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 was under pressure yesterday, mostly driven by general EM sentiment (idiosyncratic country sell-offs and recent issuance both taking a toll). The long end closed 0.75pt lower, with some bonds coming out for sale. Quasi-sovereigns and corporates were 0.25-0.5pt lower, with not much trading. DTEK remained sluggish despite reporting the completion of its debt restructuring.

  • Equities

    It was a very quiet day in the local market yesterday, the UX index closing flat. Foreign-listed stocks were better bid, led by FXPO (+3.6%), which traded between GBp 137-145 on healthy $6.7m turnover. In the agro stock universe, MHP rose by 0.7%, KER added 0.1% and AST closed unchanged on above average volume. As a result, the broader KP-Dragon index increased by 0.5% on the day. With a negative mood in global markets, we may see selling pressure affect Ukrainian equities today.

Daily show all results

20.11.2019
| Daily

MHP — Conference call notes

LSE-listed MHP, Ukraine’s largest poultry producer, held a conference call to discuss its 3Q/9M19 results and outlook.
20.11.2019
| Daily

Agricultural production up 3.3% y o-y in 10M19

Agricultural production in Ukraine dropped 6.7% y-o-y in October (vs. +9.0% y-o-y in September), remaining up 3.3% y-o-y in 10M19 (vs. +5.9% in 9M19), driven by the crop farming subsector (+3.9% y-o-y in 10M19).
20.11.2019
| Daily

MinFin sells UAH 1.3bn of UAH bonds as demand drops

The Finance Ministry sold UAH 1.3bn of hryvnia-denominated bonds at an auction yesterday, falling short of the auction’s UAH 2.8bn volume cap and last week’s sale of UAH 3.3bn. MinFin sold UAH 0.6bn of 2-year bonds at 13.5% (-114bp from previous...

Reports show all results

18.11.2019
| Reports

Ukraine Strategy Weekly: No Major Political Action; Positive on Selected Stocks

Ukrainian equities continued to trade lower, with the KP-Dragon losing 1.6% w-o-w on poor quarterly results from agricultural companies (see below). The local index dipped by 0.6% w-o-w but was up 0.6% in USD terms thanks to the hryvnia’s...
18.11.2019
| Reports

Ukrainian Bond Weekly

An IMF mission arrived in Kyiv on Nov. 14 for another round of talks on a $5-6bn EFF program. We expect a staff-level agreement to be reached at the end of the mission visit (presumably on Nov. 22) or shortly thereafter and will watch for...
11.11.2019
| Reports

Ukrainian Bond Weekly

With only three voting weeks scheduled in parliament until end-2019, this week the Verkhovna Rada is set to generate heavy news flow.
Ticker Currency Bid Ask Close 1D, %
IMC PW PLN 13.45 13.9 13.9 3.7
JKX LN GBp 27.0 28.0 27.5 0.4
UNAF UAH _ _ _ 0.0
OVO PW PLN 77.5 79.5 79.5 0.0
MSICH UAH _ _ _ 0.0
Ticker Currency Bid Ask Close 1D, %
MLK PW PLN 0.254 0.27 0.254 -5.9
ALAGR FP EUR 0.05 0.051 0.05 -4.2
FXPO LN GBp 138.85 139.15 139.15 -2.2
AGT PW PLN 3.71 3.7105 3.7105 -1.8
KER PW PLN 41.25 41.5 41.3 -1.1
Ticker Currency Close 1D, % Volume
FXPO LN GBp 139.15 -2.2 148958.56
MHPC LI USD 9.1 0.0 460.11
RPT LN GBp 27.0 -0.9 346.75
JKX LN GBp 27.5 0.4 117.86
KER PW PLN 41.3 -1.1 9.69
Name Close 1D, % 1M, % YTD, %
SPX 3120.18 -0.06 4.49 24.47
UX _ 0.00 0.00 0.00
PFTS 519.57 -0.12 -0.36 -7.11
DAX 13099.96 -0.92 3.69 24.06
FTSE100 7241.31 -1.13 1.27 7.63
MICEX 2940.09 -0.05 6.80 24.09
KP-Dragon 1,610.25 0.54 -0.65 -19.34
Name Close 1D, % 1M, % YTD, %
CDX.EM 95.22275 0.00 -0.04 -0.02
5-year UST 99.59375 0.00 0.00 0.00
10-year UST 100.09375 0.00 0.00 0.00
6M USD LIBOR 1.9188800000000001 0.02 -1.68 -33.27
12M USD LIBOR 1.9533800000000001 -0.39 -1.70 -35.01
Ukraine 32 102.625 -1.20 -0.97 27.68
Ukraine 20 102.5 -0.24 0.24 5.67
Name Close 1D, % 1M, % YTD, %
UAH:USD (NBU) 24.2 -0.28 3.19 14.40
UAH:EUR (NBU) 26.81 -0.42 4.08 18.29
USD:GBP 1.29 -0.11 -0.49 1.31
USD:EUR 1.11 -0.15 -0.79 -3.39
PLN:USD 3.88 -0.28 -1.12 -3.44
Name Close 1D, % 1M, % YTD, %
Corn ($/t) 368.5 -0.41 -5.75 -1.73
WTI Crude Oil ($/bbl) 55.21 -3.23 2.66 21.58
Sugar ($/t) 12.74 0.39 3.41 5.90
Wheat ($/t) 509.25 -0.54 -4.32 1.19
DCPI 18.36 0.25 5.33 -1.75
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 15.80 15.95 15.80 0.00
AVGR LI USD 0.15 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 138.85 139.15 139.15 -2.18
IMC PW PLN 13.45 13.90 13.90 3.73
KER PW PLN 41.25 41.50 41.30 -1.08
MHPC LI USD 9.10 9.30 9.10 0.00
OVO PW PLN 77.50 79.50 79.50 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 0.05 0.05 0.05 -4.21
AGT PW PLN 3.71 3.71 3.71 -1.84
DUPD LN GBp 9.00 12.00 10.50 0.00
JKX LN GBp 27.00 28.00 27.50 0.36
KSG PW PLN 1.22 1.28 1.28 0.00
MLK PW PLN 0.25 0.27 0.25 -5.93
RPT LN GBp 26.50 27.40 27.00 -0.92
UKR LN GBp 2.80 3.98 2.99 0.00
DOEN UAH 0.00 0.00 0.00 0.00
Ticker Currency Bid Ask Close 1D, %

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