Ukraine’s domestic debt market is having its wartime peak. By the end of October 2025, Ukrainians — ordinary individuals and businesses — held over 106 billion UAH in government bonds. That’s an all-time high. In parallel, the Ministry of Finance has already raised 64.7 billion UAH (equivalent) at auctions in recent weeks — and a big part of that money came from the population.
This is not just about “the state borrows again.” This is about something else: people have started to trust OVDP more than long deposits, and at the same time they understand that buying bonds now is literally financing the army and budget.
What exactly are people buying
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The main demand is for hryvnia bonds with a weighted average yield of about 16.5% per year. For many savers this beats deposits, especially after taxes on interest.
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There is also a noticeable interest in foreign currency OVDP — the Ministry placed about 355 million USD at an average yield of a little over 4%. For a sovereign instrument in wartime, this is seen as a good “parking place” for dollars.
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The nominal value is simple: 1,000 UAH / 1,000 USD / 1,000 EUR per bond — so the entry threshold is not just for big players.
Who holds the bonds now
Total government bonds in circulation as of October 31, 2025 — 1.89 trillion UAH. The structure is still dominated by the classic players, but the “retail” share is growing:
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Banks – 48.3%
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NBU – 35.2%
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Legal entities – 8.8%
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Individuals – 5.6%
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Insurance companies – 1.1%
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Non-residents – 0.8%
That 5–6% retail share may look modest, but in money it’s over 106 billion UAH from citizens — and that’s +27.5% to what people held a year ago. That’s already a real domestic investor base.
Why OVDP suddenly look better than deposits
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Yield. Deposits in hryvnia are slowly going down, while the Ministry of Finance is still borrowing at around 16–17% — and income on OVDP for individuals is not subject to personal income tax and military levy. That’s where they win.
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Risk perception. In war, people paradoxically trust the state more than some banks — because they see that OVDP are constantly being repaid and rolled over.
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Convenience. You can buy bonds in a mobile app, through your bank or via a broker — no need to go to a trading floor.
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Patriotic factor. Military and regular OVDP are perceived as “I lent to the budget” rather than “I put money in a bank.” The Ministry of Finance has been consciously playing this card since 2022 — and it works.
Where this money goes
Since the beginning of 2025, the Ministry of Finance has placed 473.1 billion UAH in bonds. This is the second largest source of the budget after international aid. These funds cover:
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defense spending,
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social payments,
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maintenance and repair of critical infrastructure.
In other words, when citizens buy OVDP, they help close current budget holes and reduce the need to print or borrow at worse terms.
How people buy now (short)
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through the Diya app in the “Military bonds” section;
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or through banks/brokers that already offer OVDP to individuals;
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pick a series, sign electronically, pay — and the bond appears in your account.
This simplicity is one of the quiet reasons for the record.
Why the state likes this trend
A wide circle of domestic investors gives the Ministry of Finance three advantages at once:
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Cheaper borrowing than if it depended only on one-two large banks.
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More predictable auctions — there is always retail demand for “round” maturities and clear rates.
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Political/psychological effect — citizens literally co-finance the budget in wartime.
What’s next
If rates in hryvnia stay around today’s levels and access through apps remains this easy, the volume of OVDP in the hands of individuals will keep growing. Ukraine is, in fact, forming a culture of investing in government debt — something that many EU countries built for decades.
So right now we have an unusual situation for a country at war: people are not just saving — they are investing in the state, at a market return, and on transparent terms.
