As Western investors scramble to get cash, Ukraine securities plummet in value.

As Western investors scramble to get cash, Ukraine securities plummet in value. Ukraine sovereign 2028 Eurobonds, which traded one month ago at a yield of 5.75%, traded yesterday at 13.15% — near junk bond levels. During the same month, Ukraine’s GDP warrants halved in price, to 56 cents. Timothy Ash writes: “The buyback cost to the sovereign has gone from $3.4bn to $1.7bn. [I] don’t think the MOF is going to get a better chance to buy/exchange these more cheaply than this.”