Dear participants of the pension funds OTP Pension and FreeFlight,
We present to your attention the performance results of OTP Capital’s private pension funds and key developments on financial markets in April 2026.
GENERAL ECONOMIC CONDITIONS
Throughout April, global financial markets were influenced by an escalation of geopolitical tensions in the Middle East, in particular due to Iran’s blockade of the Strait of Hormuz. This led to rising oil and energy prices, as well as increased volatility across global markets. The lack of clear forecasts regarding the normalization of the situation resulted in a revision of macroeconomic expectations both globally and in Ukraine.
Rising inflationary pressure prompted the National Bank of Ukraine to revise its annual inflation forecast from 7.5% to 9.4%. At the same time, the regulator kept the key policy rate unchanged at 15%, prioritizing further analysis of the impact of higher energy prices on domestic macroeconomic processes.
HRYVNIA INSTRUMENTS
In April, yields on UAH-denominated domestic government bonds (OVDPs) at primary auctions stabilized at the following levels:
- 1 year — 15.15%
- 2 years — 15.85%
- 3 years — 16.15%
Interest rates on time deposits in the banking sector remained at March levels, ranging between 9% and 14% in UAH. Yields on USD-denominated deposits remained unchanged at up to 2%, depending on the placement term.
In April, the Ministry of Finance of Ukraine continued placing foreign-currency OVDPs on the primary market with yields of 3.13–3.24% in US dollars and approximately 3.25% in euros. On the secondary market, yields did not exceed 2.25% in US dollars and 0.75% in euros.
FOREIGN EXCHANGE MARKET
In April, demand for foreign currency exceeded supply, resulting in a slight weakening of the hryvnia against the US dollar — from UAH 43.78 to UAH 43.90 per USD. The volume of foreign exchange interventions by the National Bank of Ukraine decreased by 24.8% month-on-month, from USD 4.77 billion to USD 3.6 billion.
Exchange rate stabilization is expected within the range of UAH 43.75–44.50 per USD in the second quarter of 2026
EXTERNAL MARKETS AND EUROBONDS
In the first half of April, investor interest in Ukraine’s external debt declined due to Hungary’s blocking of the European Union’s decision on providing the so-called “reparations loan.” However, following the defeat of the main initiator of the blockade in Hungary’s presidential elections on April 16, investor interest in Ukrainian debt instruments increased significantly.
As a result, prices of Ukrainian Eurobonds rose by 10.5–11.8% in April, depending on maturity.
RESULTS OF PRIVATE PENSION FUNDS
OTP PENSION
Fund Portfolio
In April, as part of the portfolio management of the OTP Pension fund, UAH 8.5 million worth of domestic government bonds (OVDPs) were sold, while OVDPs totaling UAH 14.3 million were purchased.
Deposit Placements
- UAH 20.0 million — JSC Universal Bank
- UAH 7.8 million — JSC Credit Dnipro Bank
Financial Results
- Total NAV as of month-end amounted to UAH 892.1 million
- Fund assets increased by UAH 20.7 million (+2.3%)
- Contributions totaled UAH 9.8 million
- Pension payments amounted to UAH 0.8 million
Return
The fund’s return for April amounted to 0.6%, while the return over the last 12 months reached 13.9%.
FREEFLIGHT
Fund Portfolio
OVDP Transactions:
During the reporting month, OVDPs worth UAH 2.4 million were sold, while government bonds totaling UAH 3.9 million were purchased.
Financial Results
- Total NAV in April amounted to UAH 88.6 million
- Fund assets increased by UAH 2.0 million (+2.2%) by month-end
- Contributions exceeded UAH 1.5 million
- Pension payments amounted to UAH 4.9 thousand
Return
The fund delivered a return of 0.8% in April and 2.9% over the last 365 days (in US dollars).
