According to the NBU Depository, in January–November 2025, Ukraine’s government raised UAH 402,986.0 million, USD 2,294.0 million, and EUR 650.2 million from placement of domestic government debt securities through auctions. In the same period, the government allocated UAH 314,951.6 million, USD 2,695.0 million, and EUR 752.5 million for redemption of domestic government debt securities.
In total, from the onset of russia’s full-scale invasion of Ukraine through 30 November 2025, Ukraine’s government raised UAH 1,454,968.6 million, USD 10,639.4 million, and EUR 3,118.2 million through primary auctions and allocated UAH 989,761.4 million, USD 11,307.3 million, and EUR 2,921.4 million to redeem domestic government debt securities.
In November, the maximum yield on domestic government debt securities offered at auctions was 17.80% per annum for hryvnia-denominated bonds, 4.05% 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.
Specifically, 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.
Find below detailed statistics by NBU Depository on war bonds offered through auctions, as of 1 December 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. As of 1 December 2025, it comprised:
- UAH 103,073.2 million or 36.4% of the total value of purchased domestic-currency-denominated war bonds (UAH 97,302.0 or 37.1% as of 1 November 2025)
- USD 1,416.6 million or 64.1% of the total value of U.S.-dollar-denominated war bonds (USD 1,537.3 million or 68.3% as of 1 November 2025)
- EUR 232.4 million or 41.7% of the total value of euro-denominated war bonds (EUR 230.5 million or 41.3% as of 1 October 2025).
Overall, the portfolio of war bonds owned by individuals and legal entities was equivalent to UAH 174.3 billion, according to 1 December 2025 data, as compared with UAH 155.7 billion as of 1 December 2024.
As of 1 December 2025, nonresidents held UAH 4,571.0 million, USD 12.3 million and EUR 10.0 million in war bonds.
In November 2025, the Ministry of Finance redeemed USD 361.9 million of war bonds.
Find out more about the military domestic government debt securities here. The table presents data at amortized face value.
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.