FEATURES OF THE ISSUANCE AND PLACEMENT OF STATE SECURITIES

Abstract

The article is devoted to the study of the peculiarities of the issue and placement of government securities on the stock market of Ukraine.Government debt obligations occupy an important place in the capital market and are widespread in global practice. This is caused by the mechanism of formation and use of the state budget. It highlights the main characteristics of state securities, and also pays considerable attention to the study of the issue and functions of domestic state loan bonds. One of the key roles in the planning and implementation of the state’s monetary policy is played by the state securities market. Thus, government securities are the main instrument of government borrowing, which make it possible to attract significant amounts of financial resources on acceptable terms. Also, in the conditions of transparent and effective use of funds raised with the help of securities, there will be an opportunity to positively influence the investment market in Ukraine. In particular, we analyzed the structure of the volume of issuance of government securities not only by type, but also by currency. We considered the yield of OVDP on the primary market in the period from 2018 to the 2nd quarter of 2022. We studied the concept of underwriting and provided a list of securities traders with the largest volume of executed contracts with domestic government loan bonds. Since as a result of the conducted research it turned out that the securities market in Ukraine is currently not formed, and its main function is the creation of a financial mechanism to attract investments into the economy, the redistribution of capital does not take place to the full extent, since revolutions and crises regularly occur since Ukraine became independent. But the economy of the country was most affected by the corona crisis and the beginning of the mass invasion of Russia. As a result, they provided practical recommendations for solving current problems.