The Ukrainian government raised over ₴312 billion through domestic government bonds (DGBs) between January and July 2025, and nearly ₴1.77 trillion since the beginning of the full-scale war, according to the National Bank of Ukraine.
From January to July 2025 alone, the government secured ₴249.7 billion, $863.8 million, and €562.7 million from DGB auctions. During the same period, it directed ₴209.8 billion, $1.4 billion, and €665.7 million toward servicing existing domestic debt.
In July 2025, the Ministry of Finance repaid ₴18.3 billion and $400 million in war bonds.
Since the beginning of the full-scale invasion and up to July 31, 2025, Ukraine has raised ₴1.3 trillion, $9.2 billion, and €3 billion in primary auctions and has used ₴884.6 billion, $10 billion, and €2.8 billion for repayments.
Maximum annual yields in July reached 17.80% for bonds in hryvnias, 4.25% in U.S. dollars, and 3.25% in euros.
Banks—serving as primary dealers—continue to hold the largest share of war bonds. However, the second-largest holders are Ukrainian citizens and businesses. As of August 1, 2025, their holdings amounted to ₴108 billion (36.6% of all hryvnia-denominated war bonds), $1.6 billion (66.6% of dollar-denominated), and €262.7 million (40.8% of euro-denominated).
The total volume of war bonds held by individuals and businesses rose to ₴187 billion in equivalent value by August 1, 2025, compared to ₴131.4 billion a year earlier—a 1.4x increase.
Non-residents held ₴8.5 billion, $15.4 million, and €10 million in DGBs as of August 1.
