Fixed Income

July 14, 2020

Quotes for Ukrainian sovereign Eurobonds dropped across the board last week after President Zelenskiy took an example from his Turkish counterpart Recep Tayyip Erdogan in making explicit comments about his preferred exchange rate for the national currency. Zelenskiy said because of strong hryvnia, Ukraine’s exports are being hurt, hinting that the government needs a 30 UAH/USD rate to be able to balance the national budget.