“Market instability” was cited by Andriy Kobolev, Naftogaz CEO, as the key reason for postponing placement this week of $500 million worth of 5-year Eurbonds.

“Market instability” was cited by Andriy Kobolev, Naftogaz CEO, as the key reason for postponing placement this week of $500 million worth of 5-year Eurbonds. He wrote on his Facebook page on Thursday: “The high potential cost of raising funds in international markets make the issuance of five-year debt obligations impractical.” Tim Ash writes that an unfriendly international bond market now forces Ukraine to play ball with the IMF: “The market and the official financing sector are dovetailing together to continue to put pressure on policy makers to hold to an orthodox policy agenda.”