Despite the Turkish people having never been more 'miserable' based on painfully high unemployment and soaring inflation, it appears the world's yield-hungry investors can't get enough of Turkish debt (because hey, you can trust a guy who just dictated himself as 'sultan for life').
This so-called misery index signals the mood of the population...
As Bloomberg reports, global funds are pouring money into Turkey’s bonds even though the nation’s 10-year yield trails inflation by the most in more than two years.
Foreign investors bought $739 million more in local notes than they sold in the five days through April 28, the biggest weekly inflow in nine months.
U.S. dollar-based investors in the lira have earned a carry return of 4.4 percent in the past month, the highest among global emerging markets, which could explain the allure of the notes.
But at the same time as investors are panic-buying Turksih debt to scoop up the carry, a rising Turkish stock market has seen nothing but fund outflows from equities...