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Turkey CDS rise to four-week high on move to replace prime minister
LONDON, May 5 (Reuters) - The cost of insuring exposure to Turkey's debt via credit default swaps rose 8 basis points on Thursday after the ruling party looked set to replace Prime Minister Ahmet Davutoglu at an extraordinary congress in the coming weeks.
Markit data showed five-year CDS at 267 bps, the highest in four weeks, and compared to Wednesday's close of 259 bps. CDS are trading almost 30 bps higher than Friday's close.
Turkish assets have suffered in recent days amid rising tension between Davutoglu and President Tayyip Erdogan.
(Reporting by Karin Strohecker, editing by Jamie McGeever)
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