Ukrainian sovereign bonds tanked after the country’s finance minister said the country faces US$10bn in payments on its foreign currency debt and could start restructuring talks with creditors.
A mooted bailout package from Western governments risks leading Ukraine to breach covenants on an outstanding Eurobond issue – and even causing it to default on all its debts. The country’s debt-to-GDP ratio could be pushed beyond the level agreed on December’s US$3bn of bonds issued to Russia.
Russian Railways (Baa1/BBB/BBB) took a big call to issue on a day when Russian troops assembled at the Crimean border.
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