EAVEX Weekly

September 25, 2017

The Ukrainian stock market continued to perform in the sideways trend last week, with Kyiv-listed equities seeing only a moderate increase despite MinFin’s impressive USD 3bn sovereign bond placement, which was 3.5x times oversubscribed. On the other hand, the ongoing wide interest in Ukraine’s bonds might eventually transform into attention to Ukrainian equities as well. Meanwhile, a kind of flip side to the successful Eurobond placement could be a slowdown in the country’s reform agenda. Previously, the government was forced to show real reform progress in order to get IMF support. In particular, the pension system’s overhaul will be an immediate test for the authorities to demonstrate whether the IMF program remains on track.