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Europe's Last Dictator Has Become the Darling of the Bond Market

  • EU lifted Belarus asset freeze, travel ban on Thursday
  • Belarus Eurobonds are `mispriced,' Ashmore's Dehn Says
Aleksandr Lukashenko.

Aleksandr Lukashenko.

Photographer: Nikolay Petrov/AFP/Getty Images
Updated on

He’s known as Europe’s last dictator, he mangles financial terminology and his secret service once jailed the chief executive officer of the world’s biggest potash miner. He’s also turning into a darling of the bond market.

Alexander Lukashenko, president of Belarus, is showing a softer side that’s helped cut the premium on the country’s debt to the lowest in almost a year compared with other emerging markets. The bonds have climbed at twice the pace of Russia’s since February. And Ashmore Group Plc, which owned Belarus Eurobonds as of the end of September, says the rally has further to go.