Morgan Stanley’s investment in Ukrainian GDP warrants, a result of the 2015 debt restructuring, has generated substantial returns over the past three months. Ukrainian assets, including these warrants, experienced a price surge following a brief mutiny in Russia, as investors speculated this could favor Ukraine’s economic endeavors. In Q1 2023, Ukraine’s sovereign USD bonds have produced over a 30% return, surpassing other emerging markets. Emerging-market sovereign USD bonds returned 1.8% during the same period. The IMF, in May, raised its growth forecast for Ukraine to 3% in 2023, while Goldman Sachs further revised its projection upwards to 5.5%.