According to the NBU Depository, in January–May 2025, the government of Ukraine raised UAH 157,719.3 million, USD 647.8 million, and EUR 393.8 million from offering domestic government debt securities through auctions and allocated UAH 142,385.2 million, USD 952.8 million, and EUR 475.7 million for redemption of domestic government debt securities.
In total, from the onset of russia’s full-scale invasion of Ukraine through 31 May 2025, the government raised UAH 1,209,701.9 million, USD 8,993.2 million, and EUR 2,861.9 million through primary auctions and allocated UAH 817,195.0 million, USD 9,565.1 million, and EUR 2,644.6 million to redeem domestic government debt securities.
In May, the maximum yield on domestic government debt securities offered at auctions was 17.80% per annum for hryvnia-denominated bonds and 3.25% per annum for euro-denominated bonds. Domestic government debt securities denominated in U.S. dollars were not placed in May.
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.
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.
Below are the NBU Depository’s detailed statistics on war bonds offered through auctions, as of 1 June 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. According to 1 June 2025 data, this portfolio comprises:
- UAH 119,400.4 million or 36.2% of the total value of purchased hryvnia-denominated war bonds (UAH 101,929.8 million or 32.1% as of 1 May 2025)
- USD 1,784.1 million or 69.1% of the total value of U.S. dollar-denominated war bonds (USD 1,587.7 million or 61.5% as of 1 May 2025)
- EUR 227.0 million or 47.7% of the total value of euro-denominated war bonds (EUR 237.0 million or 54.9% as of 1 May 2025).
Overall, the portfolio of war bonds owned by individuals and legal persons is equivalent to UAH 204.2 billion, according to 1 June 2025 data, up from UAH 127.6 billion on 1 June 2024, an increase of over 1.6 times.
As of 1 June 2025, non-residents held UAH 9,004.0 million, USD 7.4 million, and EUR 10.0 million in war bonds.
In May 2025, the Ministry of Finance redeemed EUR 155.9 million of euro 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.