Ukrainian sovereign dollar bonds tumbled into distress territory and Russian bonds suffered sharp falls on Monday as fears of another Russian military foray into Ukraine showed no sign of easing.
Ukraine's bond spreads, seen as a proxy for such risks, have already more than doubled since November and are now at levels last seen at the height of the March 2020 COVID-19 market rout.
Monday's sell-off saw Ukraine's bonds continue to fall on international debt markets. Some were down more than 3 cents on the day at nearly 80 cents in the dollar having been at 100 cents just over a month ago. "Ukraine has probably lost market access, and this could complicate financing plans this year, if sustained," said Stuart Culverhouse at Tellimer.
Russian spreads over U.S. Treasuries widened as far as 238 bps on the day which left them 71 bps up this year. The moves were then pruned slightly after German newspaper Handelsblatt reported that Western governments had taken the option of cutting Russian banks off from the crucial Swift global payment system off the table.
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