Ukrainians continue to increase investments in government bonds. As of early November, the portfolio of domestic government bonds (OVDP) owned by individuals reached a new historic high. At the same time, public interest in war bonds is growing, with their volume increasing by almost half over the year.

The Ministry of Finance of Ukraine reported this on November 9, publishing the results of the domestic government bond market for October.

As of November 2, 2026, the volume of OVDP owned by citizens amounted to 173.1 billion UAH. Compared to the beginning of October, when this figure was 167.5 billion UAH, the portfolio of individuals increased by 5.6 billion UAH, or approximately 3.3%.

The total volume of government bonds in circulation on that date amounted to 1,984.1 billion UAH. Thus, individuals accounted for about 8.7% of the domestic OVDP market.

The largest holders of government securities remain banks, whose portfolio amounted to 903.1 billion UAH. The National Bank of Ukraine owned bonds worth 654.8 billion UAH.

Legal entities held OVDP worth 208.6 billion UAH, insurance companies – 26.15 billion UAH, and non-residents – 18.2 billion UAH. Territorial communities owned approximately 300 million UAH in government bonds.

The demand of citizens for war bonds is growing particularly noticeably. As of early November, their portfolio owned by individuals reached 111.7 billion UAH. This is 35.6 billion UAH, or 46.8%, more than in the same period last year.

War bonds are one of the instruments for raising funds to finance state budget needs during a full-scale war. They can be purchased by both citizens and legal entities.

In October, the Ministry of Finance held nine auctions for the placement of OVDP over four auction days. As a result, about 14.3 billion UAH was raised to the state budget. All new placements were made in the national currency.

Investors showed the greatest interest in war bonds maturing on September 15, 2027. The total volume of bids for the purchase of these securities at nominal value amounted to approximately 22.2 billion UAH, but the Ministry of Finance satisfied bids for only 5 billion UAH.

Meanwhile, the weighted average yield of these bonds was gradually declining. If at the beginning of October it was 15.14% per annum, then during the last auction of the month it decreased to 15.02%.

In addition to regular placements, the Ministry of Finance held two auctions for the exchange of government bonds - on October 14 and 21. Investors were offered to replace securities maturing on November 4, 2026 with new bonds maturing in 2029.

The total volume of satisfied bids at such auctions amounted to 12 billion UAH at nominal value. In particular, on October 14, bonds worth 5 billion UAH were exchanged with a weighted average yield of 12.03%, and on October 21 – 7 billion UAH with a yield of 11.96%.

The Ministry of Finance explains that such operations allow postponing part of the state debt payments to a later date and reducing the risks of simultaneous redemption of large volumes of obligations.

At the same time, exchange auctions should not be equated with new cash inflows to the budget: it is about replacing previously issued bonds with new debt securities.

For January-October 2026, the total volume of primary placements and OVDP exchange operations amounted to 405.1 billion UAH. Of this amount, over 285.3 billion UAH accounted for funds raised through placement auctions, and 119.8 billion UAH – for the nominal value of securities placed within exchange auctions.

The Ministry of Finance emphasizes that the domestic government bond market remains an important source of financing the state budget during the war.

Individuals can purchase OVDP through the "Diia" app, banks, or brokers. The nominal value of one bond is 1000 UAH, 1000 US dollars, or 1000 euros depending on the currency of issue.

As previously reported by "Kurs Ukrainy", in June 2026, the portfolio of government bonds owned by the population also updated its historic maximum. At that time, it reached 153.6 billion UAH.

According to materials: Ministry of Finance of Ukraine