ДЕРЖАВНІ ОБЛІГАЦІЇ ЯК ІНВЕСТИЦІЙНИЙ ІНСТРУМЕНТ В ПЕРІОДИ ФІНАНСОВОЇ НЕСТАБІЛЬНОСТІ

Abstract

The war in Ukraine led to the disruption of the stability of money flows both at the microeconomic and macroeconomic levels. The financial sphere was particularly vulnerable to internal and external shocks. In this vein, the question of investing in government bonds is relevant, which, on the one hand, is necessary for the state, and on the other hand, is beneficial for investors. Issues of public debt management are directly related to the development of the securities market. The effectiveness and investment attractiveness of government bonds directly depends on the level of development of the securities market and the segment of government debt securities. The purpose of the article is to study the theoretical and practical aspects of investing in government bonds in Ukraine with emphasis on the period of financial instability caused by the war. For this purpose, the article examines the regulatory and legal principles of investing in government securities and defines the subjects of such investment. The advantages of investing in government bonds for investors and for the issuer are determined. The key for the issuer is continuous access to sources of loan capital and the ability to promptly attract financial resources to the state budget. At the same time, emphasis is placed on the fact that investing in government bonds supports the securities market, especially in a period of financial instability, which is marked by a decrease in market capitalization. For an investor, the advantages of buying government bonds are high yield, diversification of the investment portfolio and low risk of such transactions. The analysis of investment supply and investment demand for government bonds of Ukraine was carried out with the help of statistical indicators. In particular, the dynamics of indicators of the share of the State God of Ukraine, which was formed due to the sale of government bonds, were analyzed; bond yields of Ukraine (on the example of 10-year bonds), as well as the specific share of entities investing in government bonds of Ukraine. It was concluded that in order to intensify investment in government bonds of Ukraine, it is necessary to achieve prerequisites that will contribute to the creation of an efficient market of government securities.