debt in more than six years at an auction today, as the sliding currency, uncertainty surrounding Fed liftoff and political uncertainty pushed up the country's borrowing costs.
- Turkey paid 11.33% to borrow 1.36 billion lira ($0.45bn) for five years, highest yield since April 2009 compared to less than 6.5% it had paid just about two years' back.
Good news is that demand remained relatively well, with bid-cover ratio at 2.46%. Focus for Turkey is now at election scheduled for November, as June one failed to bring out any government at centre.
