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NBU Depository: Since Full-Scale Invasion, Ukraine’s Government Borrows an Equivalent of UAH 353 Billion through Auctions to Sell Domestic Government Debt Securities

NBU Depository: Since Full-Scale Invasion, Ukraine’s Government Borrows an Equivalent of UAH 353 Billion through Auctions to Sell Domestic Government Debt Securities

According to the NBU Depository, since russia launched its full-scale invasion of Ukraine through 28 February 2023, the government raised UAH 238,812.2 million, USD 2,237.7 million, and EUR 1064.2 million from placement of domestic government debt securities through auctions and allocated UAH 234,499.4 million, USD 3,140.6 million, and EUR 662.6 million for redemption of domestic government debt securities.

In February 2023, the Ministry of Finance borrowed in the domestic debt market UAH 22,338.4 million more (in equivalent) than redeemed domestic government debt securities.

The NBU jointly with the Government of Ukraine put further efforts to revive the hryvnia segment of the domestic debt market.

In particular, the NBU has allowed the banks to use benchmark domestic government debt securities from the NBU’s list, to meet up to 50% of their total required reserve ratios. On 11 February 2023, the list was expanded.

The Ministry of Finance has raised interest rates on hryvnia-denominated domestic government debt securities. In particular, the maximum rate on hryvnia war bonds went up from 16% p.a. in early October 2022 to 19.75% p.a. in February 2023.

Over the period under martial law, the Ministry of Finance also increased the interest rates on a number of U.S. dollar domestic government debt securities, with the maximum yield being at 4.5%  p.a., and on euro war bonds, with the maximum yield reaching 3% p.a.

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

Find below detailed statistics by NBU Depository on war bonds offered through auctions, as of 1 March 2023.

Primary dealers – banks – hold the largest portfolio of war bonds.

The second-large portfolio of war bonds is held by Ukrainians and domestic businesses. In February, it expanded in all currencies and comprised:  

  • UAH 23,182.8 million or 22.3% of the total value of purchased hryvnia-denominated war bonds (UAH 21,422.0 million or 21.3% as of 1 February)
  • USD 542.7 million or 40.3% of the total value of U.S. dollar-denominated war bonds (USD 344.1 million or 32.0% as of 1 February)
  • EUR 101.0 million or 17.2% of the total value of euro-denominated war bonds (EUR 92.4 million or 17.4% as of 1 February).

Nonresidents hold over UAH 8,289.1 million and USD 11.3 million in war bonds.   

“For two months in a row, the Ministry of Finance borrows in the domestic debt market significantly more than it pays out to redeem domestic government debt securities. It is important that this is owing to not only banks, but also to businesses and the population, which are more and more involved in purchasing war bonds. This is also a manifestation of a strong patriotic position to ensure unfailing support in meeting the defense and social needs of the state under martial law. This is a valuable contribution to strengthening the country's financial frontline and bringing our common victory," said NBU Governor Andriy Pyshnyy.

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

For Reference

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


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