THE STATE OF CORPORATE BONDS ON THE UKRAINIAN STOCK MARKET IN THE CONTEXT OF DIGITALIZATION

Анотація

The article examines the current state of the corporate bond market in Ukraine in the context of stock market digitalization. The paper identifies the main trends, structural features and problems of the development of the domestic bond market compared with international practices. The analysis is based on data from the National Securities and Stock Market Commission of Ukraine and official statistical sources. It has been established that, despite the gradual recovery of the corporate bond market under conditions of economic instability, its share in the overall structure of the securities market remains relatively low, while liquidity and investor confidence remain limited. The article emphasizes that digital transformation is a key factor in enhancing the efficiency, transparency and accessibility of the Ukrainian corporate bond market. The article examines the experience of developed countries. The use of blockchain technologies, electronic trading platforms and digital issuance systems has significantly simplified the procedures for trading bonds and reduced transaction costs. Particular attention is paid to the implementation of smart contracts, tokenized securities and electronic registers, which create new opportunities for automation, investment monitoring and investor protection. The article also analyzes the differences between bank loans and corporate bonds as alternative debt financing instruments, highlighting the advantages of digital bond issuance for enterprises seeking to attract long-term capital. The findings demonstrate that the integration of digital technologies into Ukraine’s stock market can improve liquidity, attract institutional and retail investors, and enhance market transparency and trust. The article proposes several directions for improvement, including the creation of a unified national platform for digital bond issuance, the adoption of advanced European practices, the simplification of regulatory procedures and the promotion of financial literacy among investors. The digitalization of Ukraine’s financial market is considered a strategic prerequisite for the sustainable development of corporate bonds and the integration of the national capital market into the global financial ecosystem.

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