Fixed Income

November 23, 2020

Ukrainian sovereign and corporate Eurobonds saw continued growth momentum last week amid strong global risk appetite. International investors have massive liquidity from central banks, which is propping up emerging market debt papers. Uzbekistan managed to place USD 555mn in 10-year Eurobonds at just 3.7%, with demand for the issue at an astonishing USD 3.4bn. In Ukraine, President Zelenskiy trumpeted re-engagement with the IMF following his constructive phone conversation with IMF Managing Director Kristalina Georgieva. Zelenskiy said Ukraine has not stopped fulfilling its obligations under the current stand-by loan program, singling out reforms of the customs and tax bodies within the Finance Ministry. He said the National Bank is actively working to reduce the share of non-performing loans in the banking system.