Kyivstar, Ukraine’s largest telecommunications operator, is considering a pilot bond offering on the Ukrainian market, the company’s President and CEO Oleksandr Komarov announced at the “UP 100 Business” event in Kyiv on the evening of June 17, dedicated to the 20th anniversary of “Ekonomichna Pravda.”
“We have a functioning business with fairly solid metrics. I feel that if we need financing in hryvnia or foreign currency, there are bond instruments that we plan to try in the near future. I see this opportunity and don’t see any obstacles,” Komarov noted.
He recalled that at one point in its history, Kyivstar was “approximately $250 million in debt” and successfully and promptly fulfilled all its obligations.
According to him, the company has never taken out loans secured by its assets, only against its working capital.
Komarov added that an instrument such as bonds could enable Kyivstar to implement a strategy of independence from its current liquidity levels.
He also expressed the view that “something positive is happening at the (National) Securities Commission” right now.
“I hope there will be some degree of legalization, and that new, simplified mechanisms for raising capital will be created. In other words, it seems to me that, despite the very difficult environment, we are gradually moving in the right direction,” said the president of Kyivstar on the day a bill was submitted to the Verkhovna Rada to simplify the registration of private share offerings.
As reported, Kyivstar increased its consolidated EBITDA by 28.5% in the first quarter of 2026—to 7.5 billion UAH—while revenue grew by 31.3%—to 13.9 billion UAH.
The international financial service NovaPay (TM NovaPay), part of the Nova Group, has fully placed its 14th bond issue—Series “N”—issued by its subsidiary NovaPay Credit, with a face value of UAH 200 million.
According to the company, the bonds were issued in the traditional denomination of UAH 1,000 each, with a coupon rate of 18% per annum payable at maturity, and will be used in repo transactions, which serve as an alternative to deposits.
The financial service plans to allocate the funds raised from the placement of Series “N” to the development of credit products.
“Series N is a continuation of the course we have consistently followed since 2023. We were the first in the industry to offer Ukrainians public corporate bonds during a full-scale war, and this past May we fully redeemed the second such issue,” said Yana Levada, acting Deputy CEO for Retail Business at NovaPay, as quoted in the press release.
The website of the National Securities and Stock Market Commission (NSSMC) reports that the bond placement report was approved on May 22, 2026.
On the same day, the Commission registered NovaPay’s 15th bond issue—Series “O”—with a total nominal value of UAH 200 million, which will be carried out through a public offering.
The company noted that as of early 2026, more than 7,900 clients had become holders of NovaPay bonds, with the total portfolio exceeding UAH 4 billion.
In February, NovaPay announced the full placement of Series “M” bonds with a nominal value of UAH 200 million.
In total, between 2023 and 2025, NovaPay carried out 13 bond issues with a total nominal value of UAH 1.39 billion. Securities from all series, except for three, are used for the repo program as an alternative to bank deposits; they are available for purchase in the NovaPay mobile app, and interest payments on them are scheduled to be made once upon redemption. Interest payments on bonds for institutional investors are made quarterly. They also come with an annual offer, and the nominal yield rate for the first year of circulation is 18% per annum. Series “K” is the third for institutional investors, but the first such series, “A,” worth UAH 100 million, was redeemed this year.
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, and at the end of last year, it became the first non-bank to launch its own financial app offering a wide range of financial services.
In 2025, NovaPay increased its revenue by 10.4% to UAH 10.01 billion, while its net profit decreased by 22% to UAH 2.58 billion.
In the first quarter of 2026, the company increased the volume of transfers by 53% compared to the same period in 2025—to over UAH 200 billion—while the number of transactions grew 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.
The Ukrainian leasing company FinWin Financial Company LLC (TM FINWIN, Kyiv), owned by brothers Andriy and Oleksandr Shpyg of the LIZARD group, has completed the debut placement of its first issue of Series A corporate bonds in the amount of UAH 60 million.
“Under the terms of the agreement, 100% of the issue was effectively sold on the external market to professional investors,” – according to a statement on the company’s website.
It is noted that the investment company ICU played a key role in the debut bond offering, providing professional support for the issuer’s entry into the capital market, helping to effectively present the investment story to the external market, and effectively securing the bulk of the placement.
Saad Legal served as legal counsel for the bond issue—a specialized law firm focused on corporate law, securities trading, and the Ukrainian stock market.
“FinVin” also thanked its insurance partners, whose participation in the placement, according to the company, served as an additional positive signal to the market.
