I noticed that the yields to maturity of Ukrainian government bonds seem to be much greater (multiple times greater in some cases) than the avaialible yield curves suggest, and I'm trying to understand this discrepancy.
This is a source for the yield curve: http://www.worldgovernmentbonds.com/country/ukraine/ (inverted yield curve, ~46% to ~24%) Others seem to give the same data.
However, when I check individual bonds on the Frankfurt Exchange (I am located in Germany) the computed YTM's are multiple times greater:
Example 1 (~80%))
Example 2 (150-300% depending ask/bid)
Example 3 (~112%))
As you can see, the yields are considerably higher than the yield curve suggests, more in line with the yield curves given for 1 year ago.
Through some trial-and-error with a YTM calculator, I think I figured out that the yields given by the site seem to be YTM figures expressed as an annual equivalent rate and I'm assuming the yield curves are par yield curves. I know of the "Coupon Effect" caused by non-flat interest curves and taxation causing the "YTM model"'s assumptions to fail and causing different YTMs for non-par-bonds. However, can this really explain such a huge difference?
Is it somehow caused by me looking a the German secondary market whereas the yield curves might be based on the domestic market?