Fixed Income
Ukrainian sovereign Eurobonds ended lower from last Tuesday as the situation in the Donbass and the implementation of the Minsk peace deal’s political provisions remaining in gridlock. Also, a spokesman for the IMF stated that Ukraine’s receipt of its next USD 1.7bn loan tranche has still not been sewn up; a further delay in the program could trigger new turmoil for the hryvnia, which has already fallen to its lowest against the dollar since last February’s panic. President Poroshenko said that he plans to meet with IMF officials in Switzerland later this month to press Ukraine’s case, amid the latest report that the IMF is not satisfied with some of the measures in the country’s 2016 budget. Poroshenko once again stressed his commitment to keeping the IMF program on track despite some domestic political opposition.
