"As anyone who follows Ukrainian government international bonds will know, the country’s yield curve has a tendency to invert. When this happens, it suggests that while investors think things will probably be all right in the long run, they see a big risk of something going wrong in the near future.
In its latest inversion (see below), the curve has been back to front for about two months, suggesting investors were seriously concerned before demonstrations began three weeks ago on the streets of Kiev, and long before Viktor Yanukovich, the president, jilted the European Union by not, after all, signing trade and association agreements at the EU’s Eastern Partnership summit at Vilnius on November 28-29.
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