Ukraine’s capital Kyiv withstand more than a month since Russia’s invasion of the country. As a result, Moscow promised to reduce the intensity of its military activity around Kyiv, in effect acknowledging that its advance toward the capital had stalled. Ukrainians reclaimed a series of towns outside the capital, signaling at least a partial Russian retreat. Meanwhile, Russian President Vladimir Putin and Kremlin officials have consistently said that Russia’s military operation in Ukraine has gone according to plan.
In total, Ukraine’s troops have retaken more than 30 towns and villages around Kyiv, according to officials. The recaptured towns bore the scars of five weeks of fighting, with destroyed armored vehicles, military gear, and dozens of bodies lying scattered over streets.
On the diplomatic front, Ukrainian and Russian negotiators met for face-to-face talks last week in Turkey’s Istanbul, but described the talks as “difficult”.
Among macroeconomic data, there was a preliminary assessment that Ukraine’s GDP fell by 16% YoY in 1Q22. The government’s forecast said that the full-year economic contraction could top 40% YoY, after moderate GDP growth of 3.4% YoY in 2021.
On the Ukrainian Stock Exchange trading remained suspended with only the special UAH-denominated government bond allowing for circulation. Local and foreign investors can purchase the special UAH-denominated bond on the Ukrainian Exchange through licensed brokers. The 1-year special bond has a yield of 11%. The placement of the special bond aims to help the Ukrainian government to finance the national budget expenditures in the current difficult time for the country.
Warsaw-listed Kernel (KER) increased by 5.6% last week to close at PLN 33.70 per share. In London trading, MHP (MHPC) rebounded by 32% to USD 4.50 after the company’s bondholders agreed to extend a grace period for the interest payment. A majority of bondholders voted in favor of a 240-day extension to the 30-day grace period. MHP won’t be able to raise more debt and will have restrictions in using its cash in this period.
POLITICS AND ECONOMICS
- Russian Retreat from Central Ukraine Signals New Phase of War
The National Bank of Ukraine has opened a special fundraising account to support the Armed Forces of Ukraine. Please find more at the National Bank’s official website under the link below:
The National Bank also opened a fundraising account for Humanitarian Assistance to Ukrainians. Please see details under the link below:
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