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Ukraine dollar bond prices jump on hopes for debt deal
LONDON, JUNE 5
Ukraine dollar-bonds rose as much as 3.9 cents on Friday as investors are hoping for meaningful progress in talks between Kiev and its creditors scheduled for this afternoon.
Ukraine wants to secure a debt restructuring deal as soon as possible to keep loan disbursals from the International Monetary Fund on track. Kiev is scheduled to hold a teleconference with its biggest group of private creditors on Friday afternoon .
"Some people think there could be more progress than earlier expected and there are some players who thought maybe they were too short and decided to buy," Exotix strategist Andre Andrijanovs said.
Dollar-denominated bonds due in 2017 and 2022 gained 2.583 cents and 2.875 cents respectively, both venturing above the 50 cents in the dollar threshold for the first time since mid-February <XS080875819=TE >.
The 2023 bond rose 3.917 cents to change hands at 57.417 cents in the dollar - the highest level since mid-January .
Bond yield spreads over U.S. Treasuries tightened 78 basis points to 2664, the tightest since February on the EMBI Global index. (Reporting by Karin Strohecker and Sujata Rao
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