Ukrainian bond prices fell sharply and the price of insuring against a default on government debt surged yesterday as tens of thousands of demonstrators continued to protest in the country’s biggest political crisis in nearly a decade.
Extended political uncertainty, with disruption to government work and the threat of strikes, could damage Ukraine’s already fragile economy and public finances, analysts warned, increasing the risks of a currency crisis.
The price of insuring against a default on Ukrainian debt in the next five years rose almost 100 basis points to 1,067bp. The price of the country’s benchmark 2020 dollar bond fell nearly four cents on the dollar to just under 85 cents.
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