Hi so I'm trying to figure out how to adjust for the coupon value in the Z-Spread of a given bond. For example we can take UKRAIN 9.75 11/28. The coupon is 9.75 which is quite a bit higher than the rest of the curve (rest are around 7.5). The Z-Spread of this bond at the time of writing is 587, which is also quite a bit higher than the rest of the curve. The price, however is also much higher than the rest of the curve (115.5 approx).
I suspect there is some mis-pricing going on here on account of the high coupon being heavily bid, but not to a correct amount.
Any ideas of how I can go about this?