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Ukraine Bonds Tumble to 4-Month Low on Setback to Peace Efforts.

bonds :: 1day ago :: source - bloomberg

By Kerim Karakaya

(Bloomberg) -- Ukraine’s dollar bonds fell to the lowest level in four months after US President Donald Trump criticized Russian counterpart Vladimir Putin, dampening expectations for a quick ceasefire agreement.

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Ukraine’s bonds were worst performers in emerging market fixed-income indexes on Monday amid a risk-off day for global financial markets. The price of the sovereign’s dollar note due in 2034 tumbled nearly 2 cents to below 53 cents on the dollar. The debt traded at more than 61 cents last month amid optimism that Trump could quickly resolve the conflict.

Trump said he was “very angry” at Putin, who has failed to sign off on a peace agreement that the US and Ukraine back, threatening “secondary tariffs” on buyers of his country’s oil if the Russian leader refuses the offered ceasefire, according to comments reported by NBC News.

“It seems to be a combination of a few things - people taking high risk off due to uncertain global backdrop, perhaps more realistic assessment of peace deal prospects,” said Timothy Ash, a senior EM sovereign strategist at RBC Bluebay.

The price of Ukraine’s bonds surged after Trump’s election victory on growing expectations that the US leader will quickly end the conflict. The rally has reversed since peaking in early February, however, as investors question what sort of a peace deal Ukraine will ultimately get, especially whether the country will continue to get aid from the US.

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