(Bloomberg) -- JPMorgan Chase just pulled back the curtain on a neglected corner of the high-yielding emerging-market debt market.

Ukrainian GDP warrants — securities used by the former Soviet republic to clinch a sovereign debt restructuring in 2015 — surged by the most since they were issued last week after JPMorgan published a note arguing that they trade at a third of their true value. The 25-page report concluded that payouts on the securities, while difficult to determine, are likely to far exceed current pricing.

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