Demand for Ukrainian domestic government bonds continues to grow among citizens and companies. In April 2026, corporate holdings were 28.5 percent higher than a year earlier, while individual investment increased by more than 61 percent.
Citizens now hold more than 137.2 billion hryvnias in government securities, a historic maximum. Corporate investors hold over 221.7 billion hryvnias. The growth expands the investor base beyond banks and the central bank.
A larger domestic financing market
In April, twelve auctions attracted 17.3 billion hryvnias equivalent for the state budget. A separate switch auction exchanged near-maturity securities for bonds due in 2029, reducing short-term repayment pressure.
Commercial banks still hold the largest share of outstanding bonds, followed by the National Bank. Companies, individuals, insurers, non-residents and municipalities account for the remainder. Bonds are available through banks, brokers and the Diia application.
The market has become the second-largest source of budget financing after external borrowing. Rising retail participation gives citizens an investment instrument while increasing the state’s access to domestic capital.
