Fixed Income

February 04, 2019

Quotes for Ukrainian sovereign Eurobonds were little-changed last week as news that political novice Volodymir Zelenskiy is leading the polls in the country’s presidential race did not rattle investors. President Poroshenko formally announced his candidacy for the upcoming election at the end of March, but he currently trails Zelenskiy and leftist opposition leader Yulia Tymoshenko. Ukraine’s 10-year benchmark Eurobonds inched down by 0.3% to 98.9/99.5 (9.9%/9.8%), while medium-term Ukraine-24s were flat at 93.2/94.2 (9.3%/9.1%). The VRI derivatives (linked to Ukraine’s future GDP growth with expiration in 2040) added 1.7% to 60.9/61.0 cents on the dollar.