Fixed Income

March 16, 2020
 

Ukraine’s sovereign Eurobonds got hammered by the global wave of selling due to the corona-virus outbreak. The longest issue, Ukraine-32s, plummeted by 19% to 84.1/86.1 (9.8%/9.4%), pushing their yield up by more than 300 basis points. Medium-term benchmark Ukraine-24s fell 10% to 97.4/99.4 (10.4%/10.1%), while the VRI derivatives (linked to Ukraine’s future GDP growth with expiration in 2040) plunged by 25% to close at 72.0/75.0 cents on the dollar.