Fixed Income
Trading in Ukrainian sovereign Eurobonds was rather quiet last week, as news that the country received a USD 1.0bn disbursement from the IMF appeared to have been largely expected and already priced in by the market. In announcing the disbursement, the IMF also said that Ukraine’s recent defeat in a London court regarding Russia’s lawsuit over USD 3bn in overdue bond debt will have no effect on the loan program. In other important news, the National Bank publicly warned Ukraine’s security agencies to take a tough approach against radicals from the People’s Corpus political organization, who have been illegally harassing and vandalizing banks with Russian capital. The NBU said this behavior is a threat to the stability of Ukraine’s entire banking system. The People’s Corpus calls itself the political wing of the Azov Battalion paramilitary group. The country’s longest outstanding Eurobond issue, Ukraine-27s, inched up 0.2% to 91.8/92.4 (9.0%/8.9%), while the shortest sovereign, Ukrai
