Ukraine’s government bonds have surged in price over the past two months as investors grow more optimistic about how much of their money they will get back in an eventual restructuring of the war-torn country’s debt.
Kyiv’s debt tumbled following Russia’s invasion in February 2022, and prices sank further still after overseas creditors voted in favour of freezing interest payments on the country’s $20bn of international bonds.
But prices have climbed by more than 50 per cent since early June — putting Ukrainian bonds among the best performers in global fixed income markets this year — as a steady flow of foreign aid bolsters Kyiv’s currency reserves, while forecasts for the country’s economy have recently become somewhat less bleak.
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