The National Securities and Stock Market Commission of Ukraine (NSSMC) sees opportunities for the revival of the municipal bond market in Ukraine, is actively working toward this goal, and supports a bill on preferential taxation of individual income from these instruments, said Commission Chairman Oleksiy Semenyuk.
“I believe this is possible (the revival of the municipal bond market). Moreover, this process is already underway on a fairly large scale,” he said during a discussion on the prospects of the stock market in Ukraine, organized by the Kyiv International Economic Forum last week.
Semenyuk clarified that a meeting is tentatively scheduled for October 2 with representatives of cities with populations of 100,000 or more—which will also include representatives from the Ministry of Finance—to discuss the main issues hindering the progress of this process.
“The main problems there are clear and have been identified… I want to note that I believe in municipal bonds,” emphasized the Commission chairman.
According to him, cities have development budgets, and they currently have significant needs for a rapid transition to energy independence, so bonds are an attractive instrument for them.
Semenyuk believes that municipal bonds could also be of interest to investment funds and local revenue-generating enterprises.
At the same time, Serhiy Fursa, deputy director of securities trading at the investment firm Dragon Capital, expressed doubt that municipal bonds would attract investors under current conditions, when the Ministry of Finance is placing domestic government bonds on the market, the income from which is tax-exempt.
“This would be a good instrument, but, again, we have domestic government bonds and their yields, as well as the need to provide a risk premium. By the way, I don’t quite understand—and this is a question for analysts—how to assess the solvency of cities in Ukraine. At the moment, I don’t really see much demand for this,” the expert noted.
According to him, the main buyers right now are individuals who are focused on returns and tax benefits.
The head of the National Securities and Stock Market Commission (NSSMC) reported that two bills on tax incentives are currently being considered for passage through the Verkhovna Rada. He clarified that the first concerns investment accounts exempt from personal income tax provided the investment term is at least three years, while the second concerns the “5+5” scheme: a 5% personal income tax rate and a 5% military levy instead of the current 18% + 5%. Semenyuk added that discussions regarding the latter bill are ongoing with the Ministry of Finance.
bond, city, INVESTMENT, NSSMC, TAX
According to Fixygen, Siroko Finance LLC, which provides factoring services and extends loans to individuals—and in which Serhiy Tihipko, one of the largest shareholders in the Ukrainian financial market, indirectly controls 20% of the shares—has fully placed a UAH 50 million Series C bond issue without conducting a public offering.
As indicated in information on the website of the National Securities and Stock Market Commission (NSSMC), the commission registered the report on the results of the issuance on August 18 of this year, although the issuance had originally been registered on July 17 of this year.
The face value of each bond is 1,000 UAH. Information on other parameters of the Series “C” issue is not yet available.
In July 2025, the NSSMC registered a report on the issuance of the debut series of five-year Series “A” bonds “Siroko Finance” Series “A” bonds totaling 20 million UAH with a six-month offer period and an interest rate of 17% per annum during the first six months of circulation, with quarterly interest payments. The list of 141 participants in the bond offering included 132 individuals, among them: Oleksandr Bandurko, Serhiy Belashov, Ihor Voronin, Anatoliy Holubchenko, Andriy Gubskyi, Rajiv Gupta, Oles Dovgyi, Volodymyr Dubey, Volodymyr Zhmak, Volodymyr Zagoriy, Vyacheslav Kapustin, Oleksandr Katsuba, Serhiy Koretskyi, Ihor Nikonov, Lev Partskhaladze, Illia Rybchych, Serhiy Tihipko, Heorhiy Tsagareishvili, Pavlo Tsaruk, Oleksandr Shlapak, and Mykhailo Shelemba.
In February 2026, the National Securities and Stock Market Commission (NSSMC) registered a report on the issuance of “Siroko Finance” Series B five-year bonds in the amount of 30 million hryvnias, also with a six-month maturity and an interest rate of 17% per annum for the first six months of circulation, with quarterly interest payments. Several companies were listed among the participants in the placement, including those from the “TAS” group.
