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