Research

Welcome to our research portal. We provide comprehensive coverage on Ukrainian macroeconomics and politics as well as all major domestic industries such as metals and mining, agriculture, machine-building, fuel and energy, banking and others from both the equities and fixed income perspectives. 

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Market View

  • Fixed income

    • The sovereign curve had a sluggish open before recovering on a better tone in EM HY and strong demand for the new EUR 10y (placed at the tight end of expectations — 4.375%). Sovereign bonds ended the day up 0.5-0.75pt in the long end. MHPSA was marked 1pt lower, an extension of the previous day’s weakness.

  • Equities

    The local UX index inched down by 0.8% on selling pressure in UNAF (-3.6%). Abroad, FXPO lost 0.6% to GBp 155.4. MHPC closed unchanged, AST jumped by 6.6%, KER dipped 0.2%, and IMC rose 3.8%. As a result, the broader KP-Dragon lost 0.6% on the day. As global markets remain volatile, we expect Ukrainian equities to trade sideways today.

Daily show all results

23.01.2020
| Daily

IP drops 1.8% y-o-y in 2019, cargo transportation up 2.1% y-o-y

Industrial production (IP) in Ukraine declined by 1.8% y-o-y in 2019 after rising 1.6% in 2018 and 0.4% in 2017. In December, output fell 7.7% y-o-y, almost matching November’s -7.5%. The State Statistics Service (SSS) estimated seasonally...
23.01.2020
| Daily

Ukrainian Railway — PM says Deutsche Bahn to manage rail monopoly for 10 years

As was pre-announced, Ukraine’s Ministry of Infrastructure and Deutsche Bahn signed a memorandum of understanding in Davos yesterday. The parties undertook to explore strategic partnership opportunities between Ukrainian Railway (RAILUA) and...
23.01.2020
| Daily

Ukraine places EUR 1.25bn of 10-year Eurobonds at 4.375%

Ukraine placed EUR 1.25bn of 10-year bonds, maturing on Jan. 27, 2030, at a yield of 4.375%. The deal will be settled on Jan. 27.

Reports show all results

20.01.2020
| Reports

Ukraine Strategy Weekly: Positive Mood Continues; 4Q19 Operating Data Coming

The year’ first full and genuinely active trading week was positive for both our indices, with the broader KP-Dragon index rising 1.1% w-o-w and the local UX index adding 0.8% w-o-w (+0.6% in UAH terms).
20.01.2020
| Reports

Ukrainian Bond Weekly

PM Oleksiy Honcharuk’s resignation expectedly did not happen, with the fallout from last week’s leaked audio scandal likely to be limited to secondary ministerial reshuffles.
13.01.2020
| Reports

Ukraine Strategy Weekly: Equities Lag Most Peers in 2019, Local Activity Returns

In 2018, the local PFTS index was the best performing index globally, while the more representative KP-Dragon index dropped by 10% (yet outperforming the MSCI FM, which shed 19%). In 2019, the situation was very different.
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 17.0 17.5 17.4 2.4
ALAGR FP EUR 0.081 0.0838 0.0838 1.2
UNAF UAH _ _ _ 0.0
OVO PW PLN 73.0 76.0 76.0 0.0
MSICH UAH _ _ _ 0.0
Ticker Currency Bid Ask Close 1D, %
FXPO LN GBp 145.8 145.9 145.8 -6.2
RPT LN GBp 21.0 21.5 21.25 -4.5
AGT PW PLN 3.552 3.7 3.552 -4.0
JKX LN GBp 28.0 29.2 28.6 -3.7
IMC PW PLN 13.3 13.4 13.4 -2.2
Ticker Currency Close 1D, % Volume
FXPO LN GBp 145.8 -6.2 474026.39
JKX LN GBp 28.6 -3.7 4184.63
RPT LN GBp 21.25 -4.5 1080.76
MHPC LI USD 8.78 0.0 83.8
AST PW PLN 17.4 2.4 68.32
Name Close 1D, % 1M, % YTD, %
SPX 3324.45 0.08 3.12 2.90
UX _ 0.00 0.00 0.00
PFTS 504.86 -0.11 -1.15 -0.94
DAX 13388.42 -0.94 0.66 1.05
FTSE100 7507.67 -0.85 -1.52 -0.46
MICEX 3141.2 -1.05 3.54 3.13
KP-Dragon 1,683.86 -0.64 3.01 -0.83
Name Close 1D, % 1M, % YTD, %
CDX.EM 96.11295 0.00 -0.14 -0.54
5-year UST 100.9609375 0.00 0.00 0.00
10-year UST 100.140625 0.00 0.00 0.00
6M USD LIBOR 1.82463 -0.53 -4.99 -4.58
12M USD LIBOR 1.919 0.03 -4.03 -3.87
Ukraine 32 111.375 -1.44 4.21 4.21
Ukraine 20 102.625 -0.48 -0.24 -0.24
Name Close 1D, % 1M, % YTD, %
UAH:USD (NBU) 24.52 -0.78 -5.08 -3.41
UAH:EUR (NBU) 27.2 -0.79 -5.22 -2.86
USD:GBP 1.31 0.08 1.18 -1.08
USD:EUR 1.11 0.05 -0.29 -1.54
PLN:USD 3.84 0.03 0.07 -1.34
Name Close 1D, % 1M, % YTD, %
Corn ($/t) 393.5 1.29 1.29 1.55
WTI Crude Oil ($/bbl) 55.5 -2.01 -8.28 -9.11
Sugar ($/t) 14.56 -0.61 8.33 8.57
Wheat ($/t) 582.0 0.48 7.60 3.89
DCPI 18.61 -0.55 -1.34 0.05
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 17.00 17.50 17.40 2.35
AVGR LI USD 0.00 0.00 0.20 0.00
BAVL UAH 0.00 0.00 0.00 0.00
CEEN UAH 0.00 0.00 0.00 0.00
FXPO LN GBp 145.80 145.90 145.80 -6.18
IMC PW PLN 13.30 13.40 13.40 -2.19
KER PW PLN 47.30 47.80 47.30 0.00
MHPC LI USD 8.72 8.78 8.78 0.00
OVO PW PLN 73.00 76.00 76.00 0.00
UNAF UAH 0.00 0.00 0.00 0.00
Ticker Currency Bid Ask Close 1D, %
KVBZ UAH 0.00 0.00 0.00 0.00
TATM UAH 0.00 0.00 0.00 0.00
UTLM UAH 0.00 0.00 0.00 0.00
MSICH UAH 0.00 0.00 0.00 0.00
ALAGR FP EUR 0.08 0.08 0.08 1.20
AGT PW PLN 3.55 3.70 3.55 -4.00
DUPD LN GBp 9.50 12.00 10.75 0.00
JKX LN GBp 28.00 29.20 28.60 -3.70
KSG PW PLN 1.15 1.23 1.23 0.00
MLK PW PLN 0.42 0.48 0.46 0.00
RPT LN GBp 21.00 21.50 21.25 -4.49
UKR LN GBp 2.00 3.90 2.95 0.00
DOEN UAH 0.00 0.00 0.00 0.00
Ticker Currency Bid Ask Close 1D, %

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