The administration of U.S. President Donald Trump is considering the possibility of introducing refundable security deposits of up to $100,000 for certain foreign nationals applying for immigrant visas and green cards through U.S. consulates abroad.
The proposal is being developed by the U.S. Department of State in collaboration with the Department of Homeland Security. A final decision has not yet been made, and official regulations and a list of applicant categories have not been published. The amount of the bond under discussion may be determined on a case-by-case basis and could be either lower or higher than the estimated $100,000.
It is expected that the requirement will initially be tested on citizens of a limited number of countries. The bond could be posted either by the applicant themselves or by relatives or sponsors residing in the U.S.
According to The Wall Street Journal, the money is planned to be returned after the immigrant obtains U.S. citizenship. Naturalization is typically possible no earlier than five years after obtaining permanent resident status. Thus, a significant amount of money may remain frozen for several years.
The State Department stated that it is reviewing existing authorities that allow it to require financial guarantees from certain applicants. The stated goal of the initiative is to confirm that a prospective immigrant has the means to support themselves and will not become dependent on public assistance.
U.S. law allows for the denial of a visa to a foreign national whom a consular officer deems a potential recipient of public assistance. The assessment takes into account the applicant’s age, health, education, professional skills, financial resources, and family status.
Current federal regulations already provide for the possibility of issuing an immigrant visa after a bond is posted, provided that it eliminates the risk of the applicant being deemed a potential financial burden on the government. Such a bond may be released after naturalization, permanent departure from the United States, or the foreign national’s death, provided the conditions have not been violated.
The proposed mechanism should not be confused with the existing pilot bond program for B-1/B-2 tourist and business visas. Under this program, certain applicants from countries with high rates of visa violations may be required to post a refundable bond of up to $15,000.
The introduction of a $100,000 bond could significantly limit access to family-based immigration for applicants with low to moderate incomes. Immigrant visas are most commonly issued to spouses, parents, children, and other relatives of U.S. citizens or permanent residents.
For now, this is only a proposed initiative. Applicants are not required to post such a bond until an official decision is published and they receive a corresponding request from a U.S. consulate.
Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, reduced its debt to $1.027 billion as of June 30, 2026, down from $2.242 billion at the end of 2021.
According to Metinvest B.V.’s annual report, released on Monday, Metinvest made significant progress in reducing its debt burden during the reporting period. As a result, total debt as of December 31, 2025, stood at $1.441 billion, a 15% decrease compared to the previous year. At the same time, the net debt-to-EBITDA ratio rose to 1.4x, an increase of 0.4x compared to the previous year.
It is noted that bonds listed on the Euronext Dublin stock exchange continued to constitute the bulk of the group’s capital structure—representing 88% of the debt portfolio, compared to 85% as of December 31, 2024.
Metinvest continued to actively manage its debt obligations. In the first half of 2025, the issued Senior Notes totaling EUR300 million were fully repaid upon maturity. As a result, the total amount of debt repaid since the beginning of 2022 reached $801 million.
In addition, it is noted that the overall reduction in debt during this period was driven by the full and timely repayment of senior bonds (two series); liability management measures, including cash tender offers and private repurchases; scheduled repayment of bank loans; a reduction in reliance on short-term trade finance; and the optimization of lease assets. These results were achieved despite the war and the loss of operational control over certain Ukrainian assets.
In parallel with measures to reduce its debt burden, Metinvest continued to secure targeted financing to support its operations and investment priorities. Specifically, in July 2025, a 11.5-year buyer’s credit facility in the amount of EUR23.6 million was secured for Northern GOK to finance the purchase of equipment for a project to thicken tailings. This credit line, guaranteed by the Finnish export credit agency Finnvera, marked Metinvest’s first instance of securing long-term financing for capital expenditures in Ukraine since the start of the full-scale invasion.
