АНАЛІЗ ДІЯЛЬНОСТІ СУБ’ЄКТІВ РИНКУ ОБЛІГАЦІЙ ВНУТРІШНЬОЇ ДЕРЖАВНОЇ ПОЗИКИ УКРАЇНИ

Abstract

Debt securities, namely domestic government bonds have become the most in demand after of all securities on the market in recent years. The current state of the government bond market requires systematic research and analysis given the role of these financial instruments in the debt and investment policy of the state as well as the identification and delineation of the main characteristics of the domestic market of domestic government bonds. The aim of the work is to study the dynamics of the domestic market of domestic government bonds, their profitability, the structure of market participants, the characteristics of their investment activities as well as to determine the prospects for development of this segment of the securities market in modern conditions. In order to achieve this goal, the following tasks were outlined: to identify the subjects of the domestic government bond market of Ukraine; outline the key problems facing the domestic securities market; to present proposals and recommendations for solving or at least localizing the problems that arise in the securities market of Ukraine. The article identifies the main subject in the market of domestic government bonds in Ukraine and explores their activities during 2017–2021. During this period in the unstable political and economic situation in the country was observed a constant growth in sales of government debt securities. The reasons that led to significant changes in the activity of investors operating in this market have also been identified. The article analyzes the activities of individual participants in the government bond market establishes the structure of their market share, outlines the reasons that contribute to the growth of their activity in the market or vice versa – encourage its folding. The volume of the portfolio in securities of Ukrainian banks and their share in total assets is determined. An analysis of the weighted average profitability on government bonds placed in national and foreign currencies. The characteristic features of the domestic market of government bonds and the main reasons hindering its further development are highlighted.