CEE Bonds
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Russia CDS auction can finally take place despite sanctions -
Other state-owned Ukrainian issuers continue to pay debts, including Ukreximbank
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Not all distressed issuers will blow up as worst case scenarios already priced in, buyers hope
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Restructuring Ukraine's nearly $23bn of Eurobonds may be easier than expected
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Private investors have little doubt the international bondholders will aid Ukraine
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One investor queried whether Ukraine could afford a large back-payment of debt in two years' time
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Ukraine's plan would save $3bn in redemption payments alone
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Sanctions prevent most other Russian corporates from repaying foreign bondholders
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There are technical reasons for such wide spreads, in particular very low liquidity
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The destruction wrought on Ukraine means it will eventually have to talk with investors about its debts, believe bondholders
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Recent new bonds from both the Middle East and CEE have held up, although liquidity is low
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CEEMEA issuers have increasingly had to rely on the local bid
