The sovereign traded well as heavy selling of several previous days apparently had finally cleared. Ukrenergo announced a new restructuring agreement supported by core bondholders, with some NPV estimates in the mid/high 90s, which could in theory support NAFTO and RAILUA. The latter, however, remained weak, with a few relatively small sellers going through the market. NAFTO traded in 1mio+ at 78 (+1pt). DTEKs continued to outperform (+1pt), with several buyers in the Energy bond — still, no offers as perhaps the Metinvest example (26s redeemed, even the 29s now trading at nearly 90) makes those look quite cheap.
