Ukrainian households have set a historical record for investment in domestic government bonds. Their portfolio reached 153.6 billion hryvnias on June 24, 2026. Around July 1 it was estimated near 150 billion, still 59 percent higher than a year earlier and 33.9 percent above the start of 2026.
Households gain a larger market share
The household share of outstanding bonds rose from 5.1 to 7.6 percent in one year. Citizens can buy military and standard bonds through banks and licensed brokers, combining savings management with direct support for state-budget financing.
Other investors also expanded holdings
Insurance companies increased portfolios by almost 30 percent to 24.6 billion hryvnias, while legal entities added 14.7 percent to reach 213.4 billion. Banks remained the largest holders with 916.3 billion hryvnias, equal to 46.3 percent of the market.
The central bank's share declines
The National Bank's share fell from 36.6 to 33.2 percent, and its portfolio decreased 2.5 percent to 655.8 billion hryvnias. Non-residents held 17.8 billion, or 0.9 percent of the market. Their portfolio was 10.5 percent lower year on year but 11.7 percent higher from the start of 2026.
Why bonds attract households
Competitive yields, a state repayment commitment, exemption of individual income from personal income tax and the military levy, and the ability to support wartime public finance make bonds attractive. The government plans to raise up to 420 billion hryvnias through bond placements in 2026, making the domestic market an important part of budget resilience.
