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NBU Depository: Government Repayments to Redeem Domestic Debt Instruments Exceed Borrowings through Auction to Sell Respective Securities by UAH 43.6 Billion

NBU Depository: Government Repayments to Redeem Domestic Debt Instruments Exceed Borrowings through Auction to Sell Respective Securities by UAH 43.6 Billion

According to the NBU Depository, since russia launched its full-scale invasion of Ukraine, the amount redeemed by the government on domestic debt instruments has exceeded the volumes raised to the state budget through auctions to sell domestic government debt securities by UAH 43,629.8 million.         

Specifically, from 24 February to 21 August 2022, the Ukrainian government spent UAH 131,778.3 million, USD 1,539.4 million, and EUR 168 million to redeem domestic government debt securities; instead, UAH 98,660.9 million, USD 908.7 million, and EUR 384.3 million were raised from placement of new debt instruments in the domestic market.

Starting in April, the amounts raised by the government through auctions to sell domestic government debt securities  were lower than it spent for redemption of domestic debt instruments. Specifically:

  • the deficit under domestic debt transactions of the government was UAH 2,850.5 million in April
  • UAH 411.0 million in May
  • UAH 20,997.2 million in June
  • UAH 17,095.7 million in July, and
  • UAH 12,940.4 million since early August.

Last week, the yields on domestic government debt securities sold through auctions stayed flat. 

Overall, under martial law, the Ministry of Finance raised interest rates on 6-, 12-, and 14-month hryvnia domestic government debt securities (up to 12.0%, 14.0% and 16.0% per annum, respectively) and 3-, 6- and 12-month U.S. dollar domestic government debt securities (up to 3.5%, 4.0%, and 4.5% per annum, respectively).

Yields on 3-month hryvnia domestic government debt securities have not changed since the full-scale war unveiled and made 9.5%, nor on euro war bonds (2.5% per annum for all maturities).

Find below detailed statistics by NBU Depository on war bonds offered through auctions. 

As of 22 August 2022, primary dealer banks typically hold the largest portfolio of war bonds.

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

  • UAH 13,339.7 million (14.8% of the total value of purchased hryvnia-denominated war bonds)
  • USD 176.2 million (20.4% of the total value of U.S. dollar-denominated war bonds)
  • EUR 145.0 million (51.4% of the total value of euro-denominated war bonds).

Nonresidents hold over UAH 1,349.7 million and USD 2 million in military domestic government debt securities.

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

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. Follow the links below to review data as of

Differences between the amounts raised in auctions to sell war bonds and redemptions on domestic debt instruments are presented in U.S. dollar equivalent at the NBU’s official exchange rates.

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