Ukraine's sovereign debt had a strong finish to 2025, but momentum stalled once we hit this year. The shift? Investors got cold feet over how peace negotiations are actually shaping up. That initial optimism that drove the rally is wearing thin as the path forward becomes murkier. When there's doubt about whether talks will actually lead somewhere, money tends to get cautious. Bond markets don't like ambiguity, especially when geopolitical risk is already baked in. So far this year, we're seeing that classic pullback—the moment uncertainty enters the room, rally dynamics flip.