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.