Ukraine bonds rally on Trump’s victory amid his pledges to end the war

Donald Trump and Russian President Vladimir Putin after the Helsinki summit in 2018.

Bond investors appeared optimistic about the potential for Donald Trump’s second term to bring an end to the war in Ukraine, with Ukraine bonds linked to the country’s economic growth rallying after the US election.

According to Bloomberg, Ukraine’s dollar-denominated GDP warrants rallied Wednesday, trading around their highest level since before Russia invaded the country in 2022.

The bonds are a type of debt security tied to Ukraine’s economic growth, with their price reflecting investors’ outlooks for the country’s economy.

Trump promised to end the war during his campaign. During his debate against Vice President Kamala Harris in September, Trump vowed to broker a deal between the warring countries.

“I want the war to stop,” Trump said. “That is a war that’s dying to be settled. I will get it settled before I even become president.”

Trump has offered some mixed views on his resolution plans, though. During the debate, he said he would speak to both Ukrainian President Volodymyr Zelenskyy and Russian President Vladimir Putin and have them meet to hammer out a deal.

Trump has previously touted positive relationships with both leaders, and has said he could end the conflict in less than a day.

And yet, it’s possible that the US government under a second Trump presidency could slow or end support for Ukraine’s war effort. Trump has frequently criticized the billions in aid that President Joe Biden has funneled into the country, and Republicans have aimed to block Ukraine aid from passing in Congress.

Still, Zelenskyy appeared optimistic that Trump could change the course of the war after the election was concluded on Wednesday.

In a post to X shortly after Fox News called the election for Trump, Zelenskyy congratulated the president-elect and expressed hope that he might help end the war.

“I appreciate President Trump’s commitment to the ‘peace through strength’ approach in global affairs. This is exactly the principle that can practically bring just peace in Ukraine closer. I am hopeful that we will put it into action together,” Zelenskyy wrote, adding, “We rely on continued strong bipartisan support for Ukraine in the United States.”