The domestic borrowing market in 2025
In 2025, the domestic borrowing market became a critically important source of replenishing the state treasury, with approximately 570 billion hryvnias raised through domestic government bonds (OVDP). Interest from individuals in purchasing government securities increased, contributing to a 42.6% growth in their portfolio. The government of Ukraine plans to attract another 420 billion hryvnias in 2026 through domestic bonds.
Investment dynamics and bond yields
Throughout the year, 184 auctions were held, where citizens invested 33.4 billion hryvnias. The OVDP portfolio of individuals grew from 78.5 billion to 111.9 billion hryvnias, and the share of the population in the total portfolio of bonds increased to 5.7%. Business investments also showed positive dynamics, growing by over 34 billion hryvnias, which accounts for 10.8% of the total volume of bonds.
It is worth noting that the portfolio of commercial banks in 2025 amounted to 937.1 billion hryvnias. The weighted average yield of hryvnia bonds rose to 16.24% per annum, while the yield of dollar securities decreased to 4.17%, and euro - to 3.22%. A high level of debt refinancing was ensured: 131% in the hryvnia segment and 118% overall. Since the beginning of the full-scale invasion, about 2 trillion hryvnias have been raised through internal loans.
The government continues to actively work on attracting funds through OVDP, which indicates the resilience and interest of investors in government securities.
The increase in interest in government securities among individuals and businesses in Ukraine may indicate a restoration of trust in the economy and financial system of the country.
The increase in borrowing volumes through domestic bonds also indicates the importance of this mechanism for financing state needs, especially under conditions of economic instability. Attracting new investments next year will allow the government to maintain stability and ensure the fulfillment of budget obligations.