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Investment opportunities
in the capital market:
Comississioner’s view
Dmytro Tarabakin, National Securities and Stock Market
Commission of Ukraine
CORPORATE LAW - INNOVATIONS
Implementation of the EU
Transparency Directive into
national law - requirements
for public companies in
Ukraine are the same as in
Europe
Corporate governance has
progressed in the banking
sector and is developing at
SOEs
Independent members have
majority on the supervisory
boards at SOEs, at public
companies - they have a third
The law on squeeze-out and
sell-out, although not perfect,
but works. 301 corporate
actions completed
The first public offer of
corporate bonds completed
(TASKOMBANK) The law implementing a
bondholder’s meeting and a
bond issue administrator is
pending review in the
Parliament
UKRAINE'S PROGRESS IN
DOING BUSINESS
2015 2016 2017 2018 2019
109
88 70 81 72
45
2020
RATING COMPONENT
"PROTECTING MINORITY INVESTORS"
IN 5 YEARS +64 STEPS IN
THIS COMPONENT DUE
TO THREE LAWS
MAXIMUM GOAL FOR 2021
IS TO BE IN THE TOP-10
IN THIS COMPONENT
DIRECTOR LIABILITY INDEX
- WILL BE IN FOCUS
PRIMARY GOVERNMENT BOND MARKET
12,4%
primary
dealers
The cost of borrowing in UAH, 2019
- GOOD PREREQUISITE FOR THE CORPORATE BOND MARKET TAKE OFF
12
18,50% 18,50%
18,00% 17,98% 17,95% 17,95%
16,50% 16,30%
15,50%
14,65%
14,10%
17,25% 17,25% 17,00%
16,00% 16,00% 15,85% 15,45% 15,30%
14,75% 15,05%
12,40%
January February March April May June July August September October November
1-year OVDP 3-year and more OVDP
SECONDARY GOVERNMENT BOND MARKET
21,7 18,9 20,5 21,2 20,5
15,3
28,6
15,0
17,9 16,9 14,5
January
February
March
April
May
June
July
August
September
October
November
Trading volume on exchanges
billion UAH
market
makers5
CONSOLIDATION OF TRADING PLATFORMS WOULD BRING MORE TRANSPARENCY
NATIONAL WEALTH
FUND
40 main SOEs, privatization
of which is restricted, to be
transferred for professional
management
100%
The owner of the Fund:
40 SOE
AIM
TO CREATE A
CAPABLE STATE
INSTITUTION FOR
MANAGEMENT OF
STRATEGIC
STATE-OWNED
COMPANIES
STATE
Minority stakes (10-20%) of about
20 SOEs from the NWF shall be
transferred to the portfolio of NIF.
To be manageted by a global leader
in asset management. The estimated
net asset value - $4-5 billion.
IPOs AND
ATTRACTING
PORTFOLIO
INVESTORS
NATIONAL INVESTMENT
FUND
10%
IPO та SPOBefore ІРО – 100% owned
by the state
After ІРО – the state,
foreign and local investors
$500 millions
AIM
WHAT UKRAINE GETS
FROM LAUNCHING NIF
Attractive
financial
instrument for
foreign and
Ukrainian investors
- good indication
for SOE’s market
value
Preparing of SOEs
for their own IPOs
or successful
privatization
Implementation
of the best
practices of
corporate
governance at
target 20 SOEs
Expanding
opportunities to
finance the
development of
these SOEs
COMPLETE PENSION SYSTEM
І
PUBLIC
PENSIONS
ІІ
MANDATORY
PRIVATE
PENSIONS
ІІІ
VOLUNTARY
PRIVATE
PENSIONS
already working already workingmissing
The total cost of
the PFU for
payment from the
public pension
system, UAH billion
311,8
The lack money of
the PFU (financed
from the state
budget), %
44%
І LEVEL - PUBLIC PENSIONS
The total number
of pensioners,
millions of
people
11,3
The replacement
rate of the average
wage, %
33%
UNABLE TO PROVIDE A SATISFACTORY STANDARD OF LIVING
AFTER RETIREMENT
The total value of
assets of private
funds, billion UAH
2,89
The total number
of participants in
private funds,
thousand people
860
ІІІ LEVEL- VOLUNTARY PRIVATE PENSIONS
The share of
employees
participating in
private funds
6,5%
LOW DEVELOPMENT OVER THE LAST 15 YEARS
ІІ LEVEL - MANDATORY PRIVATE PENSIONS
CLEAR
Global standards
High requirements for providers
Constant monitoring efficiency
Transparency and responsibility
RELIABLE SUFFICIENT
One administrator
Easy choice of provider
Automatic distribution of
passive participants
Clear options for investment
portfolios
Increased replacement rates
Contributions - from 2% to 8%
Minimize administrative costs =
pension saving
Exemption from taxes at all
stages
EXPECTED REVENUES IN THE FIRST YEAR OF
IMPLEMENTATION OF MPP, BILLION UAH30

