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BS: Ukraine Dollar Bond Extends Slump as Putin Pledges Rebel Support
 
Ukraine’s international bonds fell, pushing yields up to a record, after Russian President Vladimir Putin warned he won’t allow separatist rebels be beaten, sparking fears of military escalation in the country’s war-torn east.

The yield on Ukraine’s 2017 dollar-denominated notes jumped 66 basis points to an all-time high 18.27 percent at 1:45 p.m. in Kiev, extending this month’s increase to 4.88 percentage points. The hryvnia was little changed at 15.529 per dollar, leaving it 42 percent weaker this year, according to data compiled by Bloomberg.

“We won’t let it happen,” Putin said in an interview yesterday with Germany’s ARD television, pledging not to let Ukrainian government forces defeat pro-Russian rebels. The Russian president left a two-day summit of Group of 20 leaders in Brisbane, Australia, early yesterday after weathering a barrage of criticism from his counterparts for supporting the rebels.

STORY: Four Reasons Why Putin Could Be Marching Back Into Ukraine
“There are some people who believe he could escalate on the back of this,” Konstantin Kucherenko, a Kiev-based bond trader at Dragon Capital, said by e-mail. “These comments are obviously confrontational.”

Investors holding dollar-denominated Ukrainian bonds have lost 5.3 percent this year, according to the Bloomberg Emerging Market Sovereign Bond Index. (BEMS) That’s the worst performance worldwide after Venezuela and compares with a 0.9 percent negative return for Russian bonds. Ukraine’s credit-default swaps, which protect against bond default, are the highest worldwide after Venezuela, data compiled by Bloomberg show.

To contact the reporter on this story: Marton Eder in Budapest at meder4@bloomberg.net
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