Key points of the Resolution of the Cabinet of Ministers of Ukraine ”On the Issue of Domestic State Loan Bonds “Military Bonds”, which was issued due to the outbreak of hostilities on the territory of Ukraine and the need to fill the state budget in times of war, are presented. The list and types of military bonds sold at auctions since March 2022 are provided. The measures taken by the NBU and financial institutions to maximize the simplification of the procedures for purchasing military bonds for the period of war are presented. The advantages of abolishing the obligation to confirm the sources of income of investors when purchasing military bonds are listed. The list of banks, in particular primary dealers and licensed brokers that carry out operations with military bonds is provided. The structure of investors in military bonds is analyzed in terms of legal entities, individuals and non-residents in 2022. The structure of the placement of military bonds by type of currency (Ukrainian hryvnia, US dollar, euro) in 2022 is presented. The structure of placement of military bonds in the primary and secondary markets in 2022 is analyzed. The composition of the sources of financing of the state budget (financing of the National Bank of Ukraine, grants from the United States and the European Union, domestic government bonds (including military bonds), bilateral loans from the European Union, the International Monetary Fund, the United Kingdom, the European Investment Bank and other countries) is presented. It is proved that the main buyer of military bonds in wartime is the National Bank of Ukraine, and the purchase of military bonds is carried out at the expense of hryvnia issuance through the conclusion of an agreement with the Ministry of Finance of Ukraine. The role and share of military bonds in the sources of financing of the state budget is determined. The author analyzes the dynamics of funds raised to the State Budget from the sale of military bonds based on the results of auctions in 2022. The main advantages of investing in military bonds for investors are presented: the opportunity to financially assist the State under martial law; the State's guarantee for 100% of the purchased bonds; excess of bond yields over deposit yields; absence of personal income tax on bonds; possibility of their early sale on the secondary market; possibility of obtaining a loan secured by bonds; possibility of hedging currency risk.
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