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Investment opportunities in the capital market: Comississioner’s view

  • 1. Investment opportunities in the capital market: Comississioner’s view Dmytro Tarabakin, National Securities and Stock Market Commission of Ukraine
  • 2. CORPORATE LAW - INNOVATIONS Implementation of the EU Transparency Directive into national law - requirements for public companies in Ukraine are the same as in Europe Corporate governance has progressed in the banking sector and is developing at SOEs Independent members have majority on the supervisory boards at SOEs, at public companies - they have a third The law on squeeze-out and sell-out, although not perfect, but works. 301 corporate actions completed The first public offer of corporate bonds completed (TASKOMBANK) The law implementing a bondholder’s meeting and a bond issue administrator is pending review in the Parliament
  • 3. UKRAINE'S PROGRESS IN DOING BUSINESS 2015 2016 2017 2018 2019 109 88 70 81 72 45 2020 RATING COMPONENT "PROTECTING MINORITY INVESTORS" IN 5 YEARS +64 STEPS IN THIS COMPONENT DUE TO THREE LAWS MAXIMUM GOAL FOR 2021 IS TO BE IN THE TOP-10 IN THIS COMPONENT DIRECTOR LIABILITY INDEX - WILL BE IN FOCUS
  • 4. PRIMARY GOVERNMENT BOND MARKET 12,4% primary dealers The cost of borrowing in UAH, 2019 - GOOD PREREQUISITE FOR THE CORPORATE BOND MARKET TAKE OFF 12 18,50% 18,50% 18,00% 17,98% 17,95% 17,95% 16,50% 16,30% 15,50% 14,65% 14,10% 17,25% 17,25% 17,00% 16,00% 16,00% 15,85% 15,45% 15,30% 14,75% 15,05% 12,40% January February March April May June July August September October November 1-year OVDP 3-year and more OVDP
  • 5. SECONDARY GOVERNMENT BOND MARKET 21,7 18,9 20,5 21,2 20,5 15,3 28,6 15,0 17,9 16,9 14,5 January February March April May June July August September October November Trading volume on exchanges billion UAH market makers5 CONSOLIDATION OF TRADING PLATFORMS WOULD BRING MORE TRANSPARENCY
  • 6. NATIONAL WEALTH FUND 40 main SOEs, privatization of which is restricted, to be transferred for professional management 100% The owner of the Fund: 40 SOE AIM TO CREATE A CAPABLE STATE INSTITUTION FOR MANAGEMENT OF STRATEGIC STATE-OWNED COMPANIES STATE
  • 7. Minority stakes (10-20%) of about 20 SOEs from the NWF shall be transferred to the portfolio of NIF. To be manageted by a global leader in asset management. The estimated net asset value - $4-5 billion. IPOs AND ATTRACTING PORTFOLIO INVESTORS NATIONAL INVESTMENT FUND 10% IPO та SPOBefore ІРО – 100% owned by the state After ІРО – the state, foreign and local investors $500 millions AIM
  • 8. WHAT UKRAINE GETS FROM LAUNCHING NIF Attractive financial instrument for foreign and Ukrainian investors - good indication for SOE’s market value Preparing of SOEs for their own IPOs or successful privatization Implementation of the best practices of corporate governance at target 20 SOEs Expanding opportunities to finance the development of these SOEs
  • 10. The total cost of the PFU for payment from the public pension system, UAH billion 311,8 The lack money of the PFU (financed from the state budget), % 44% І LEVEL - PUBLIC PENSIONS The total number of pensioners, millions of people 11,3 The replacement rate of the average wage, % 33% UNABLE TO PROVIDE A SATISFACTORY STANDARD OF LIVING AFTER RETIREMENT
  • 11. The total value of assets of private funds, billion UAH 2,89 The total number of participants in private funds, thousand people 860 ІІІ LEVEL- VOLUNTARY PRIVATE PENSIONS The share of employees participating in private funds 6,5% LOW DEVELOPMENT OVER THE LAST 15 YEARS
  • 12. ІІ LEVEL - MANDATORY PRIVATE PENSIONS CLEAR Global standards High requirements for providers Constant monitoring efficiency Transparency and responsibility RELIABLE SUFFICIENT One administrator Easy choice of provider Automatic distribution of passive participants Clear options for investment portfolios Increased replacement rates Contributions - from 2% to 8% Minimize administrative costs = pension saving Exemption from taxes at all stages EXPECTED REVENUES IN THE FIRST YEAR OF IMPLEMENTATION OF MPP, BILLION UAH30