Barclays Trader Blows Up After Turkish Bond Fiasco

Barclays Trader Blows Up After Turkish Bond Fiasco
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After years of being conditioned to BTFD in any and every asset, one London-based Barclays credit trader is licking his wounds this week after major losses in Turkish bonds.

Bloomberg reports a senior Barclays trader has faced losses of about 15 million pounds ($19 million) on Turkish bonds over the past few days, according to people familiar with the matter.

Tolga Kirbay, a London-based credit trader, was caught on the wrong side of what appears to be a BTFD-bet that 10Y Turkish yields would be capped around 20% over three trading days starting from Thursday, said the people, who asked not to be identified as the details aren't public.

While the loss may be modest compared to Barclays overall size, it is noteworthy given that .....

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