Page 51 - UKRRptDec21

S&P last upgraded Ukraine’s rating from Caa2 (positive) in August 2017. The rating nadir was Ca (negative) awarded in March 2015 following the Maidan events. Its zenith was B1 (positive) awarded in August 2008 at the apex of the region-wide boom.
8.5 Fixed income
8.5.1 Fixed income - bond news
Escalating Russian military activity on the border with Ukraine at the end of November is rattling foreign investors, pushing prices of Ukrainian government bonds to their lowest levels in more than a year. Warnings by US government officials about the potential threat of a Russian invasion worsened the selloff in recent days. The price of Ukraine's $1.3bn 7.75% bond due 2024 fell to around 100 cents on the dollar on Wednesday from around 107 cents two weeks earlier, its lowest level since October 2020, according to Advantage Data. A bond due 2040 with payments linked to Ukraine's economic performance has fallen about 16% since mid-November to 89 cents on the dollar. Emerging-markets investors have been willing to buy Ukrainian debt this year despite simmering tensions with the Kremlin because it pays high interest. Russian military exercises on the border in April and September weighed prices down slightly, but they quickly recovered.
The City of Kyiv has issued ₴300mn in municipal bonds. On November 4, the National Commission on Securities and Stock Market registered the issue
51 UKRAINE Country Report December 2021 www.intellinews.com