Ukraine’s bonds are underperforming as investors keep ditching the bonds due to the conditions set by the IMF for a debt restructuring to occur. The fund said that debt reworks should take into account two scenarios; A so-called baseline case, in which the war with Russia ends more quickly and the economy rebounds, and a downside one involving a prolonged conflict that drags on growth. The gloomier scenario would call for an additional USD 19 bln in financial relief by 2027 through a mix of loans, debt relief, and aid. The emphasis on the downside scenario surprised some bondholders and saw the bonds sell-off.