Ukraine's National Securities and Stock Market Commission and EU4Reconstruction target two municipal bond issues in first half of 2027

Ukraine's National Securities and Stock Market Commission agreed with EU4Reconstruction to begin preparing two municipal bond issues, with the aim of completing them in the first half of 2027. The agreement follows earlier efforts to help municipalities prepare infrastructure projects for bond financing. Potential uses include heating and water system upgrades and projects to improve cities' energy independence. Registration reforms already introduced by the commission include shorter document review periods, electronic submissions and fewer administrative requirements. Municipalities can also raise funds through separate issues under a single base prospectus, allowing financing to match project needs. Remaining barriers require coordination with other state authorities, particularly changes to the local borrowing approval procedure under Cabinet of Ministers Resolution No. 110 and certain provisions of budget legislation. EU4Reconstruction has completed a study of regulatory barriers, European experience and recommendations for expanding municipal bond financing in Ukraine. Its findings will be presented publicly, with the commission providing expert support and consultations for municipalities. The parties also discussed bringing in specialists to help cities prepare their initial issues.