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Turkish Bond Yields Retreat on Bets ECB Will Stimulate Lending

Turkish bond yields fell on speculation the European Central Bank will expand funding to the region’s most indebted nations.

Yields on the benchmark two-year debt fell nine basis points, or 0.09 percentage point, to 10.33 percent at the close in Istanbul. The lira gained 0.1 percent to 1.8320 per dollar.

The ECB may announce a range of measures tomorrow to stimulate bank lending, said three euro-area officials with knowledge of policy makers’ deliberations. Options on the table include loosening collateral criteria so that institutions have more access to cheap ECB cash and offering them longer-term loans to grease the flow of credit to the economy, said the officials, who spoke on condition of anonymity because the discussions are private. Two said an interest rate cut is likely, with only the size of the reduction to be determined for the monthly decision tomorrow.

“A lot of people are banking on the ECB announcing some sort of commitment to intervene more aggressively in periphery bond markets, if EU policymakers show significant efforts to move towards a fiscal union,” Thu Lan Nguyen, a currency strategist at Commerzbank AG in Frankfurt, said in e-mailed comments.

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