Bets on Trump’s Return Help Fuel Rally in Ukrainian Dollar Bonds
- Former president seen pushing ceasefire on Ukraine if he wins
- Bonds up 6% this month, warrants at highest since invasion
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Fund managers have been buying Ukraine’s dollar bonds in a bet on Donald Trump winning the US election and taking steps that would accelerate an end to the war with Russia.
Ukrainian notes have returned almost 6% this month, among the top performers in emerging markets worldwide, with prices nearing 50 cents on the dollar across the maturity curve. Warrants that have payments linked to Ukraine’s economic performance are trading at above 70 cents on the dollar, their highest levels since Russia’s full-scale invasion in 2022, when they plunged to less than 15 cents.