Ukrainian President Volodymyr Zelensky. Photo: Emmanuel Dunand/AFP/Getty Images

Ukraine sold 1 billion euros of 7-year bonds in its first offer to international markets under new president — and former comedian — Volodymyr Zelensky, who was elected in April.

Why it matters: Ukraine's latest offering comes amid a flurry of new bond issuance, particularly from emerging markets, as declining interest rates in the U.S. and Europe (where German government bond yields have hit all-time lows) are encouraging countries to load up on new debt.

  • Last week Indonesia, Croatia, Lithuania, Ukraine, Peru and Serbia all announced plans to issue new bonds, with the first 4 successfully completing debt sales. Ecuador is said to be in talks to issue new bonds as well.

By the numbers: Ukraine's bonds came with a coupon on 6.75%, a far cry from the 10.5% yield on 7-year issues in January.

  • The bond issue could not have come at a better time. Ukrainian bond yields spiked last year as emerging-market debt sold off broadly, and as Zelensky rose in polls, because of uncertainty about his economic strategy and ability to deal with Russia.

The big picture: Emerging market countries and corporate entities have already issued a record amount of debt and look poised to increase the total further this year. Higher debt will put increased stress on balance sheets in the event of a global economic downturn.

Go deeper: Emerging markets are hot again after a rocky 2018

Go deeper

Updated 58 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 6 p.m. ET: 11,921,616 — Total deaths: 546,318 — Total recoveries — 6,506,408Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 3,035,231 — Total deaths: 132,042 — Total recoveries: 936,476 — Total tested: 36,878,106Map.
  3. Public health: Deaths are rising in hotspots — Déjà vu sets in as testing issues rise and PPE dwindles.
  4. Travel: United warns employees it may furlough 45% of U.S. workforce How the pandemic changed mobility habits, by state.
  5. Education: New York City schools will not fully reopen in fallHarvard and MIT sue Trump administration over rule barring foreign students from online classes.
  6. 🎧 Podcast: A misinformation "infodemic" is here.
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Fighting the coronavirus infodemic

Illustration: Sarah Grillo/Axios

An "infodemic" of misinformation and disinformation has helped cripple the response to the novel coronavirus.

Why it matters: High-powered social media accelerates the spread of lies and political polarization that motivates people to believe them. Unless the public health sphere can effectively counter misinformation, not even an effective vaccine may be enough to end the pandemic.

Tulsa health official: Trump rally "likely contributed" to coronavirus spike

President Trump speaks at his campaign rally in Tulsa, Okla. on June 20, 2020. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump's campaign rally and related protests in Tulsa in late June "more than likely" contributed to the area's recent surge in confirmed coronavirus cases, Tulsa City-County Health Department Director Dr. Bruce Dart said Wednesday.

Why it matters: Public health officials, including Dart himself, had urged the campaign to postpone the rally, fearing that a large indoor gathering with few people wearing masks could accelerate the spread of the virus.