Foreign experience of securitization of assets on the international capital market and the possibility of its implementation in Ukraine

The article is devoted to the study of foreign experience in asset securitization on the international capital market and the determination of the possibility of its implementation in Ukraine. It is determined that in modern conditions the international financial system is at a stage of fundamental changes, where the ability of the capital market to effectively redistribute and manage risks is of great importance. The most dynamic tool in this context remains asset securitization, that is, a mechanism that contributes to the transformation of future financial flows from the sale of illiquid assets into highly liquid investment instruments. The need to study this issue is associated with several strategic factors. First of all, the experience of foreign countries (the USA, the European Union, China) shows that securitization is a powerful lever for corporate lending, especially in the context of global transformations in the direction of «green» energy and digitalization. At the same time, for our state, which in recent years has been actively implementing ambitious plans for the European integration vector of reconstruction, the introduction of international securitization standards is considered critically necessary to attract foreign private capital. Over the past year, society has been observing qualitative changes associated with the intensification of regulatory supervision over the implementation of cross-border transactions, the development of the market for digital securitized assets based on blockchain, and the active implementation of sustainable development principles in the structure of securities issuance. The study of these processes contributes not only to the awareness of current trends, but also to the avoidance of past mistakes, in particular those that caused systemic crises. It was determined that the main areas of implementation in Ukraine of foreign securitization experience are the harmonization of the domestic legislative framework with European standards by introducing securitization according to STS standards, as well as the creation of regulatory support for specialized companies; active use of securitization to restore the housing sector by implementing the experience of the United States and the European Union in the context of creating a mortgage securities market; active use of investment attraction tools, in particular covered bonds, as well as green and infrastructure projects; deepening digital securitization. It has been established that the implementation of foreign securitization experience in Ukraine will allow domestic banking institutions to attract resources for lending to housing restoration (through the issuance of mortgage securities) and business, which, in turn, will help reduce the burden on the state budget.