Khoma Iryna, Doctor of Economics, Professor, Professor of the Department of Finance, Lviv Polytechnic National University, Lviv, Ukraine

ORCID ID: 0000-0002-3737-1601
e-mail: iryna.b.khoma@lpnu.ua

Datsko Olena, Master of the Department of Finance, Lviv Polytechnic National University, Lviv, Ukraine

ORCID ID: 0009-0000-3618-9085
e-mail: olena.r.datsko@gmail.com

Peculiarities of the Activity of the Domestic Market of Domestic Government Bonds in the Conditions of Martial Law

Abstract. Introduction. This article examines the domestic government bond market in Ukraine, with a special focus on the impact of the Russian invasion. The study analyzes the role of military bonds in financing the state budget and identifies their advantages for different categories of investors.

Purpose. he primary objective is to provide a comprehensive analysis of the market dynamics that shed light on the issuance and performance of military bonds, especially in the context of the ongoing war. The research aims to inform potential investors about the opportunities and risks associated with these bonds.

Results. The analysis includes the performance of military bonds placed in December 2023, detailing their interest rates, maturities and issuance dates. Statistical data on the mobilization of funds through auctions and the peculiarities of wartime bond issuance are thoroughly examined. The article also examines the volume of domestic bonds in circulation since February 24, 2022. The main focus is on the dynamics of the circulation volumes of internal government bonds since February 24, 2022.

Conclusions. The study focuses on the innovation and streamlining of the bond acquisition process, emphasizing its positive impact on the country’s financial stability. The main advantages of military bonds are presented, underlining their importance as an attractive investment instrument, especially in times of war. The analysis emphasizes the importance of efficient management of the military bond issuance program to ensure uninterrupted funding of the country’s needs. It further highlights the maximum accessibility and economic attractiveness of military bonds for both domestic and international investors. The findings contribute to a comprehensive understanding of the role of military bonds in maintaining the financial stability of the country during wartime conditions.

Keywords: domestic government bonds; wartime; budget financing; investor; bond issuance.

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