Ukraine Eurobonds Fall 4th Day as BofAML Warns on Default Risks
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Ukraine’s Eurobonds dropped for a fourth day as Bank of America Merrill Lynch warned the nation is underestimating the repercussions of default and investors awaited the outcome of Tuesday’s debt talks in Washington.
The country’s $2.6 billion of bonds maturing in July 2017 fell 0.97 cent to 47.53 cents on the dollar at 1:46 p.m. in Kiev, extending this week’s drop to 1.95 cents. The government might be shut out of international debt markets if it continues to take a hard line with creditors that leads to a debt moratorium, Bank of America Merrill Lynch economist Vadim Khramov wrote in a research report on Wednesday.