Ukraine
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Borrowers push on but can't pay up much more, say bankers
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Issuers in Russia in no hurry to come to market despite Germany rowing back from imposing further sanctions
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Tensions on Russia-Ukraine border rise
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No progress in talks between Russia and the West has led to a sharp drop in Ukraine bond prices
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Ukraine state-owned energy company prints $825m sustainability-linked bond
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Ukrainian steel and mining company Metinvest is looking to buy back a portion of its 2026 bonds after the company’s Ebitda almost quadrupled in the first quarter of the year.
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Ukraine tapped its dollar bonds on Thursday, as the certainty of disbursement of much-needed funding from the IMF remains unclear.
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Market participants on Wednesday called the removal of Andriy Kobolyev as CEO of Naftogaz last week “disheartening”. The Ukrainian government’s meddling in the state-run energy company casts doubt on its commitment to IMF-mandated reform of corporate governance and will weaken Naftogaz’s ability to return to the bond market.
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Ukraine entered the bond market on Monday seeking dollar funding at a time when it faces a number of problems from heightened military tensions with Russia to uncertainty over its relationship with the IMF.
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Ukraine is once more at the forefront of emerging market investors' worries as military tensions with Russia escalate. Amid the uncertainty, Ukraine is fighting another uphill battle to access IMF funding in order to recover its economy as soon as possible. The governor of the National Bank of Ukraine, Kyrylo Shevchenko, spoke to GlobalCapital about the challenges the country is facing and the importance of central bank independence.
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A wave of central bank rate hikes across emerging markets over the last week, particularly in CEEMEA, has stimulated investor confidence amid a volatile period in global markets. The recent rise in US Treasury yields had threatened to pull money away from EM, with a further risk of weakening local currencies.