Turkey Asked Banks to Buy Dollar Bonds to Support Default Swaps

Turkey’s central bank asked some local lenders this week to step in and buy the country’s dollar bonds, which have fallen since the first round of the presidential elections, according to people familiar with the matter.

Some of the country’s banks were called by officials on Monday and asked to buy the nation’s dollar bonds across multiple maturities in secondary markets, the people said asking not to be named as they are not authorized to speak publicly on the matter.