Ukrainian Eurobonds Have Risen 150% — Bloomberg

The Ukrainian sovereign bond market is showing one of the most remarkable recoveries among risky assets. Since the beginning of 2023, Ukrainian Eurobonds have yielded investors about 150%, and the growth continues into 2026, Bloomberg reports.

The Bloomberg index, which tracks nine of Ukraine’s dollar-denominated sovereign bonds, has risen by approximately 12% since the start of 2026, following a 10% increase in 2025. Investors are increasingly factoring in Ukraine’s ability to secure financing amid the war, continued support from Europe, and the prospects for economic recovery.

The restructuring of the country’s sovereign debt has also been a positive factor for the market. At the same time, increased European financial support is easing concerns about a possible reduction in aid from the U.S.

Against this backdrop, prices of Ukrainian securities are rising and the risk premium is narrowing. Dollar-denominated bonds maturing in 2029 are trading at approximately 85 cents on the dollar with a yield of about 13%. In June 2025, their price was about 58 cents. The risk premium on Ukrainian Eurobonds relative to U.S. Treasury securities has narrowed to approximately 7.4 percentage points.

The rally has also extended to corporate debt: Metinvest bonds due in 2026 have yielded investors a return of about 31%, while Naftogaz bonds have yielded about 23%.

At the same time, some investors believe that current prices already reflect a significant degree of optimism. Key risks include a possible intensification of Russian attacks, threats to energy and port infrastructure, and Ukraine’s high level of public debt. Despite this, Ukrainian Eurobonds continue to be viewed by international investors as a high-yield asset linked to the prospects of ending the war and economic recovery.

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