Ukrainian bonds surged amid reports of Trump-Putin meeting
7 August 2025 15:51
Ukraine’s dollar-denominated bonds posted the highest gains among all emerging and frontier markets after the Kremlin said that talks between Putin and Trump are likely to take place in the coming days. Traders are actively buying up assets that could benefit from a potential peace deal in Ukraine, "Komersant Ukrainian" reports, citing Bloomberg.
Positive dynamics in international markets
Today, the Kremlin confirmed that a bilateral meeting between Russian dictator Vladimir Putin and US President Donald Trump will take place in the near future. This was announced by Putin’s aide Yuri Ushakov.
After that, the stock market index of Ukrainian shares traded in Warsaw showed the largest increase since May. However, shares of United Co. Rusal International, one of the few Russian companies listed on global exchanges, also jumped significantly in Hong Kong on high trading volumes.
“The news of the Trump-Putin summit is positive, but real progress is needed for Ukrainian bonds to rise further,”
– said Roger Mark, fixed income analyst at Ninety One UK Ltd.
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Cautious optimism from experts
This dynamic is reminiscent of the growth at the beginning of the year, when investors hoped that Trump would fulfill his campaign promises to bring peace to Ukraine. Those hopes were not realized.
Kieran Curtis, a portfolio manager at Aberdeen Group in London, is skeptical about new attempts to end the war:
“I would be more cautious than the market seems to be. In recent months, there hasn’t been much effort on the Russian side to find a solution that suits everyone.”
Growth in Russian markets
In isolated Russian markets, the Moscow Exchange was up 5% and the ruble strengthened by 0.5% against the dollar. However, trading in these assets is only available to local investors and representatives of “friendly” jurisdictions without sanctions against Russia.
At the same time, the Goldman Sachs basket of European defense stocks fell by 5.2% to its lowest level since May, reflecting a decline in demand for military assets amid peace expectations.
Ukrainian bonds, meanwhile, remain in the focus of investors’ attention as one of the most promising assets in the event of a positive development in peace talks.
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