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According to Bloomberg citing unnamed sources, fixed income traders at Deutsche Bank AG have raked in $35 million on emerging market woes connected to Turkey and the fall of the Lira.

Key quotes

“The traders, who work on a desk focused on Central and Eastern Europe, the Middle East and Africa, made more than $10 million on Aug. 10 when the Turkish lira plunged the most in almost two decades, the people said, asking not to be identified discussing private information. The team was positioned to profit from any slump in assets prices across the region, they said.

The desk, run by Aditya Singhal, has made about $135 million this year, the people said. The group trades across credit tied to borrowers from the so-called CEEMEA region, foreign exchange and rates products. Singhal has been leading that group since the end of 2016.

The credit team has made $45 million this year under head trader Niru Raveendran, with a quarter of those gains coming just in the past week across bond and derivative trading, the people said. Raveendran had previously worked with JPMorgan Chase & Co. and BNP Paribas SA.”