In addition, in April 2026, the group successfully completed the redemption of bonds maturing in 2026, marking another important milestone amid the ongoing war. To date, Metinvest has fully repaid three separate bond series, with total payments on these instruments exceeding $1 billion. These results were achieved despite the challenges of full-scale war, the loss of control over certain Ukrainian assets, and ongoing operational difficulties. At the same time, no debt has been restructured since the start of the war. According to pro forma figures, taking into account the redemption of the 2026 bonds, the group’s net debt-to-EBITDA ratio was less than 1x, the report notes.
As previously reported, Metinvest’s EBITDA in 2025 decreased by 24.2% compared to 2024—to $765 million from $1.009 billion. The year ended with a net loss of $191 million, compared to a net loss of $1.152 billion in 2024. Revenue decreased by 6% to $7.242 billion. At the same time, revenue from the mining segment fell by 25% year-over-year to $2.135 billion due to the absence of coking coal concentrate sales and a decline in iron ore product sales (by 11%). The segment’s contribution to total revenue was 29% (a decrease of 8 percentage points year-over-year).
In 2025, revenue from the metallurgical segment increased by 6% year-over-year to $5.107 billion, primarily due to growth in sales of finished products, semi-finished products (up 4% and 7%, respectively), and other products and services (up 40%). Meanwhile, coke sales fell by 20% year-over-year. This segment accounted for 71% of total revenue in the reporting period (an increase of 8 percentage points year-over-year).
For the year, the group posted an operating profit of $319 million, compared to an operating loss of $858 million in 2024.
At the time, Metinvest CEO Yuriy Ryzhenkov noted in his comments that the full-scale war continues to test both the nation and the group, which remains steadfast.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its facilities are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in the European Union, the United Kingdom, and the United States. The holding company’s main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
The National Securities and Stock Market Commission (NSSMC) has registered the 15th issue of Series “O” bonds of the international financial service NovaPay (TM NovaPay), part of the Nova Group, issued by its subsidiary “NovaPay Credit,” with a face value of 200 million UAH, according to a company statement.
The NSSMC’s website notes that the bonds were issued in the standard denomination of 1,000 UAH each. The fixed yield on these bonds will be up to 18% per annum.
“We are consistently developing our corporate bond program, as we see steady interest from Ukrainians in this investment instrument,” NovaPay’s Director of Retail Business Development, Yana Levada, is quoted as saying in the press release.
She clarified that the registration of the new issue will allow the company to continue raising funds for the development of financial services and credit products.
In early June, the company fully placed its 14th bond issue—Series “N”—with a face value of 200 million UAH.
As previously reported, the number of investors who purchased NovaPay bonds exceeded 8,000, and the total sales volume reached 4 billion hryvnia, whereas in March of this year, these figures stood at over 7,000 investors and 3.5 billion hryvnia in investments.
In February, NovaPay announced the full placement of Series “M” bonds with a face value of 200 million UAH.
In total, 15 corporate bond issues have been carried out since 2023, of which two have been redeemed: Series “C” in the amount of 100 million UAH in 2025 and Series “A” in the amount of 100 million UAH in 2026.
NovaPay was founded in 2001 as an international financial service, part of the Nova Group (“Nova Poshta”), and provides financial services both online and offline at “Nova Poshta” branches. In 2023, the company became the first non-bank financial institution in Ukraine to receive an expanded license from the NBU, which allowed it to open accounts and issue cards; it was also the first non-bank to launch its own financial app with a wide range of financial services at the end of last year.
In 2025, NovaPay increased its revenue by 10.4% to 10.01 billion UAH, while its net profit decreased by 22% to 2.58 billion UAH.
In January–March 2026, the company increased the volume of money transfers by 53% compared to the same period in 2025—to over 200 billion UAH—while the number of transactions rose by 12%—to 126 million.
According to the National Bank of Ukraine, the company accounts for approximately 22.7% of the total volume of domestic money transfers.
