Eurobond YTMs increase slightly

Обзор облигаций 10.09.2014 Ukrainian Eurobond YTMs once more crossed the 10% level and the yield curve adjusted to the range of 10.29-12.47% yesterday, as UKRAIN 6.875% '15 declined 46bp to 12.26%, while UKRAIN 6.58% '16 was up 74bp to 11.92%, UKRAIN 6.75% '17 rose 121bp to 11.24%, and UKRAIN 9.25% '17 rose 111bp to 12.33%, while UKRAIN 7.95% '21 was up 48bp to 10.52%, UKRAIN 7.80% '22 rose 85bp to 10.34% and UKRAIN 7.50% '23 increased 40bp to 10.29%. The 5-year CDS rose to 1,065bp. Investment implications: YTMs rose because the EU postponed its decision to impose new sanctions on Russia, causing negative anticipations of Russia's moves in Ukraine to increase.