Bonds: Eurobond YTMs up slightly

Обзор облигаций 16.09.2014 Ukrainian Eurobond spreads to the benchmark slightly widened, causing yields to rise yet again, pushing the yield curve above 10%. At yesterday's close, the yield curve adjusted to the range of 10.13-16.54%, as UKRAIN 6.875% '15 rose 423bp to 16.54%, UKRAIN 9.25% '17 rose 57bp to 12.68%, UKRAIN 7.95% '21 was up 40bp to 10.49%, UKRAIN 7.80% '22 and UKRAIN 7.50% '23 increased 30bp and 25bp to 10.23% and 10.13%, respectively. The 5-year CDS rose to 1,150bp. Investment implications: Yields rose yesterday, possibly in response to news of the gas talks being postponed, after they had slightly corrected at the end of last week.