Domestic Bond Market Expands as Ukrainians Boost Investments
In April 2026, Ukraine's Ministry of Finance conducted 12 auctions for domestic government bonds (known as OVDP), securing UAH 17.3 billion for the state budget. The weighted average yield on hryvnia-denominated bonds stood at 15.67% per annum, while U.S. dollar bonds yielded 3.23% and euro-denominated bonds offered 3.13%. As of May 1, 2026, the total value of government bonds in circulation exceeded UAH 2 trillion.
Commercial banks hold the largest share of the OVDP portfolio at 47.09%, followed by the National Bank of Ukraine with 32.94%. Legal entities account for 11.07%, while individuals own 6.85%. Insurance companies hold 1.23%, non-residents 0.79%, and local communities just 0.02% of the total bond portfolio.
Investment Surge
In April 2026, investments from legal entities in OVDP jumped 28.5% compared to the same month last year, while individual investments surged by more than 61.3%. Ukrainian citizens now hold over UAH 137.2 billion in government securities, with legal entities holding more than UAH 221.7 billion.
In February, the Ministry of Finance held a switch auction for OVDP, which attracted demand of UAH 5.7 billion. Investors were offered the chance to exchange bonds maturing on May 20, 2026, for new securities maturing on June 13, 2029, resulting in the cancellation of the shorter-term bonds. Each military bond has a face value of UAH 1,000, USD 1,000, or EUR 1,000.
Anyone can purchase military bonds through the Diia app, banks, or brokers. The OVDP market is showing positive momentum, reflecting growing investor interest in government securities.
The rise in OVDP investments signals strong confidence from both the public and businesses in Ukraine's state finances amid the current economic climate. With attractive yields, investors view these government bonds as a stable vehicle for preserving and growing capital. Moreover, channeling substantial funds into the state budget is critical for funding social programs and supporting the country's economic recovery.
As the domestic bond market continues to flourish, the recent fluctuations in the euro and dollar exchange rates may further influence investment strategies. Understanding the implications of these currency movements is essential for investors looking to navigate the current economic landscape. For more insights on this topic, check out our article on the record euro exchange rate set on April 15, 2026.