Ukraine Seen Blinking by JPMorgan as Bonds Surge Most Worldwide
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Ukraine’s insistence its creditors must accept a writedown is being met with skepticism from JPMorgan Chase & Co. and Morgan Stanley amid the world’s best bond rally.
JPMorgan said on Monday its base case is that Ukraine won’t impose a writedown. The International Monetary Fund will probably continue funding the country even if its debt-restructuring targets aren’t met, Morgan Stanley said on Wednesday. Ukraine’s dollar bonds have soared 19 percent this month through Wednesday, the most among 59 emerging markets tracked by Bloomberg, after some securities fell below 40 cents on the dollar.