Fixed Income
December 09, 2013
Ukrainian sovereign Eurobonds got hammered last week following a huge rally of hundreds of thousands of people on Sunday (Dec 1) in central Kyiv after riot police beat up a small group of protestors demonstrating against President Yanukovych’s refusal to sign a free trade deal with the European Union. Pro-EU demonstrations continued throughout the week, although in somewhat smaller numbers, and a sharp outflow of foreign currency reserves in November added an economic dimension to the situation. Quotes for Ukraine-23s plunged by 3.7% % to 82.9/84.2 (10.4%/10.2%), with nearly all of the drop occurring on Monday (Dec 2). Medium-term Ukraine-17s declined by 3.5%, closing at 84.9/86.6 (11.7%/11.0%).
