Market View

• Fixed income

  The sovereign curve again came under pressure from global markets, though volumes, investor engagement, and the degree of Ukraine-specific concerns remained low. NAFTO announced late in the day that some sort of restructuring was coming, with bonds marked 1pt lower as a result. That shouldn’t really come as a surprise, and considering how RAILUA has been trading, investors are likely to stay firm and damage to bonds should remain contained. Other than that, we saw light selling in a few quasi-sovereigns and corporates with limited liquidity.

• Equities

  Ukrainian stocks rose 0.7% on Friday, led by KYIV (+8.5%). The stock traded between $10.85-11.86, generating a strong turnover of $28m. In the agricultural sector, MHPC lost 1%, closing below $8, AST and KER slid by 0.7% and 0.3% respectively, while IMC rose 1.7% on low volumes. FXPO closed 0.6% lower at GBp50 on small turnover of $0.4m. Equities may trade higher today, supported by generally stronger global markets.