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Turkey Yields Rise for Second Day on Energy Price Increases

Yields on two-year benchmark Turkish debt rose for a second day after electricity and natural gas price increases spurred expectations that inflation will quicken.

The yield on the fixed income securities climbed two basis points, or 0.02 percentage point, to 7.60 percent at the close in Istanbul. The lira gained 0.3 percent to 1.7915 per dollar.

Electricity prices for households increased 9.8 percent and for industry 4 percent, the energy market regulator said in an e-mailed statement today. The government raised natural gas prices by 9.8 percent as of Oct. 1, according to the state Anatolia news agency.

“Worries that inflation will accelerate are causing sales in the short-term debt because the market expectation for this year’s inflation surpassed 7.5 percent,” Onur Bayol, a fixed-income at Denizbank AS in Istanbul, said in e-mailed comments.

Inflation in September will accelerate to 9.2 percent from 8.9 percent in August, according to the median estimate of nine economists surveyed by Bloomberg. The Ankara-based statistics office will release nationwide inflation data on Oct. 3.

The one-year break-even rate, a gauge of investor inflation expectations that shows the yield premium for fixed-rate bonds over debt linked to price increases, climbed to 8.7 percent, the highest level since Nov. 29, 2011.

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