Fixed Income
Ukrainian sovereigns rebounded substantially last week on the back of hopes that an impending ceasefire in the east of the country might become the starting point for a wider peace plan. Representatives from Ukraine, the pro-Russian separatist leadership, Russia, and Europe’s OSCE security watchdog signed a ceasefire on Friday (Sept 5) at a meeting in Minsk. However, there is still a lot of uncertainty about whether the fighting can really be stopped on the ground, as previous ceasefires were simply not effective, and the latest one does not address the root political causes of the conflict. Pro-Russian paramilitaries have rapidly advanced in the past week, apparently backed by the support of Russian troops with artillery and tanks. Ukrainian officials had for months refused to discuss any political deal with the pro-Russian separatists, calling them terrorists, but the pressure of the war on the national economy has now forced President Poroshenko to the negotiating table. The lo
