On Tuesday, Ukraine raised nearly 2.9bln Ukrainian hryvnias ($100mln) in war bonds, down from 8bln Ukrainian hryvnia last week, even as the country increased the coupon on its notes. The coupons were raised to 14% from 11% for its 350-day local-currency notes, while the USD-denominated notes yield between 4% to 4.5%. Separately, the Ukrainian government proposed to freeze its foreign bond payments for two years to conserve its hard-currency reserves. The country has about $25bln in outstanding foreign debt, and the bonds sharply declined since the invasion, with the 2033 bonds trading at 17cts on the USD, down from 80cts before Russia invaded Ukraine.