The sovereign was modestly lower (-0.5pt in longer tenors), with some light profit-taking taking place after the recent run-up. Activity in the corporate space remained very muted. A few trades went through in Metinvest at slightly stronger levels (including 23s at 84, way above the higher end of the tender offer range at 80). Some Nafto 26 trades were reported at 18.
The local UX index closed unchanged yesterday, while CEEN was printed 18% lower. Abroad, FXPO dipped by 0.1% to GBp 143.6, on small turnover of $0.9m. Among agricultural names, we saw support in AST (+1.7%) and KER (+0.5%) and weakness in MHPC and IMC, both stocks losing 1.5%. The broader KP-Dragon index still closed 0.4% up on the day. We expect equities to trade higher today as global markets are generally stronger.
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|---|---|---|---|---|
| IMC PW | PLN | 16.2 | 17.1 | 17.1 | 7.2 |
| FXPO LN | GBp | 148.4 | 148.6 | 148.4 | 3.3 |
| MLK PW | PLN | 0.835 | 0.87 | 0.87 | 0.7 |
| ENW LN | GBp | 24.5 | 25.0 | 24.75 | 0.6 |
| KSG PW | PLN | 2.205 | 2.28 | 2.28 | 0.0 |
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|---|---|---|---|---|
| KER PW | PLN | 17.95 | 18.0 | 17.95 | -1.8 |
| AST PW | PLN | 20.55 | 20.7 | 20.55 | -0.2 |
| KSG PW | PLN | 2.205 | 2.28 | 2.28 | 0.0 |
| OVO PW | PLN | 42.2 | 46.4 | 46.4 | 0.0 |
| MSICH | UAH | _ | _ | _ | 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 | 4087.15 | 0.17 | 5.99 | -14.25 |
| PFTS | 519.2 | 0.00 | 0.00 | -0.68 |
| DAX | 14490.3 | 0.65 | 8.63 | -8.78 |
| FTSE100 | 7558.49 | -0.19 | 5.18 | 2.36 |
| MICEX | 2187.29 | 0.59 | 0.60 | -42.25 |
| KP-Dragon | 1,119.77 | 0.41 | 5.60 | -55.03 |
| Name | Close | 1D, % | 1M, % | YTD, % |
|---|---|---|---|---|
| CDX.EM | 94.52135 | 0.00 | 2.60 | -1.48 |
| 5-year UST | 100.96875 | 0.00 | 0.00 | 0.00 |
| 10-year UST | 105.140625 | 0.00 | 0.00 | 0.00 |
| 6M USD LIBOR | 5.20343 | -0.10 | 5.53 | 1436.07 |
| 12M USD LIBOR | 5.57157 | 0.33 | 3.77 | 855.46 |
| Ukraine 22 | 34.0 | -6.85 | -31.31 | -65.79 |
| Ukraine 33 | 22.5 | -2.17 | 15.38 | -74.58 |
| Ukraine 24 | 26.5 | -3.64 | 15.22 | -73.33 |
| Ukraine 35 | 20.0 | -6.98 | 25.00 | -77.40 |
| Name | Close | 1D, % | 1M, % | YTD, % |
|---|---|---|---|---|
| UAH:USD (NBU) | 36.57 | 0.00 | 0.00 | -25.41 |
| UAH:EUR (NBU) | 38.2 | -0.75 | -4.86 | -19.06 |
| USD:GBP | 1.22 | 1.53 | 6.60 | -9.53 |
| USD:EUR | 1.05 | 1.12 | 6.54 | -7.45 |
| PLN:USD | 4.46 | 0.68 | 6.83 | -9.47 |
| Name | Close | 1D, % | 1M, % | YTD, % |
|---|---|---|---|---|
| WTI Crude Oil ($/bbl) | 81.22 | 0.83 | -8.09 | 5.49 |
| Corn ($/t) | 260.6 | -0.56 | -2.75 | 11.59 |
| Wheat ($/t) | 283.4 | 1.81 | -6.96 | 0.10 |
| Sugar ($/t) | 432.8 | 0.51 | 11.66 | 3.97 |
| DCUAHTOT | 100.4 | -0.28 | -0.43 | -4.59 |
| DCPI | 148.70 | 0.50 | 25.97 | 250.78 |
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|---|---|---|---|---|
| AST PW | PLN | 20.55 | 20.70 | 20.55 | -0.24 |
| BAVL | UAH | 0.00 | 0.00 | 0.00 | 0.00 |
| CEEN | UAH | 0.00 | 0.00 | 0.00 | 0.00 |
| FXPO LN | GBp | 148.40 | 148.60 | 148.40 | 3.34 |
| IMC PW | PLN | 16.20 | 17.10 | 17.10 | 7.21 |
| KER PW | PLN | 17.95 | 18.00 | 17.95 | -1.81 |
| MHPC LI | USD | 3.25 | 3.35 | 3.35 | 0.00 |
| OVO PW | PLN | 42.20 | 46.40 | 46.40 | 0.00 |
| Ticker | Currency | Bid | Ask | Close | 1D, % |
|---|---|---|---|---|---|
| MLK PW | PLN | 0.83 | 0.87 | 0.87 | 0.69 |
| 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 | 2.21 | 2.28 | 2.28 | 0.00 |
| 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.
