Fixed Income
Last week’s global government bond selloff bypassed Ukrainian high-yield sovereigns, which had already seen substantial losses earlier this month after anti-globalist candidate Donald Trump won the US presidential election. Despite a major anti-government protest in central Kyiv, Ukrainian Eurobonds actually saw some recovery last week on hopes that the new US president will end up being less soft on Russia than originally expected. Meanwhile, the IMF’s monitoring mission ended its latest visit to Kyiv without seeing sufficient economic restructuring progress to authorize the release of a planned USD 1.3bn loan tranche before the year-end. An official mission statement said the government needs to implement all the economic prescriptions mandated under the program. The IMF highlighted the ongoing weaknesses in the Ukrainian banking system and the lack of concrete results in the widely-declared battle with corruption. On the other hand, if Ukraine adopts a realistic 2017 budget bill con
