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Banks, Businesses, and Individuals Keep on Buying War Bonds, but Government Repayments on Domestic Debt are Higher

Banks, Businesses, and Individuals Keep on Buying War Bonds, but Government Repayments on Domestic Debt are Higher

According to NBU Depository, since russia launched its full-scale invasion of Ukraine, the Ministry of Finance of Ukraine held 54 auctions to sell war bonds and raised 

  • UAH 29.3 billion and USD 12 million in March 
  • UAH 20.3 billion, USD 82 million, and EUR 176.5 million in April
  • UAH 29.3 billion, USD 121 million, and EUR 52.3 million in May 
  • UAH 2.3 billion, USD 221.76 million, and EUR 283.4 million in June. 

Total amount raised in the said auctions under the martial law makes over UAH 81.2 billion, USD 436.6 million, and EUR 283.4 million, which is lower than the budgetary needs for servicing the outstanding debt. Expenses for redemption of domestic government bonds over the respective period were UAH 89.1 billion, USD 920.8 million, and EUR 168 million, and interests paid thereon made UAH 44.1 billion, nearly USD 25.5 million and EUR 8.1 million.

Interest rates on war bonds have not changed and are as follows:

  • 9.5%, 10%, 11%, and 11.5% per annum in hryvnia (maturities of 3 months, 6 months, 12 months, and 14 months, respectively)  
  • 3.5%, and 3.7% per annum in U.S. dollars (maturities of 6 months and 12 months, respectively)
  • 2.5% per annum in euro (maturities of 3 months, 9 months, and 12 months).

According to NBU Depository, as of 27 June 2022, the structure of the war bonds portfolio by holders has hardly changed. As before, primary dealer banks hold the largest portfolio of war bonds.

The second-large portfolio is held by Ukrainians and domestic businesses. It comprises: 

  • UAH 10.9 billion (13.2% of the total value of purchased hryvnia-denominated war bonds)
  • USD 75.1 million (17.2% of the total value of U.S. dollar-denominated war bonds)
  • EUR 34.9 million (nearly 12.8% of the total value of euro-denominated war bonds).

Nonresidents hold over UAH 1 billion in military domestic government debt securities.

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

Today, everyone can purchase war bonds and strengthen the financial defense of Ukraine.

For reference

On 22 March 2022, the NBU began to publish weekly statistics of the NBU Depository related to war bond transactions. Follow the links below to review data as of

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Outstanding Military Domestic Government Debt Securities and the Number of Holders as of 27 June 2022
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