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 54,093.9 million.
Specifically, from 24 February to 2 October 2022, the Ukrainian government spent UAH 149,216.0 million, USD 1,539.4 million, and EUR 168 million to redeem domestic government debt securities. Instead, UAH 100,161.4 million, USD 974.3 million, and EUR 468.4 million were raised from placement of debt instruments through auctions.
From April through August, 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
- UAH 24,456.2 million in August.
In September, the government raised UAH 1,051.7 million more at auctions to sell domestic government debt securities of Ukraine than it spent to redeem domestic debt instruments.
Under martial law, the Ministry of Finance raised interest rates on a number of hryvnia securities (maximum yield being 16% per annum) and all U.S. dollar domestic government debt securities (maximum yield being 4.5% per annum).
At the same time, rates on 3-month hryvnia war bonds, as well as on euro domestic government debt securities have not changed from their very launch and make 9.5% and 2.5% per annum, respectively.
Find below detailed statistics by NBU Depository on war bonds offered through auctions.
As of 3 October, primary dealer banks hold the largest portfolio of war bonds.
The second-large portfolio is held by Ukrainians and domestic businesses:
- UAH 14,465.3 million or 16.1% of the total value of purchased domestic currency-denominated war bonds (UAH 14,465.3 or 15.8% as of 26 September)
- USD 201.1 million or 22.8% of the total value of U.S. dollar-denominated war bonds (USD 199.9 or 22.7% as of 26 September)
- EUR 148.5 million or 51.9% of the total value of euro-denominated war bonds (EUR 150.3 or 52.6% as of 26 September).
Nonresidents hold over UAH 1,251.3 million and USD 2 million 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.
On 22 March 2022, the NBU began to publish weekly statistics of the NBU Depository related to war bond transactions. Previous data are available by tag war bonds.
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.