Ukraine's national debt has increased by 77 billion: who is buying military bonds.

From January to October 2025, the government raised 376.6 billion hryvnias, 1.97 billion US dollars, and 643.4 million euros through the placement of domestic government bonds (OVDPs) at auctions. During this period, 299.4 billion hryvnias, 2.33 billion US dollars, and 752.5 million euros were allocated for the repayment of domestic government debt securities. This indicates a net inflow of funds in the domestic market of about 77 billion hryvnias.

According to inkorr.com: During January to October 2025, the Ukrainian government successfully attracted over 376 billion hryvnias, approximately 2 billion US dollars, and over 643 million euros from the placement of domestic government bonds. These funds were used for debt repayment, enhancing the country's financial stability and providing additional resources estimated at approximately 77 billion hryvnias.

Volumes and Yield of OVDPs

Since the start of the full-scale invasion until October 31, 2025, total borrowing at primary auctions amounted to 1.43 trillion hryvnias, 10.3 billion US dollars, and 3.1 billion euros. The maximum yield of OVDPs placed at auctions in October was 17.80% per annum in hryvnias and 4.11% per annum in US dollars. OVDPs denominated in euros were not placed in October. Such high yields reflect both inflationary risks and a premium for war risks for investors.

According to the report, since the beginning of the war until October 2025, significant funds have been raised at primary auctions, and yields on OVDPs remained high, indicating inflationary and war risks for potential investors.

Portfolio of Military Bonds

The largest share of military bonds is concentrated among primary dealer banks. The total portfolio of military bonds owned by individuals and legal entities grew to 172.9 billion hryvnias equivalent compared to 158.9 billion hryvnias as of November 1, 2024. The volume of military bonds owned by non-residents amounted to 3.94 billion hryvnias, 12.2 million US dollars, and 10 million euros as of November 1, 2025, indicating foreign investors' trust in Ukraine's financial viability.

Over the past year, there has been an increase in foreign investors' trust in Ukraine, evidenced by the growing volume of military bonds they purchase. This indicates positive trends in the economy and financial stability.

Ministry of Finance Opportunities

In February 2025, the National Bank strengthened the Ministry of Finance's capabilities for conducting active operations aimed at improving the efficiency of domestic government debt management. The effective operation of the domestic debt market is a crucial aspect for ensuring macro-financial stability and financing military and social expenditures without printing money.

Measures taken by the National Bank demonstrate the intention to ensure effective management of the domestic debt market to enhance financial stability and avoid negative consequences from excessive borrowing that could affect various sectors of the economy.