Ukraine
I don't understand financials enough to make sense of that. Seems like some awfully high rates but they've been pumping cash into a war econ for a few years now.
So interest rates are at 21%
Money supply ( M2 ) is increasing every month (all money in circulation )
2 largest banks no longer underwrite "FHA" mortgages ( meaning backed by govt against default ) because that program has NO MONEY left
Bonds- one way a govt ( or corporation ) can raise money is by issuing bonds. You pay them $100, for them to get $100, and in return they pay you a SET interest ( say 4% ) each year, until bond matures. ( expires ).
In the above links, the bonds are trading/offered BELOW par ( face value ) - interest rates - but another issue is "demand" - people are NOT BUYING them even at discounted price!
The MOEX bonds are Russia attempting to raise $$$/revenue for government to meet expenditures ( because taxation, trade etc is not enough ) and in last 3 months, Russian State Duma ( AKA Congress ) has REVISED the budget 3x - THREE in the last 3 months- all HIGHER. So Russia had targeted the sales of BOND to rake in the difference between estimated revenues from tax/trade etc and budget. ( shortfall when not enough, surplus when more than enough )
So Russia settled on a goal of $$$
here is results of the offers to date :
there are only 8 more auction days left to MEET that goal - so you can see the problem. They wont meet it. Meaning? So where the !@#!@# is the $$$ to come from to keep the Russian government and economy above water? Well there is the NWF- National Wealth Fund, but that was always a "break glass in case of emergency" - you start dipping into that ( gold etc ) thats a REAL problem.
In short, Russia's economic/revenue is in a reaaaaaaally bad spot. No one wants their bonds ( corporate too- they cant raise capital either ), inflation is 9%, interest rates are 21%, Money Supply- M2 is increasing month over month ( which puts pressure on exchange rate, which puts pressure on trade because now the Ruble doesnt go as far as it did just 12 mo ago so if exports are being paid in Rubles, you getting less Ruble than before, but COGS is INCREASING because of inflation )
its a death spiral if you get too far into the spiral, its almost impossible to reverse. Self-feeding cycle starts.