The sovereign continued to trade a little heavy (-50c), unwinding some of last week’s gains. Naftogaz announced its new restructuring proposal, agreed with key holders. The 22s rallied to 40/45 on news of additional coupons to be paid, with no real offers. The 26s moved up as well, with indicative quotes around 27/29. Corporates were generally quiet, with trades reported in VODUKR and DTEKOG, both in the 67 area.
The KP-Dragon index closed 0.7% lower yesterday as most foreign-listed stocks came under selling pressure. AST was the worst performer, down 2.4% to PLN 32.7 on $0.08m turnover. FXPO (-2.2%) closed at GBp 92.2 in a $1m volume, and MHPC dipped by 0.5%. KER jumped by 1.5% to PLN 16.3 on $0.08m turnover. We expect equities to trade higher today as global markets are generally stronger.
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|---|---|---|---|---|
| MHPC LI | USD | 3.61 | 3.74 | 3.74 | 1.4 |
| FXPO LN | GBp | 92.45 | 92.9 | 92.8 | 0.7 |
| KER PW | PLN | 16.16 | 16.29 | 16.29 | 0.3 |
| OVO PW | PLN | 43.0 | 44.0 | 43.0 | 0.0 |
| MSICH | UAH | _ | _ | _ | 0.0 |
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|---|---|---|---|---|
| ENW LN | GBp | 15.25 | 16.0 | 15.5 | -50.0 |
| KSG PW | PLN | 2.1 | 2.13 | 2.1 | -7.1 |
| AST PW | PLN | 31.3 | 31.5 | 31.5 | -3.7 |
| IMC PW | PLN | 15.85 | 16.35 | 15.85 | -3.1 |
| OVO PW | PLN | 43.0 | 44.0 | 43.0 | 0.0 |
| Ticker | Currency | Close | 1D, % | Volume |
|---|---|---|---|---|
| 2 | 2 | 2 | 2.0 | 2 |
| 0.0 | ||||
| I | I | I | 0.0 | I |
| / | / | / | 0.0 | / |
| Name | Close | 1D, % | 1M, % | YTD, % |
|---|---|---|---|---|
| SPX | 4179.83 | -0.61 | 0.29 | 8.86 |
| PFTS | 507.03 | 0.00 | 0.00 | -2.34 |
| DAX | 15817.85 | 0.98 | -0.66 | 13.60 |
| FTSE100 | 7490.55 | 0.60 | -4.83 | 0.52 |
| MICEX | 2726.68 | 0.33 | 3.48 | 26.58 |
| KP-Dragon | 1,243.32 | -0.69 | -0.26 | 5.44 |
| Name | Close | 1D, % | 1M, % | YTD, % |
|---|---|---|---|---|
| CDX.EM | 93.73901 | 0.00 | -0.32 | -0.43 |
| 5-year UST | 99.1953125 | 0.00 | 0.00 | 0.00 |
| 10-year UST | 97.453125 | 0.00 | 0.00 | 0.00 |
| 6M USD LIBOR | 5.61857 | 0.67 | 3.91 | 9.33 |
| 12M USD LIBOR | 5.73029 | 1.24 | 6.78 | 4.53 |
| Ukraine 24 | 22.0 | -2.27 | -2.27 | -17.31 |
| Ukraine 35 | 17.5 | -4.11 | 7.69 | -10.26 |
| Name | Close | 1D, % | 1M, % | YTD, % |
|---|---|---|---|---|
| UAH:USD (NBU) | 36.57 | 0.00 | 0.00 | 0.00 |
| UAH:EUR (NBU) | 39.06 | 0.58 | 3.11 | -0.05 |
| USD:GBP | 1.24 | -0.10 | -0.54 | 2.86 |
| USD:EUR | 1.07 | -0.07 | -2.69 | -0.22 |
| PLN:USD | 4.24 | -0.15 | -1.01 | 3.17 |
| Name | Close | 1D, % | 1M, % | YTD, % |
|---|---|---|---|---|
| WTI Crude Oil ($/bbl) | 68.09 | -1.97 | -11.32 | -15.16 |
| Corn ($/t) | 233.9 | 0.00 | -6.60 | -12.45 |
| Wheat ($/t) | 218.3 | 0.55 | -4.11 | -24.97 |
| Sugar ($/t) | 552.6 | -1.07 | -7.15 | 25.05 |
| DCUAHTOT | 102.0 | -0.14 | -0.29 | -0.14 |
| DCPI | 116.61 | 0.31 | -9.33 | -18.27 |
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|---|---|---|---|---|
| AST PW | PLN | 31.30 | 31.50 | 31.50 | -3.67 |
| BAVL | UAH | 0.00 | 0.00 | 0.00 | 0.00 |
| CEEN | UAH | 0.00 | 0.00 | 0.00 | 0.00 |
| FXPO LN | GBp | 92.45 | 92.90 | 92.80 | 0.65 |
| IMC PW | PLN | 15.85 | 16.35 | 15.85 | -3.07 |
| KER PW | PLN | 16.16 | 16.29 | 16.29 | 0.31 |
| MHPC LI | USD | 3.61 | 3.74 | 3.74 | 1.36 |
| OVO PW | PLN | 43.00 | 44.00 | 43.00 | 0.00 |
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|---|---|---|---|---|
| MLK PW | PLN | 0.87 | 0.90 | 0.89 | 0.00 |
| DOEN | UAH | 0.00 | 0.00 | 0.00 | 0.00 |
| 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 |
| KSG PW | PLN | 2.10 | 2.13 | 2.10 | -7.08 |
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|
Notes:
*The Dragon Capital Terms of Trade Index (Bloomberg ticker: DCUAHTOT) measures the relative dynamics of key commodities exported and imported by Ukraine, including wheat, corn, sunflower oil, steel, iron ore, crude oil and natural gas. The index is set equal to 100 in the base year of 2019. Higher index values mean export prices outperform import prices, and vice versa. For more information, please refer to this research note (link) or contact your Dragon Capital contact person.
***Dragon Commodity Price Index (DCPI) is an equally weighted price index launched in 2007 to track tracks prices of all key commodities, which Ukraine either consumes or exports. The DCPI currently includes prices of wheat, sunflower oil, sugar, corn, natural gas, crude oil, hot rolled steel, iron ore and thermal coal. The DCPI is calculated on a daily basis from base level of one set for Dec. 31, 2000.