According to the statement, the company is directing all funds raised from the bond placement toward financing leasing projects for businesses. This includes machinery, equipment, transportation, energy solutions, and other assets.
Ruslan Kilmukhametov, head of the debt securities market division at ICU, added on Facebook that the FinVin bond issue was innovative, as the issuer, together with Saad Legal, utilized a new opportunity created by the National Securities and Stock Market Commission of Ukraine (NSSMC) in the latest revision of the regulations on corporate bond issuance.
“Namely, the ability to transfer bonds not sold during placement to an ‘for disposal’ account. This allowed us to resolve a significant problem of the past two decades, when issuers had to resort to so-called ‘technical placements.’ We are analyzing this experience and hope that future placements will proceed more smoothly,” noted Kilmukhametov.
According to information on the NSSMC website, it registered the debut issue of “FinVin” bonds with a total par value of UAH 60 million in August 2025, and the final certificate was issued in December. The par value of the bond is UAH 1,000.
In 2025, FinVin increased its revenue 20.5-fold—to UAH 663.25 million—and reported a net profit of UAH 3.30 million, compared to UAH 0.03 million a year earlier. The company’s registered capital at the end of last year was 20.10 million UAH, additional capital was 30 million UAH, and assets grew 14-fold during the year to 441.17 million UAH.
The LIZARD Group also includes the River Mall and Blockbuster Mall shopping and entertainment centers, the “Milk Alliance” group of companies, the “Planeta Kino” cinema chain and the Kidlandia entertainment center, Novoodessky Elevator LLC, the industrial and construction company “StoneLight,” and the IT company IWIS.
Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, is set to repay $428 million on its 2026 bonds with an 8.5% annual interest rate and $42 million on other obligations in 2026, for a total of $470 million.
According to a presentation based on Metinvest B.V.’s annual report, the company is scheduled to pay $332 million on its 2027 bonds at 7.65% per annum and an additional $19 million on other obligations in 2027, for a total of $351 million.
In 2028, the group is to pay only $18 million on other liabilities, and in 2029—$500 million on the 2029 bonds at 7.75% per annum and another $50 million on other liabilities, for a total of $550 million.
It is noted that the scheduled payments include only the principal amount of the debt (excluding accrued interest, fees, and discounts) as of December 31, 2025. In turn, trade finance lines are predominantly revolving, and therefore excluded from this repayment profile.
The company’s total debt as of December 31, 2025, decreased by 15% compared to 2024—to $1.441 billion from $1.705 billion. Net debt at the end of 2025 stood at $1.065 billion, and at the end of 2024—$1.048 billion.
The presentation notes that in 2025, the group, in particular, fully repaid its senior bonds totaling EUR300 million in the first half of the year. Since the beginning of 2022, it has repaid a total of $801 million in debt.
In July 2025, the group secured an 11.5-year buyer credit facility of EUR23.6 million for Northern GOK to finance the purchase of equipment for the tailings thickening project. The facility is covered by Finnvera, the Finnish export credit agency.
As reported, over the past month, Metinvest has explored refinancing options and resumed negotiations with its largest bondholders to extend the maturity of a portion of its outstanding senior bonds maturing in April 2026. Ultimately, the group intends to fully repay the bonds but will continue to seek opportunities to access debt markets in the future.
In 2025, Metinvest reduced its EBITDA by 24.2% compared to the previous year—to $765 million from $1.009 billion. The company ended 2025 with a net loss of $191 million, compared to a net loss of $1.152 billion in 2024. Meanwhile, pre-tax profit stood at $77 million, whereas the company reported a pre-tax loss of $1.138 billion for 2024. Revenue for the past year decreased by 6% to $7.242 billion. The company reported an operating profit of $319 million for the reporting period, compared to an operating loss of $858 million in 2024.
Metinvest CEO Yuriy Ryzhenkov noted in his comments a “disciplined and responsible approach to debt management.”
“Between 2022 and 2025, we reduced total debt by approximately $800 million, to $1.441 billion as of December 31, 2025. This is a significant achievement, given the extraordinary circumstances in which we operated,” the CEO emphasized.
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 European Union countries, the United Kingdom, and the United States. The holding’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.
FEST COFFEE MISSION plans to issue series B corporate bonds worth UAH 200 million in 2026, with yields pegged to the US dollar, company founder Andriy Khudo announced on his Facebook page.
According to him, the bond issue is seen as a tool for further development of the coffee business amid the transformation of the Ukrainian coffee market and the growth of the share of local roasting.
