Financial sector news

According to the NBU Depository, between January and June 2025, the Ukrainian government raised UAH 194,794.6 million, USD 647.8 million, and EUR 393.8 million from the placement of domestic government bonds at auctions. During this period, UAH 190,838.0 million, USD 952.8 million, and EUR 475.7 million were allocated to repay domestic government debt securities.

In total, from the start of the full-scale invasion until June 30, 2025, the Ukrainian government raised UAH 1,246,777.2 million, USD 8,993.2 million, and EUR 2,861.9 million at primary auctions. It allocated UAH 865,647.7 million, USD 9,565.1 million, and EUR 2,644.6 million to repay domestic government bonds.

The maximum yield on government bonds placed at auctions in June was 17.80% per annum in hryvnia. Government bonds denominated in US dollars and euros were not placed in June.

The effective functioning of the domestic debt market is an important prerequisite for ensuring macrofinancial stability and a safeguard against deficit financing through issuance.

Thus, in February, the Ministry of Finance of Ukraine was given greater scope to carry out active operations aimed at improving the efficiency of domestic public debt management: the National Bank ensured the possibility of settlements for a new type of government bond placement by holding auctions for the placement of government bonds with simultaneous exchange for government bonds of another issue that are in circulation.

We remind you that today everyone can participate in the purchase of military bonds and support Ukraine's financial stability.

Below are detailed statistics from the NBU Depository as of July 1, 2025, exclusively for military OVDPs placed at auctions.

The largest volume of these securities, as before, is concentrated in banks – primary dealers.

 The second largest volume is the portfolio of military bonds owned by Ukrainian citizens and businesses. As of July 1, 2025, it amounted to:

• UAH 107,343.5 million, or 35.6% of the total volume of hryvnia-denominated military government bonds purchased (as of June 1, 2025 – UAH 119,400.4 million, or 36.2%);
• USD 1,843.2 million, or 71.4% of the total volume of military government bonds denominated in US dollars (as of June 1, 2025 – USD 1,784.1 million, or 69.1%);
• EUR 247.7 million, or 52.1% of the total volume of government bonds denominated in euros (as of June 1, 2025 – EUR 227.0 million, or 47.7%).

The total portfolio of military bonds owned by individuals and legal entities as of July 1, 2025, amounted to UAH 196.5 billion, compared to UAH 114.2 billion as of July 1, 2024. Over the past year, it has grown more than 1.7 times.

The volume of domestic government military bonds owned by non-residents as of July 1, 2025, amounted to UAH 9,600.6 million, USD 7.4 million, and EUR 10.0 million.

In June 2025, the Ministry of Finance of Ukraine redeemed military government bonds in the amount of UAH 40,603.6 million.

More detailed statistics on military bonds are available at the link. The data in the table is presented at nominal amortized cost.

For reference, on March 22, 2022, the National Bank began publishing statistics from the NBU Depository on military bonds on a weekly basis. Since the beginning of 2023, the National Bank has switched to monthly publication of relevant releases as of the first day of the month. Previous data can be viewed under the tag military OVDP.