Financial sector news

Since the beginning of 2025, the Ukrainian government has raised more than UAH 529 billion from the placement and exchange of government bonds at auctions, and almost UAH 1.99 trillion during the entire period of martial law.

According to the NBU depository, in January–November 2025, the domestic market managed to raise UAH 403 billion, USD 2.29 billion, and EUR 650 million, while slightly smaller amounts were allocated to redeem government securities.

and EUR 650 million, while slightly smaller amounts were allocated to the redemption of government securities.
From the start of the full-scale invasion to the end of November 2025, the government's total proceeds from primary auctions amounted to UAH 1.45 trillion, USD 10.64 billion, and EUR 3.12 billion, while redemptions amounted to UAH 989.8 billion, USD 11.3 billion, and EUR 2.92 billion.

In November, the maximum yield on government securities was 17.8% in hryvnia, 4.05% in dollars, and 3.25% in euros. The NBU emphasizes that the effective functioning of the domestic debt market is key to financial stability and reduces the risks of emission financing of the budget.
In 2025, opportunities for active debt management were expanded, in particular, a new auction mechanism was introduced for the placement of government bonds and simultaneous exchange for securities of other issues.

Citizens and businesses continue to actively invest in military bonds. As of December 1, 2025, their portfolio amounted to UAH 103.1 billion, USD 1.42 billion, and EUR 232.4 million, which together equals UAH 174.3 billion in equivalent terms — more than a year ago.
The portfolio of military OVDPs held by non-residents during this period reached UAH 4.57 billion, USD 12.3 million, and EUR 10 million. In November, the Ministry of Finance also redeemed military bonds worth USD 361.9 million.

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