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Belarus Creditors Rush to the Exit as Sanctions Hit Russian Ally

  • Nation’s bond spreads have soared to 9,000 basis points
  • All major rating agencies have a negative outlook on the debt
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U.S. Sanctions Usmanov, Tokarev, Other Russian Oligarchs

Belarus bond investors are rushing to the exit as the nation gets hit with more sanctions for its involvement in the Ukraine conflict.

Holders of the country’s dollar-denominated notes are struggling to find buyers as liquidity dried up after the U.S. and its allies imposed new restrictions on the country in the past days. Indicative prices show investors value Belarus bonds due 2027 at around 34 cents on the dollar, though there has been no trade at that level. The last time the debt was negotiated was on Tuesday, at 84 cents, according to Bloomberg data.