DEVELOPMENT OF THE GOVERNMENT SECURITIES MARKET IN UKRAINE

The article examines the current state, dynamics, and key features of the development of the government securities market in Ukraine under conditions of martial law and increased fiscal pressure. Particular attention is paid to the role of domestic government bonds as a primary instrument for mobilizing financial resources to finance the state budget, support defense expenditures, and maintain macrofinancial stability. The study analyzes changes in the structure of investors, highlighting the growing participation of the banking sector, the National Bank of Ukraine, and households, alongside a significant decline in the share of non-resident investors due to heightened military, currency, and macroeconomic risks. Special emphasis is placed on military government bonds as an innovative tool of domestic borrowing that combines fiscal, social, and stabilization functions and strengthens public confidence in state financial instruments. The paper provides an assessment of the impact of wartime economic conditions on bond yields, maturity structure, and investor behavior, as well as the implications for public debt sustainability. The article identifies the main challenges hindering the development of the government securities market, including limited liquidity of the secondary market, high concentration of ownership, currency volatility, inflationary pressures, and imperfections in the regulatory, technological, and information infrastructure. Attention is also drawn to the insufficient level of financial literacy and its influence on the participation of retail investors. The research substantiates strategic directions for further development of the market, such as deepening digitalization of issuance, settlement, and trading processes, expanding the investor base through enhanced financial inclusion and institutional demand, and harmonizing regulatory frameworks with European standards. It is argued that in the postwar period the government securities market can become a crucial mechanism for financing economic recovery, infrastructure reconstruction, and long-term growth, provided that a prudent debt policy, effective risk management, and sustainable fiscal governance are ensured.