Market View

• Fixed income

  The sovereign opened -25c and then recovered to unchanged on low volumes, broadly tracking global markets. Quasi-sovereigns closed another 50c higher. NAFTO calmed down but was not really getting sold, with a ~13% YTM level looking attractive for a bond with amortizations starting early in 2027. RAILUA was also better bid (26s trading 81+), as NAFTO created a favorable precedent. DTEK Energy seems to be the bond of choice in the corporate space, but liquidity there is low. The paper was quoted 87/89 all day, with a few trades at 88.

• Equities

  Ukrainian stocks closed mixed yesterday, with the KP-Dragon index down 0.7%. Among agricultural names, MHPC fell 4.8% to $8.3 in small volume, KER dropped 0.4%, while IMC gained 2.2% and AST closed 0.9% higher. KYIV jumped 3.3% to $13.74 on turnover of 
  $5.5m, while SWMR lost 8.4%, closing below $52 in $27.5m. With higher Asian indices and  European futures, we may see cautious buying in Ukrainian equities.