International securities depository Clearstream plans to expand foreign investor access to Ukrainian debt instruments in the second quarter of 2026, including municipal and infrastructure bonds, as the country seeks to broaden financing options for post-war reconstruction, reported Ukraine Business News.

The Luxembourg-based depository will extend the market link it established in 2019 with the depository of the National Bank of Ukraine (NBU), which currently allows foreign investors to access domestic government bonds, known as OVDP. The new step will enable international investors to purchase municipal bonds and other local debt instruments issued to finance rebuilding projects.

Clearstream chief executive Philip Brown said the expansion would support Ukraine’s efforts to deepen its domestic capital market and attract private investment alongside international financial aid.

“When we think about post-war reconstruction and its financing, the expansion of new instruments will be really critical,” Brown said, noting that investors require a broad range of opportunities supported by legal certainty, market stability and reliable international access channels.

The NBU introduced regulatory changes in mid-2025 aimed at broadening foreign access to local debt instruments, paving the way for the expansion of the Clearstream link to cover municipal and infrastructure bonds.

However, sentiment toward Ukrainian sovereign debt has weakened in recent weeks. Prices of Ukrainian Eurobonds have fallen by more than 5% over the past three weeks after investors reassessed earlier optimism about the prospects for peace negotiations.

Analysts at Ukrainian investment group ICU said the decline began in mid-February and was exacerbated by broader risk aversion in emerging markets. The benchmark J.P. Morgan Emerging Markets Bond Index fell by about 1.6% last week as tensions escalated in the conflict involving Iran.

The developments have indirectly affected Ukraine by shifting global attention and delaying diplomatic efforts related to the war. A round of negotiations scheduled for last week was postponed, reducing the likelihood that investors will receive near-term clarity on prospects for ending the conflict.

Analysts also warn that escalating tensions in the Middle East could complicate Ukraine’s military situation if supplies of key ammunition, including air defence missiles, are diverted to other theatres.