Eurobond market reaction

Обзор облигаций 01.12.2014 Due to the national holiday in the US last Thursday, the Eurobond market reaction was postponed despite yields rising last Thursday. At the same time, as most government appointees were not approved, market anticipations remain negative, resulting in yields slightly increasing last Friday. As a result, the Ukrainian Eurobond yield curve adjusted to the range of 12.74-28.51% last Friday and the 5-year CDS rose to 1,551bp. Investment implications: We do not anticipate significant movements of the yield curve until new government appointees are approved , giving a better indication of policy going forward.