Ukraine’s One-Hour Rally Shows Protests Beat Putin Cash - Bloomberg:
"The Ukraine bond rally spurred by Russia’s pledge to provide more cash to the country lasted about one hour, underscoring how deadly street protests in Kiev are overshadowing the government’s push to line up aid.
Ukraine’s $1 billion of notes due in June jumped as much as 1.4 percent at the opening of trading yesterday after Russia said it would resume a $15 billion bailout program put on hold last month. The notes then slid throughout most of the day, with the price closing down 0.2 percent, as the deadliest day of clashes since the beginning of the three-month standoff claimed 10 lives. The yield on the 2014 notes rose to 21.92 percent, about 12 percentage points higher than debt due 2023.
Ukrainian bond yields approached record highs and the currency has tumbled 7 percent in 2014 to a five-year low as President Viktor Yanukovych’s government failed to quell tension with opposition forces calling for his ouster. Europe’s riskiest borrower, struggling with foreign reserves at the lowest level since 2006, introduced capital controls this month to try to stem outflows as government bonds slumped the most among emerging markets."
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