Wednesday, April 7, 2021
Russia’s military buildup on Ukraine’s border and in Crimea

“has also pushed Ukrainian sovereign bonds to their lowest level since November,” Reuters reported last night. Adamant Capital elaborated: “The price of Ukraine’s 11-year benchmark Eurobond (2032) has tumbled over the past week (by roughly 370 bps) signaling investor concerns over the possibility of a military escalation.” From the other side, the Russian ruble dropped yesterday to 77 to the dollar, its lowest level since November.