INTEGRATION OF THE UKRAINIAN STOCK MARKET INTO THE INTERNATIONAL SPACE: THE ROLE OF THE EUROBOND MARKET

Abstract

The article investigates the role of the eurobond loan market in the process of integrating the Ukrainian stock market into the international financial space. The development of the eurobond market is considered as one of the most important instruments for mobilizing debt financial capital by Ukrainian corporate issuers, enabling the diversification of capital sources, hedging of currency risks, and increasing the investment attractiveness of issuers. The specifics of the main instruments of the eurobond market are analyzed: direct eurobond issuances, the issuance of credit-linked notes (CLN), and loan participation notes (LPN), their structural features, mechanisms for the allocation and transfer of credit risk, and the specifics of placement on international stock exchanges and over-the-counter markets are determined. The regulatory framework governing the placement and circulation of these instruments in Ukraine, the requirements for issuers, including the need for public disclosure, auditing according to international standards, and assignment of credit ratings by leading agencies, is highlighted. A comparative analysis of the three types of instruments is carried out in terms of purpose, structure, circle of investors, risk level, and disclosure requirements to assess their effectiveness for financial management of business entities and optimization of credit risks for investors. Based on data for 2021–2025, the practice of issuing and circulating eurobonds by Ukrainian corporate issuers is examined, taking into account the impact of military and macroeconomic risks on the volume of capital raised by Ukrainian enterprises, the structure of issuances, and the choice of financial instruments. It is concluded that the development of the eurobond market provides enterprises with access to long-term capital on more favorable terms, creates prerequisites for the digitalization and transparency of the stock market in Ukraine, contributes to forming a positive reputation of Ukraine as a reliable issuer, and integrates the national financial market into the global financial space, which is critically important for the state given the increasing need to attract foreign investment. The development of specialized financial instruments such as CLN and LPN allows institutional investors to effectively manage credit risks and enables issuers to ensure stable and flexible financing for strategically important sectors of the national economy.