Fixed Income

March 23, 2020

Ukraine’s sovereign Eurobonds were hit with a massive sell-off for the second week in a row, pushing yields up to levels not seen since the political instability of the EuroMaidan uprising six years ago. The selling was triggered by fears of global economic recession as the country went into lockdown to prevent an outbreak of the so-called Covid-19 virus. Kyiv closed all restaurants and shut down its subway system on Tuesday (Mar 17) in moves that put speculative pressure on the hryvnia, forcing the National Bank to intervene in the currency markets.