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Ukraine’s Government Borrows Equivalent of Almost UAH 104 Billion through Auctions to Sell Domestic Government Debt Securities since Early 2025, and over UAH 1,561 Billion Total since Martial Law Was Imposed

Ukraine’s Government Borrows Equivalent of Almost UAH 104 Billion through Auctions to Sell Domestic Government Debt Securities since Early 2025, and over UAH 1,561 Billion Total since Martial Law Was Imposed

According to the NBU Depository, in January–March 2025, the government of Ukraine raised UAH 76,022.1 million, USD 455.8 million, and EUR 191.4 million from offering domestic government debt securities through auctions and allocated UAH 83,319.8 million, USD 671.7 million, and EUR 319.7 million for redemption of domestic government debt securities.

In total, from the onset of russia’s full-scale invasion of Ukraine through 31 February 2025, the government raised UAH 1,128,004.7 million, USD 8,801.2 million, and EUR 2,659.5 million through primary auctions and allocated UAH 758,129.6 million, USD 9,283.9 million, and EUR 2,488.6 million to redeem domestic government debt securities.

In November 2024, the maximum yield on domestic government debt securities offered at auctions was 17.45% per annum for hryvnia-denominated bonds, 4.50% per annum for U.S. dollar-denominated bonds and 3.25% per annum for euro-denominated bonds.

The efficient operation of the domestic debt market is an important prerequisite for ensuring macrofinancial stability and a safeguard against monetary financing of the budget deficit.

In February, the Ministry of Finance of Ukraine was given more flexibility to provide funding to improve the effectiveness of domestic public debt management: The NBU has ensured settlements for the new type of domestic government debt securities placement: through auctions to place domestic government debt securities with simultaneous exchange for outstanding domestic government debt securities of another issue. 

Everyone can purchase war bonds now and strengthen the financial resilience of Ukraine.

Below are the NBU Depository’s detailed statistics on war bonds offered through auctions, as of 1 April 2025.

As before, primary dealers – the banks – hold the largest portfolio of war bonds.

Ukrainians and domestic businesses hold the second-largest portfolio of war bonds. According to 1 April 2025 data, this portfolio comprises:  

  • UAH 106,625.8 million or 32.6% of the total value of purchased hryvnia-denominated war bonds (UAH 103,325.2 million or 31.5% as of 1 March 2025)
  • USD 1,612.9 million or 60.6% of the total value of U.S. dollar-denominated war bonds (USD 1,745.8 million or 62.8% as of 1 March 2025)
  • EUR 168.8 million or 39.1% of the total value of euro-denominated war bonds (EUR 353.0 million or 62.8% as of 1 March 2025).

Overall, the portfolio of war bonds owned by individuals and legal persons is equivalent to UAH 181.0 billion, according to 1 April 2025 data, up from UAH 107.8 billion on 1 April 2024, an increase of over 1.7 times.

As of 1 March 2025, nonresidents held UAH 9,906.8 million, USD 28.1 million, and EUR 0.1 million in war bonds.

In March 2025, the Ministry of Finance redeemed UAH 20,617.8 million of hryvnia war bonds, USD 318.4 million of U.S. dollar war bonds, and EUR 319.7 million of euro war bonds.

Find out more about the military domestic government debt securities here. The table presents data at amortized face value. 

Background

On 22 March 2022, the NBU began to publish weekly statistics of the NBU Depository related to war bond transactions. At the beginning of 2023, the NBU switched to the monthly publication of relevant releases as of the first day of the month. Previous data are available by the tag war bonds.

 

Documents

Outstanding Military Domestic Government Debt Securities as of 01 April 2025
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