Coal Energy S.A. (Luxembourg), having lost all its coal assets in Ukraine due to Russian aggression and shifted its focus to operations in Poland, reported a net loss of $1.46 million for the first nine months of fiscal year 2026 (FY, July 2025 – March 2026), the company reported a net loss of $1.46 million, whereas for the same period of FY 2025, its net profit was $1.6 million.
According to the company’s report to the Warsaw Stock Exchange, where its shares are listed, revenue for this period decreased by 31.8% to $2.06 million, while the operating loss increased by 82.1% to $0.55 million.
Coal Energy specified that from January through March of this year, its net loss amounted to $0.11 million, compared to a net profit of $1.97 million in the same quarter last year; revenue increased by 2.5% to $0.88 million; and the operating loss decreased by 33.3% to $0.05 million.
A week earlier, Coal Energy announced the suspension of a deal with Global Tech Opportunities 31, a fund belonging to the ABO Securities group, which involved the issuance of interest-free convertible bonds worth up to 14.5 million zlotys.
In the first half of 2026F, bonds worth 2.5 million zlotys ($0.67 million at the exchange rate at the time) had already been converted into newly issued shares, and as of mid-year, bonds worth 2 million zlotys remained unconverted.
As previously reported, Coal Energy posted a consolidated net profit of $4.12 million in FY2025, compared to a net loss of $2.12 million in FY2024, primarily due to the sale of four assets to the group. The company’s consolidated revenue grew by 52.4% in FY 2025, reaching 3.76 million.
In September 2025, the board approved the company’s Updated Development Strategy for 2025–2027, which reflects the recently secured financing, current investment projects, and the ongoing war in Ukraine.
“The updated strategy is built on four pillars: 1. coal mining in Poland and Romania, 2. providing mineral extraction services in Poland and Romania, 3. developing the extraction of critical raw materials in Central and
Eastern Europe and Ukraine, and 4. global consulting services for the mineral resources sector,” the previous report stated, whereas the new report does not include a description of these activities.
Coal Energy’s shares have been listed on the Warsaw Stock Exchange since August 8, 2011. Its main line of business was coal mining at two underground mines and operations at coal dumps in the Donetsk region.
Vyshnevetsky currently controls 58.74% through Lycaste Holdings, while Global Tech Opportunities holds 2.34%. A total of 24.42% of the shares are traded on the Warsaw Stock Exchange.
The company’s market capitalization as of June 30 stood at PLN 92.18 million ($24.45 million at the current exchange rate) at a share price of 2.00 zlotys, which had fallen by 1.28% since the start of the trading day following the publication of the financial report.
bond, Coal Energy, LOSS, POLAND, REVENUE
Shareholders of the industrial and technical company ‘Agromat’ decided to issue Series “J” bonds worth 100 million UAH for public offering, the company reported in the NSSMC system.
According to the announcement, the bond offering is being conducted to optimize the company’s debt portfolio.
It is noted that the bonds are planned to be placed through a public offering exclusively to qualified investors (without a prospectus) via an investment firm acting as a placement agent without providing a guarantee.
AgroMat corporate bonds of Series “H” and “I,” each with a total face value of 100 million UAH, are currently in circulation.
The announcement states that the company’s co-owners, each holding a 28.65% stake, are CEO Serhiy Voitenko, Oksana Reva, and Anatoliy Taday; an additional 10.05% is owned by Olga Bashota, and 4% by Nadiya Rushelyuk.
As previously reported, in September 2024, “Agromat” issued three-year Series “H” bonds worth 100 million UAH for public offering, and in November of the same year, it issued Series “I” bonds for the same amount. The funds raised are planned to be used to expand the retail network.
“Agromat” manufactures and sells ceramic tiles and bathroom fixtures; it was founded in 1993. The company operates through 33 retail locations in 21 cities across Ukraine and online at agromat.ua.
