Ways to Improve Development of the Ukrainian Bond Market
The article is aimed at exploring the functioning and the development directions of the Ukrainian bond market. It is defined that in Ukraine the bond market is divided into three segments: the State bond market, the local bond market, and the corporate bond market. Data on the issue of and trade with bonds in the domestic stock market over the past five years were collected and processed. The main development tendencies and the current status of bond trading are analyzed. It is displayed that Ukrainian bond market today takes the main share in the structure of securities trading in the Ukrainian stock market, but is still underdeveloped. It is defined that the volume of bond trading has decreased by more than four times in the last five years: the most important value of this indicator shows the State bond market, while the local bond market has not been issued with new securities for three years. The focus is on the main problems in development of the bond market in Ukraine, which hinder its effective functioning, which are the following: low credit rating of the country; imperfect mechanism for the formation of bond prices; unstable macro-economic and political situation in the country; ineffectual tax policy on the part of the State. It is defined that the main direction of development of this segment should be increasing the competitiveness of Ukrainian bonds in the international stock market, so that Ukraine may solve the issue of too expensive attraction of additional resources. The main directions of increasing the attractiveness of Ukrainian bonds in international markets are proposed, methods of overcoming the existing domestic problems of the national bond market are allocated.