Khudo noted that over the past year, the share of Ukrainian roasting in the market has grown from approximately 48% to 55%, while imports of ready-roasted coffee are gradually declining and imports of green beans, on the contrary, are increasing. According to his assessment, Ukraine is gradually moving from a model of purchasing finished products to a model of domestic value creation.
According to the founder of FEST COFFEE MISSION, the company works exclusively with specialty Arabica beans, which are rated 82 points and above on the Specialty Coffee Association scale. Purchases are made on a direct trade model, i.e., directly from farmers without intermediaries.
According to published data, the company cooperates with more than 200 farmers in more than 12 countries where Arabica is grown. FEST COFFEE MISSION has offices in six countries and warehouses in Ukraine, Poland, Turkey, Switzerland, and Argentina. The total storage capacity for green beans is almost 1 million kg.
According to Khudo, by the end of 2025, the company’s share in the total import of green Arabica coffee to Ukraine was 12%, and in the specialty Arabica segment, it was about 80%. At the same time, 82% of imported beans are sold on the Ukrainian market, and the company’s customers include about 200 Ukrainian roasters, which, according to the company’s estimates, corresponds to approximately 80% of their total number in the country.
He also recalled that in 2024, the company had already issued Series A bonds worth UAH 100 million. The new Series B issue is intended to be a continuation of the strategy of scaling the business through expanding international presence, strengthening quality control, and developing the customer base.
The company also states that it is investing not only in grain imports but also in the development of industry infrastructure. In particular, FEST COFFEE MISSION owns, according to its data, the only laboratory in Ukraine certified by the Coffee Quality Institute, participates in professional market training, and in January 2026 initiated the All-Ukrainian Filter Coffee Day, which was joined by about 300 coffee shops and roasters.
Thus, the company is positioning the future bond issue as an opportunity to raise capital for further growth amid structural changes in the Ukrainian specialty coffee market.
The international financial service NovaPay (TM NovaPay) from the Nova group has placed the entire series of “M” bonds, issued by its subsidiary NovaPay Credit, with a nominal value of UAH 200 million, while 11 of the previous 12 series were issued with a nominal value of UAH 100 million each, and another one – UAH 90 million.
As stated in the company’s announcement on Friday, the National Securities and Stock Market Commission (NSSMC) approved the placement report on January 29, 2026, while the bonds were issued in the fourth quarter of 2025.
Like most NovaPay bond series, the M series bonds will be used in repo transactions, which the company promotes as an alternative to bank deposits: the bonds are issued in denominations of UAH 1,000 for three years with a coupon payment at a rate of 18% per annum upon maturity.
The funds raised from the bond issue are planned to be used for lending operations to legal entities (20%) and individuals (80%).
NovaPay emphasized that as of early 2026, more than 7,100 customers had become owners of the service’s corporate bonds for a total amount of UAH 1.25 billion.
As reported, NovaPay Credit increased its net profit by 1.8 times in January-September 2025 compared to the same period last year, to UAH 101.56 million, but according to the results of the year, it was planned to bring it to UAH 518.9 million, and in 2026 to increase it to UAH 1 billion 30.6 million by increasing net interest income from UAH 802.1 million to UAH 1 billion 515.1 million.
In total, during 2023-2025, NovaPay carried out 12 bond issues with a total nominal value of UAH 1 billion 190 million. Securities of all series, except for three, are used for the REPO operations program as an alternative to bank deposits. They are available for purchase in the NovaPay mobile application, and interest payments on them are scheduled to be made once upon redemption. Interest on bonds for institutional investors is paid quarterly. They also have an annual offer, and the nominal yield for the first year of circulation is 18% per annum. Series “K” became the third for institutional investors.
In September 2025, the service redeemed two-year Series C bonds worth UAH 100 million, which it placed among institutional investors. The issuer’s portfolio still has another series, Series I, of bonds of this type worth UAH 90 million.
NovaPay was founded in 2001 as an international financial service, part of the Nova group (“Nova Poshta”), providing online and offline financial services in Nova Poshta branches. According to the website, the company employs about 13,000 people in more than 3,600 Nova Poshta branches throughout Ukraine. According to the National Bank of Ukraine, the company accounts for about 35% of the total volume of domestic money transfers.
NovaPay was the first non-bank financial institution in Ukraine to receive an extended license from the NBU in 2023, which allowed it to open accounts and issue cards, and was also the first non-bank to launch its own financial application with a wide range of financial services at the end of last year.
