Fixed Income
Ukrainian Eurobonds saw their month-long post-Brexit rally interrupted last week after negative news that the long-awaited resumption of IMF lending will not occur in early August as previously expected. The executive board of the IMF, Ukraine’s key creditor, refused to include the Ukrainian issue on the agenda of its upcoming meetings scheduled for this Friday (Jul 29). IMF spokesman Gerry Rice stated that the meetings of the IMF’s executive directors will resume only in late August, following the institution’s traditional three-week vacation. The reason for the new delay is reportedly Parliament’s refusal to pass several measures outlined in the cooperation program, and it is unclear whether or not the IMF board might vote to disburse a new USD 1bn loan tranche in September. Prime Minister Volodymir Groysman had unsuccessfully tried to argue that the country has fulfilled all the key requirements of the reform program, concerning both the government and Parliament. Separately, the IM
