War trade: Hedge funds are buying Ukraine and Russia bonds for cents on the dollar.
Investors are starting to buy Ukrainian and Russian bonds that plummeted to discounted prices, betting that they will recover if the war between the two countries comes to an end.
The trade is high-risk, given uncertainty over what Ukraine will look like after the war and how long the financial cordon around Russia will last. It also because of the human cost of the conflict and the increasing unwillingness of many financial institutions and corporations to be associated with Russia in any way.
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