Ukraine Sparks Biggest Global Distressed Debt Losses Since 2011 - Bloomberg:
"Emerging-market distressed debt fell for a second month in the biggest back-to-back retreat in three years as conflict in Ukraine persisted and coal producers from Europe to China slumped.
The securities tumbled 4 percent this month through Sept. 26, after a 5 percent loss in August, according to Bank of America Merrill Lynch’s Distressed Emerging Markets Corporate Plus index. That’s set for the worst two-month performance since August-September 2011. It’s down 8.8 percent this quarter, the first drop since the three months ended June 2013.
The Ukraine crisis that erupted after Russia annexed Crimea in March is curbing eastern Europe’s growth prospects, the European Bank for Reconstruction and Development said on Sept. 18, as sanctions on Russia increased. Ukraine farm group Mriya Agro Holding Plc led losses after missing bond payments in August, while European coal miner New World Resources Plc and Winsway Enterprises Holdings Ltd. slid as prices for the fuel fell 17 percent this year."
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