According to the NBU Depository, in the first 11 months of 2024, the government of Ukraine raised an equivalent of almost UAH 579 billion: UAH 436,855.7 million, USD 2,728.1 million, and EUR 754.9 million from offering domestic government debt securities through auctions and allocated UAH 220,270.5 million, USD 2,476.6 million, and EUR 918.3 million for redemption of domestic government debt securities.
In January–November 2024, the Ministry of Finance borrowed in the domestic debt market UAH 219,843 million more (in equivalent) than it spent to redeem domestic government debt securities, specifically UAH 36,217.9 million more in November (in equivalent). The rollover of investments in domestic government debt securities (the ratio of the face value of securities sold at auctions to the face value of those redeemed in accordance with the terms of their issue) in January–November was 150% in all currencies at the current official exchange rate.
In total, from the onset of russia’s full-scale invasion of Ukraine through 30 November 2024, the government raised an equivalent of more than UAH 1,397 billion, in particular: UAH 991,031.4 million, USD 8,345.4 million, and EUR 2,468.0 million through primary auctions and allocated UAH 649,642.4 million, USD 8,612.3 million, and EUR 2,168.9 million to redeem domestic government debt securities.
The domestic debt market was revived thanks to the joint efforts of the government and the NBU.
In particular, the NBU allowed the banks to use benchmark domestic government debt securities from the NBU’s list to cover part of their required reserves and gradually expanded this list. Furthermore, the NBU enabled the repatriation by nonresidents of interest payments received after 1 April 2023 on domestic government debt securities, provided they comply with a requirement that the investor shall have owned such domestic government debt securities for a certain minimum period that precedes the receipt of said interest.
For its part, the government is offering market-based interest rates on domestic government debt securities. In November 2024, the maximum yield on domestic government debt securities offered at auctions was 16.80% per annum for hryvnia-denominated bonds and 4.62% per annum for U.S. dollar-denominated bonds. Domestic government debt securities denominated in euros were not placed in November.
The domestic debt market’s active operation is important for ensuring macrofinancial resilience. On the one hand, macrofinancial resilience is a safeguard against monetary financing of the budget deficit. On the other hand, it is an important instrument for improving the maturity structure of funding in the banking system and mitigating risks to the FX market and price stability.
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 December 2024.
Primary dealers – banks – hold the largest portfolio of war bonds.
Ukrainians and domestic businesses hold the second-largest portfolio of war bonds. As of 1 December, it comprised:
- UAH 86,861.6 million or 29.8% of the total value of purchased hryvnia-denominated war bonds (UAH 86,555.2 million or 32.4% as of 1 November)
- USD 1483.4 million or 51.5% of the total value of U.S. dollar-denominated war bonds (USD 1,585.2 million or 52.9% as of 1 November)
- EUR 163.6 million or 29.1% of the total value of euro-denominated war bonds (EUR 155.0 million or 27.6% as of 1 November).
Overall, the portfolio of war bonds owned by individuals and legal persons is equivalent to UAH 155.7 billion, according to 1 December 2024 data, up from UAH 74.9 billion on 1 December 2023, a more than twofold increase.
As of 1 December 2024, nonresidents held UAH 7,607.5 million, USD 30.2 million, and EUR 0.1 million in war bonds.
In November 2024, the Ministry of Finance redeemed UAH 15,974.7 million of hryvnia war bonds and USD 300 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.
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