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Default risk in Ukraine above 61%, debt servicing cost at all-time high

February 19, 2014, 15:50 UTC+3 MOSCOW
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MOSCOW, February 19. /ITAR-TASS/. Protest rallies in Ukraine's capital, Kiev, have increased the cost of insuring national debt against default on debt maturing in June by 27 basis points to 1,225 basis points.

This estimate of standard credit default swaps implies that over five years, investors holding $10 million-worth of Ukrainian sovereign bonds will have to pay more than $6.1 million ($1.225 million annually). Accordingly, Ukraine’s default risk on June bonds exceeds 61 percent.

Amid recent bloodshed in the centre of Kiev, the yield on Ukraine’s sovereign debt jumped 25 basis points to 23.17% per annum, Ukraine’s record high, according to business news agency Bloomberg.

Smoke is billowing above the capital's Independence Square, where clashes between radical opposition protesters and police continued on Wednesday morning. Latest reports from Ukraine's Ministry of Health say the confrontation had killed 24.

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