Ukrainian bonds have lost up to 20% of their nominal value.

Last week, Ukrainian Eurobonds continued to fall amid news of the pseudo-referendums and illegal annexation of Ukrainian territories. According to Bloomberg data, dollar-denominated Eurobonds maturing in 2025 fell by 4.3% to 23.9% of face value.  Bonds with repayment in 2026-2030 fell to 20.9-22% of their face value. The price of the longest dollar bonds maturing in 2031-2035 decreased the most, by an average of 7.6% to 19.1-18.5% of face value. The dynamics for the value of euro-denominated securities are similar, with an average decrease of 4.8%. At the end of last week, both the 2028 and 2032 bonds were quoted at 19.4% of face value. GDP warrants fell a little more, by 6.6% to 29.2% of the nominal value. Overall, in two weeks, quotations of Eurobonds of Ukraine decreased by an average of 13%, and GDP-warrants by 12.8%.