Ukrainian sovereign bonds have surged more than 150% over four years of full-scale war, making this one of the most remarkable rallies in emerging-market debt history. In September 2024, Ukraine completed a $20 billion Eurobond restructuring with bondholders accepting a haircut of more than one-third on nominal value. The IMF approved an $8.2 billion program while the European Union assembled a financing package worth roughly 90 billion euros to support the Ukrainian economy. BlackRock and Shiprock Capital were among the notable investors who built positions and experienced significant gains. Yields in the mid-teens on hryvnia-denominated securities indicate the market has not fully priced in a resolution, leaving a meaningful risk premium in Ukrainian debt.
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