Timothy Ash writes from London: “Surprised it took them so long given the strength of global beta which has seen Ukraine’s borrowing costs in the Eurobond market crash 200bps lower over the past month or so. The appetite for yield is so strong post US elections that people are willing to look beyond challenges in individual country stories – and in Ukraine’s case — challenges to the anti corruption agenda, which is stalling IMF lending…Markets may not be so forgiving in 2021, so they really need to use the window being provided by cheap global financing conditions to crack on with those much needed reforms. Not entirely sure why you would only do a six month issue – market feels open to 5Y or 10y deal, and not sure that six months down the line pricing will be much cheaper.”
Timothy Ash writes from London
