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Ukraine’s Government Borrows Equivalent of Over UAH 312 Billion through Auctions to Sell Domestic Government Debt Securities since Early 2025, and almost UAH 1,770 Billion Total since Martial Law Was Imposed

Ukraine’s Government Borrows Equivalent of Over UAH 312 Billion through Auctions to Sell Domestic Government Debt Securities since Early 2025, and almost UAH 1,770 Billion Total since Martial Law Was Imposed

In January-July 2025, the government of Ukraine raised UAH 249,739.6 million, USD 863.8 million, and EUR 735.8 million by offering domestic government debt securities at auctions, and allocated UAH 209,754.5 million, USD 1,352.8 million, and EUR 665.7 million towards redemption of domestic government debt securities.

In total, from the onset of russia’s full-scale invasion of Ukraine through 31 July 2025, the government raised UAH 1,301,722.2 million, USD 9,209.2 million, and EUR 3,030.8 million through primary auctions and allocated UAH 884,564.2 million, USD 9,965.1 million, and EUR 2,834.6 million to redeem domestic government debt securities.

In July, the maximum yield on domestic government debt securities offered at auctions was 17.80% per annum for hryvnia-denominated bonds, 4.25% 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.

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 August 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 August 2025, this portfolio comprised:  

  • UAH 108,004.3 million or 36.6% of the total value of purchased hryvnia-denominated war bonds (UAH 107,343.5 million or 35.6% as of 1 July 2025)
  • USD 1,594.1 million or 66.6% of the total value of U.S. dollar-denominated war bonds (USD 1,843.2 million or 71.4% as of 1 July 2025)
  • EUR 262.7 million or 40.8% of the total value of euro-denominated war bonds (EUR 247.7 million or 52.1% as of 1 July 2025).

Overall, the portfolio of war bonds owned by individuals and legal entities is equivalent to UAH 187.0 billion, according to 1 August 2025 data, two times up from UAH 131.4 billion on 1 August 2024, an increase of over 1.4 times.

As of 1 August, nonresidents held UAH 8,521.8 million, USD 15.4 million, and EUR 10.0 million in war bonds.

In July 2025, the Ministry of Finance redeemed UAH 18,283.5 million of hryvnia war bonds and USD 400 million of U.S. dollar war bonds.

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

 

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