According to Fixygen, PJSC “Ukrainian Financial Housing Company” (“Ukrfinzhilia”), the operator of the state mortgage program “eOselya,” is working to prepare an issuance of securitized securities on international capital markets following the end of the war unleashed by Russia, with a potential volume of approximately EUR1 billion, said Chairman of the Board Yevhen Metzger.
“We are preparing and are indeed the company that will likely be the first to carry out securitization. We have JP Morgan advising us and guiding us into open capital markets,” he said during a discussion on the prospects of Ukraine’s stock market organized by the Kyiv International Economic Forum last week.
Metsger noted that to this end, “Ukrfinzhilye” will form mortgage pools worth the equivalent of $2–3 billion.
The head of “Ukrfinzhilye” clarified that it remains to be determined which markets to enter, as the American and European markets have significant differences. “We must be prepared for both scenarios,” he added.
According to him, the path for issuing securitized securities was paved by the Law on Securitization and Covered Bonds (No. 15172), which was developed jointly with the National Securities and Stock Market Commission and the European Bank for Reconstruction and Development (EBRD).
Metsger noted that there are many investors in the international market active in the housing finance sector, such as the Belgian fund Revive.
“Let’s be frank. We hope that securitization or the issuance of mortgage Eurobonds will be possible after the war. I do not believe that we will be able to do this now—this year, next year, or during the war,” the head of “Ukrfinzhylia” emphasized.
He added that it is also necessary to adopt subordinate legislation and regulations that will allow for proper preparation for the issuance of securitized securities.
“That is why we are moving forward; we hope to use this year and next year productively to prepare for securitization,” Metzger concluded.
“Ukrfinzhylia, ” securitization, INVESTMENTS, mortgages, еОселя
In March 2026, Ukrainian banks issued 808 mortgage loans totaling UAH 1.51 billion, which is 7.9% more than in February, when 701 loans totaling UAH 1.39 billion were issued, according to the results of a monthly survey by the National Bank of Ukraine (NBU).
“The quality of the mortgage portfolio is good: the share of non-performing loans is only 13%,” the regulator commented on the results via its Telegram channel.
At the same time, compared to March 2025, the volume of loans issued increased by 87.5%.
As the National Bank specifies, among the 38 surveyed banks, which together account for over 95% of the gross mortgage portfolio, 14 banks issued new loans in March. Most transactions were concluded in the primary housing market: 494 in March totaling UAH 932.4 million, compared to 386 in February totaling UAH 766.6 million.
In the secondary housing market, 314 deals were concluded for UAH 572.7 million, while in February there were 315 deals for UAH 627.7 million.
The weighted average effective interest rate in the primary market in March 2026 increased to 8.37% per annum (8.25% in February 2025), and in the secondary market to 10.48% (9.46%).
Survey data show that the largest number of loans in March was issued in Kyiv and the Kyiv region—441 loans totaling 873 million UAH (58.0% of the total volume). Next are Lviv Oblast—43 loans totaling 92 million UAH, Vinnytsia Oblast—35 loans totaling 69 million UAH, and Volyn Oblast—32 loans totaling 57 million UAH.
As reported, on May 5, the Financial Stability Council approved the updated Strategy for the Development of Mortgage Lending.
The document provides for risk reduction, improvement of state support for mortgages, protection of creditors’ rights, development of construction financing instruments, and improved access to information on real estate market prices.
Ukrainian banks in 2022 issued 2 thousand mortgages worth UAH 1.96 billion – this is 5.3 times less than in 2021 by the number of such loans and 4.3 times less by volume, the National Bank of Ukraine (NBU) said Thursday following a monthly survey of banks.
According to his data, in December 2022 issued 405 thousand mortgages worth 500 million UAH, which is the highest figure since the beginning of a full-scale war.
Information on the issuance of mortgages in December reported four banks, the regulator said.
It is indicated that two-thirds of the number of contracts were issued before the full-scale military aggression of the Russian Federation, in January and February, and in March no mortgages were issued at all.
In September and November the demand for mortgages began to recover, and banks issued 252 mortgages worth 280 million UAH.
The share of secondary market mortgages amounted to 99% of all mortgages issued in June and December.
The results of the survey show that the average size of a loan to buy housing in the primary market in 2022 rose to 954.875 thousand UAH from 898 thousand UAH in 2021, in the secondary market – to 974 thousand UAH from 809 thousand UAH.
In the regional context, more mortgage loans in 2022 were issued in Kiev and the Kiev region. – 241 contracts worth UAH 345 million (43% of the total amount), Volyn – 48 contracts worth UAH 60 million (8%), Vinnytsia – 37 contracts worth UAH 50 million (6%) and Chernihiv – 54 contracts worth UAH 47 million (6%).
