Eurobonds correct slightly

Обзор облигаций 15.01.2015 In response to the news of a possible US$1bn US-guaranteed issuance for Ukraine in 1H15, YTMs slightly corrected yesterday. The yield curve adjusted to the range of 17.69%-57.98%, most likely due to the decline in YTMs of US Treasury bonds, with the 5-year down 5bp and the 10-year down 4bp. Investment implications: News of possibility of receiving a US guarantee in 1H15 and an additional US$1bn in 2H15 kept spreads to the benchmark mostly unchanged, which is positive after such a significant increase beforehand.