Letters from Kyiv

PGIM Fixed Income

June 2019

Giancarlo Perasso, Lead Economist CEEMA, Global Macroeconomic Research Team

In a recent trip to Kyiv, Ukraine, PGIM Fixed Income's priorities were threefold:

  • Confirm the political outlook given the country’s new president, upcoming parliamentary elections, and process of forming a new government;
  • Assess the status of Ukraine’s IMF program, financing needs, and efforts for structural reform;
  • Evaluate the fallout, particularly for the National Bank of Ukraine, from the ruling that invalidated the nationalisation of PrivatBank, the country’s largest private bank.

Our findings from the trip reinforced our positioning views on Ukraine’s hard currency sovereign debt.

 

 

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