Fixed Income

March 29, 2021

Quotes for Ukrainian sovereign Eurobonds were little-changed last week, with the actively traded Ukraine-28s issue sitting flat at 117.5 (6.9% YtM). Information that the country’s public debt increased by USD 1.2bn to USD 91.4bn since the start of the year had a neutral influence on Ukraine’s risk assessment. We estimate that the debt to GDP metric now stands at 60%. The UAH-denominated public debt accounts for 40% while the balance is foreign currency (mostly USD-denominated) debt.