DTEK Energy has launched a consent solicitation for its $1.4bn 2027 Eurobond (with an effective outstanding volume of $931m), seeking approval to amend certain terms, including those related to bond buybacks and restricted payments such as dividends.

Metinvest reported 1Q25 iron ore production of 3.8 Mt, up 9.2% q-o-q but down 21% y-o-y. Crude steel production was stable q-o-q and up 4.1% y-o-y at 488 kt. The volume of produced finished and semi-finished products increased by 7.5% q-o-q and 2.7% y-o-y to 770 kt. Quarterly coking coal concentrate production halved q-o-q and y-o-y to 518 kt following the stoppage of Pokrovske Coal. Lastly, coke production dropped 5.8% q-o-q and 8.1% y-o-y to 260 kt.

Key highlights from last week: Russia’s unilaterally declared three-day ceasefire was expectedly not observed, with Russian ground assaults continuing unabated. Russian territorial gains remained marginal, and limited mostly to Donetsk region. Russia resumed civilian strikes on May 11, with the UN mission in Ukraine reporting further growth in civilian casualties from Russian attacks in April.

The leaders of France, Germany, Poland, and the UK, meeting with President Volodymyr Zelensky in Kyiv on Saturday, endorsed in a joint statement a “full and unconditional ceasefire for at least 30 days … in the air, at sea, and on land for” starting May 12 in order to set the stage for comprehensive peace talks. The five leaders discussed their joint position in a call with US President Donald Trump and said they secured his support.

Ukraine’s headline CPI rose by 0.7% m-o-m in April, slowing from 1.5% in March but accelerating in y-o-y terms to 15.1% from 14.6%. Core inflation, which excludes administratively regulated tariffs and prices of raw foods and energy, was up 0.4% m-o-m, slowing from 1.4% in March and bringing its y-o-y growth to 12.1%, down from 12.4% a month before.

The NBU has introduced several changes to its F/X controls, including easing restrictions on certain cross-border operations capped by amounts invested in a company’s share capital from abroad after May 12, 2025. The cross-border operations falling under such “investment stimulating F/X liberalization” include interest and principal payments on “old” external debt (i.e. debt raised before Jun. 20, 2023), payments for imports delivered before Feb. 23, 2021, and return of prepayments for imports received by a local company before the start of the Russian invasion on Feb. 24, 2022.

The Verkhovna Rada ratified yesterday an inter-governmental agreement between the United States and Ukraine to establish a joint reconstruction investment fund to develop natural-resource projects in Ukraine. The deal was supported by 338 lawmakers, or more than a two-thirds majority. President Volodymyr Zelensky said the agreement opened a new chapter in bilateral relations, describing it as “a joint investment effort with the United States for decades to come” and serving as “a strong foundation for security cooperation.”

Ukraine had 5.6 bcm of natural gas in its underground storage reservoirs as of end-April, up 1% m-o-m and down 34% y-o-y. Total inflows stood at 0.3 bcm last month, 6% less than in March, bringing 4M25 inflows to 1.2 bcm (+3.5x y-o-y). Re-exports of previously stored gas stood at 72 million cubic meters (+50% m-o-m and -30% y-o-y).

NBU gross foreign reserves rose by 10% m-o-m ($4.3bn) to $46.7bn in April, equivalent to 5.6 months of prospective goods and services imports. The official UAH:USD exchange rate was flat m-o-m at UAH 41.6:USD, up 1.1% YTD but down 4.6% y-o-y.

DTEK Renewables reported 2024 revenues (net of financial component) of $136m (+7.7% y-o-y), EBITDA of $107m (+5.1%), with an EBITDA margin of 79% (-2pp y-o-y), and net income of $36m (vs. $15m loss in 2023). The company generated 1.0 TWh of power in 2024 (+1% y-o-y).

The National Bank’s survey-based index of business activity, a PMI-type gauge, stood at 49.4 on a 0-100 scale in April, down 2.4pt m-o-m and 2.8pt y-o-y.

Ukraine exported 2.8 Mt of grain and oilseeds in April, down 30% m-o-m and 57% y‑o‑y. Grain exports totaled 2.4 Mt, down 33% m-o-m and 62% y-o-y, while oilseed exports stood at 0.4 Mt, down 2.9% m-o-m but up 32% y-o-y.

According to provisional data from the Finance Ministry, the central budget’s cash-based deficit widened to UAH 52bn ($1.2bn) in April from virtually zero in March, bringing the 4M25 cash gap to UAH 288bn or $6.9bn vs. $7.9bn in 4M24.

Key highlights from last week: Russian ground assaults intensified, remaining concentrated around Pokrovsk in Donetsk region, but produced little in terms of territorial gains. Ukraine rejected Russia’s May 8-10 ceasefire offer, insisting on a US-proposed 30-day truce. Russia continued mass drone attacks on large population centers while abstaining from strikes on energy assets despite declaring the end of the energy ceasefire. The US approved new military sales to Ukraine, first under the Trump administration, and reportedly seeks to supply additional PATRIOT systems.

Vodafone Ukraine (VFU), the country’s second-largest mobile operator, approved the distribution of its 2024 net income of UAH 3.5bn ($88m), including UAH 702m to be paid out as dividends ($16.8m at current FX rate). The dividends are scheduled to be paid by Oct. 24, 2025, upon a written demand by the shareholder.

Naftogaz reported strong financial results for the second year running, posting 2024 revenues of $7.4bn (+11% y-o-y), EBITDA of $2.9bn (+49%), and net income of $944m (+49%), with an EBITDA margin of 38% (+9.8pp y-o-y) and net margin of 13% (+3.2pp).