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Analytics and Market news

Monday, 20 June 2022

Ukraine Weekly Market Monitor

Eavex Capital

The Ukrainian Finance Ministry has unveiled a strategy to roll over domestic debt, both in hryvnia and in foreign currency. The government encourages investors to reinvest their proceeds from Ukrainian bonds into new bonds. The National Bank has already announced that it would allow the repatriation of proceeds from all bonds that mature after April 2023. Currently, the Finance Ministry is offering a yield ranging from 9.5% to 11.5% for the special UAH-denominated government bonds. Local and foreign investors can purchase the special Ukrainian bond through licensed brokers or banks.
On the political front, the European Commission has backed Ukraine to become a candidate for EU membership. But leaders of EU countries will then have the final say at a summit in Brussels on 23-24 June. However, the candidate’s status is more of a symbolic gesture. It does not entitle Ukraine to more EU funds and does not also mean that accession negotiations will begin in earnest.
On the stock market, there was a clear downward momentum after the Fed raised its key policy rate by 75 bps bringing the federal funds rate to between 1.5% and 1.75%. So far the Fed’s actions have caused stocks to fall and made borrowing much more expensive. The S&P500 index dropped by 5.8% last week (-23% YTD).
Among Ukrainian equities listed abroad, Kernel (KER) plunged by 23.2% over the week to PLN 20.52 and MHP (MHPC) fell 12.8% to USD 4.10. Ukrainian natural gas producer Enwell Energy (former Regal) decreased by 7.8% to GBp 26.6.
On the Ukrainian stock market trading in stocks and bonds remained suspended as the country is under martial law.     
The hryvnia declined by 1% to 35.6 UAH/USD on the OTC cash market.

POLITICS AND ECONOMICS

- Ukraine Set for EU Candidate Status as Russia Renews Attacks on Kharkiv

STOCKS IN THE NEWS

- MHP Has Net Loss of USD 122mn in 1Q22 while EBITDA Declines by 19% to USD 46mn

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:

www.bank.gov.ua/en/about/support­the­armed­forces

The National Bank also opened fundraising account for Humanitarian Assistance to Ukrainians. Please see details under the link below:

www.bank.gov.ua/en/about/humanitarian­aid­to­ukraine


full report


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