The resolutions on the issuance of these two series stated that the funds raised were to be used to provide loans, including on the terms of a financial loan. For subsequent periods, the rate was maintained at 17% per annum.
According to data from YouControl, in the first half of 2026, “Siroko Finance” increased its revenue 2.5-fold compared to the same period in 2025—to 138.01 million UAH—and its net profit grew by 49.9%—to 10.09 million UAH.
As of the end of August this year, Natalia Gordienko held a 49.96% stake in the company, while Roman Katerynchyk held 30.04%. Tihipko indirectly controlled 20%.
Sky Bank (Kyiv) increased its authorized capital by 94.38 million UAH—to 367.55 million UAH—by raising the par value of its shares using a portion of the profit earned in 2025.
According to the bank’s filing with the National Securities and Stock Market Commission (NSSMC)’s disclosure system, the decision to increase the authorized capital was approved by the bank’s annual general meeting of shareholders on April 28, 2026.
State registration of the relevant amendments to the articles of association was completed on July 3, and the NSSMC registered the share issue on August 13.
On August 20, the bank received a notification from the Central Securities Depository regarding the deposit of the global certificate and the entry of information about the new par value of the shares into the depository accounting system.
Following the capital increase, the number of the bank’s voting shares stands at nearly 3.54 million, or 99.9358% of the total number of shares.
According to data from the National Bank, as of July 1, 2026, Sky Bank ranked 40th (4.28 billion UAH) among 59 banks in terms of total assets, and the financial institution’s net profit for the first half of the year amounted to 27.34 million UAH.
PJSC “Respect Insurance Company” (Odesa) collected UAH 52.641 million in net premiums in January–June 2026, which is 33.8% more than in the same period of 2025.
According to the company’s interim report, published in the disclosure system of the National Securities and Stock Market Commission (NSSMC), its gross premiums for this period totaled 52.781 million UAH (+33%, respectively). A total of 140,000 UAH was ceded to reinsurers (2.1 times less).
During this period, the company paid out 5.548 million UAH, which is 0.7% less than during the same period a year ago. Meanwhile, administrative expenses totaled 62,000 UAH, which is 4.3 times less than in the first six months of 2025.
Respect Insurance Company’s operating profit for the first half of the year amounted to 17.129 million UAH (3.2 times higher), and net profit was 18.834 million UAH (2.7 times higher).
According to data from the National Securities and Stock Market Commission as of the first quarter of 2026, LLC “Asset Management Company YUG-Invest” (the “Industrial” Closed-End Undiversified Venture Capital Investment Fund) held 67.935% of the insurer’s shares, “Ulyublene Misto” LLC held 9.646%, and “Bereg Stroy Service 2017” LLC held 9.242%.
“Respect” Insurance Company has been operating in the Ukrainian market since March 1995. The company’s main risk portfolio is related to the transportation sector.
Shareholders of PJSC “Ukrainian Fire and Insurance Company” (Kyiv) approved at an extraordinary meeting on July 21, 2026, the amount of annual dividends for common registered shares, based on the results of operations in 2025, totaling 40 million UAH, or 2.50 UAH per share.
As reported by the company in the disclosure system of the National Securities and Stock Market Commission (NSSMC), the decision to pay dividends was adopted by the annual remote general meeting of shareholders (minutes dated May 8, 2026).
The dividends are planned to be paid in several installments (proportionally to all shareholders within a total 6-month period from the date of the decision). The first installment, in the amount of 16 million UAH, is due by August 5, 2026; the second installment, in the amount of 16 million UAH, is due by October 13, 2026; and the third installment, in the amount of 8 million UAH, is due by November 6, 2026.
PJSC “UPSK” was registered in 1993. It specializes, in particular, in motor vehicle insurance, financial risk insurance, travel insurance, property insurance, cargo insurance, and baggage insurance.
According to the company, Oleksandr Mikhailov owns 99.999% of its shares.
According to data from the National Bank of Ukraine (NBU), the company ranks 16th among Ukraine’s non-life insurers in terms of premiums collected in 2025.
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.
