Ukrainian GDP-linked warrants have surged to their highest level since February amid renewed speculation that Kyiv may resume talks with creditors on restructuring, according to investment firm ICU, reported Ukraine Business News.
Last week, the price of the warrants exceeded 84.5 cents per dollar of notional value, marking the strongest performance since February 2025, when optimism about a potential peace deal brokered by former US President Donald Trump briefly buoyed Ukrainian assets.
The rise comes amid rumours that the Ministry of Finance and the creditors’ committee have restarted restructuring negotiations after a six-month pause. The two sides failed to reach an agreement in April after the ministry refused to include any cash payments in its proposal.
Ukraine aims to complete the restructuring by year-end, ahead of launching a new programme with the International Monetary Fund.
ICU analysts said creditors are now hoping that Kyiv’s latest offer will feature new Eurobonds in exchange for warrants, potentially alongside limited cash payments. With time running short, the firm noted, Ukraine may be more inclined to compromise compared with its previous stance, though any cash component is likely to remain modest.
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