According to the NBU Depository, in the first two months of 2025, the government of Ukraine raised UAH 45,642.3 million and USD 255.0 million from offering domestic government debt securities through auctions and allocated UAH 59,498.1 million and USD 353.3 million for redemption of domestic government debt securities.
In total, from the onset of russia’s full-scale invasion of Ukraine through 28 February 2025, the government raised UAH 1,097,625.0 million, USD 8,600.4 million, and EUR 2,468.0 million through primary auctions and allocated UAH 734,307.8 million, USD 8,965.6 million, and EUR 2,168.9 million to redeem domestic government debt securities.
In February, the maximum yield on domestic government debt securities offered at auctions was 16.95% per annum for hryvnia-denominated bonds and 4.60% per annum for U.S. dollar-denominated bonds. Domestic government debt securities denominated in euros were not placed in February.
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 March 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 March 2025 data, this portfolio comprises:
- UAH 103,325.2 million or 31.5% of the total value of purchased hryvnia-denominated war bonds (UAH 92,616.0 million or 28.7% as of 1 February 2025)
- USD 1,745.8 million or 62.8% of the total value of U.S. dollar-denominated war bonds (USD 1,527.8 million or 60.4% as of 1 February 2025)
- EUR 353.0 million or 62.8% of the total value of euro-denominated war bonds (EUR 273.5 million or 48.6% as of 1 February 2025).
Overall, the portfolio of war bonds owned by individuals and legal persons is equivalent to UAH 190.9 billion, according to 1 March 2025 data, up from UAH 101.4 billion on 1 March 2024, an increase of nearly 1.9 times in a year.
As of 1 March 2025, nonresidents held UAH 9,849.6 million, USD 30.1 million, and EUR 0.1 million in 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.