According to information on the company’s website, based on 2025 results, PTK LLC “Agromat” increased its net revenue by 5.2% compared to the previous year—to 3.59 billion UAH—and its net profit by 91.4%, to 148 million UAH. In the first quarter of 2026, net revenue grew by 10.4% compared to the same period last year—to 788.5 million UAH—while net profit decreased from 47.5 million UAH to 199 thousand UAH.
As of the end of 2025, Kredobank was the Agromat Group’s main long-term lender, with loans totaling 34.8 million UAH at interest rates of 15.5% and 24.68%. An additional 3.9 million UAH was accounted for by ProCredit Bank at a rate of 3.77%.
The short-term loan portfolio, totaling 524.5 млн грн as of the end of 2025, consisted of loans from six banks at interest rates ranging from 3.77% to 24.68%: Raiffeisen – 199 млн грн, ProCredit – 153.9 млн грн, OTP – 20 млн грн, Crédit Agricole – 65.6 млн грн, Pivdenny – 19 млн грн, and Kredobank – 66.9 млн грн.
CreditKasa (Ukr Credit Finance LLC), one of Ukraine’s leading non-bank financial companies, together with the placement organizer—the investment firm “UNIVER Capital”—announces the launch of the initial public offering of its debut Series A corporate bonds. The total issue amount is 100 million hryvnias. This top fintech company’s entry into the public capital market offers retail investors a reliable and highly liquid alternative to traditional savings instruments.
CreditKasa has been operating in the market since 2017 and, according to NBU data on key performance indicators for financial companies for 2024–2025, ranks first in terms of revenue among non-bank financial companies in Ukraine. Over 2 million citizens have already used the service.
The robustness of the business model is confirmed by record financial results: the company’s net revenue for 2025 amounted to 3.84 billion UAH, and profit reached 350.3 million UAH. As of June 19, 2026, CreditKasa’s loan portfolio stands at over 12 billion UAH. The main driver of growth is the full automation of 24/7 processes thanks to artificial intelligence and modern scoring systems, which ensure strict risk control.
The investments raised will allow CreditKasa to accelerate the implementation of the company’s technological development strategy. “The funds will be used to scale the loan portfolio, launch new financial products, and develop proprietary AI-based solutions that ensure fast customer service and effective risk management,” said Yevgen Rezuev, CEO of CreditKasa.
Bond purchases will be conducted using the modern European “delivery versus payment” (DvP) model, which guarantees 100% security of settlements. Thanks to the full digitization of processes, retail investors can submit an application to purchase the bonds in just a few clicks via the UNIVER mobile app or the Investor’s Dashboard. Pre-orders for the auction are now being accepted.
Once the initial offering is complete and the report has been expedited through the National Securities and Stock Market Commission (NSSMC), CreditKasa bonds will promptly enter the secondary market. “UNIVER Capital” will traditionally act as the issue’s market maker, providing two-way quotes (buy/sell) directly within the UNIVER app, which will ensure investors instant liquidity in real time.
About the Issuer: Ukr Credit Finance LLC
Ukr Credit Finance LLC (CreditKasa TM) is one of the undisputed leaders in the Ukrainian online lending market, operating since 2017. According to the National Bank of Ukraine (NBU), the company ranks first in terms of revenue among non-bank financial institutions in Ukraine, serving over 2 million customers through fully automated fintech solutions.
About the placement arranger: UNIVER Capital LLC
The Ukrainian investment group “UNIVER” is a leading group of companies that, since 2005, has been providing brokerage, dealer, and depositary services, conducting underwriting, and managing the assets of institutional investors. The company specializes in raising capital for Ukrainian businesses and has previously successfully organized bond issuances for such market leaders as “Nova Poshta,” “NovaPay,” “Novus,” “Activitis,” “ShvidkoGroshi,” and “VikingPark.”
UNIVER offers a wide range of investment opportunities for both individuals and legal entities. Its proprietary UNIVER mobile app provides clients with reliable and convenient access to financial instruments.
*Bond issuer: Ukr Credit Finance LLC.
