According to the NBU Depository , in the first two months of 2024, the Government of Ukraine raised UAH 34,845.2 billion, USD 477.3 million, and EUR 414.3 million from bonds. USD and EUR 514.2 million from the placement of bonds. At the same time, it spent UAH 10,189.4 billion, USD 548.5 million, and EUR 555 million on repayment of domestic government bonds. USD and 555.5 million euros, UNN reports.
Details
In January-February 2024, the Ministry of Finance's borrowings on the domestic debt market exceeded the repayments on domestic government bonds by UAH 20,118.1 million in equivalent, in particular, in February - by UAH 796.4 million in equivalent. The rollover of investments in domestic government bonds in this period amounted to 118% in all currencies at the official exchange rate.
In total, from the beginning of the full-scale war until February 29, 2024, the government raised UAH 589,020.9 million, USD 6,094.6 million, and EUR 2,277.7 million at primary auctions. The government raised UAH 439,561.3 million, USD 6,684.2 million, and EUR 2,227.3 million at primary auctions, and UAH 439,561.3 million, USD 6,684.2 million, and EUR 1,806.2 million were allocated for repayment of domestic government bonds. USD 6,684.2 million and EUR 1,806.1 million.
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These figures were made possible, in part, because the NBU allowed banks to cover up to 50% of their total required reserves with benchmark government bonds and because non-residents were able to transfer abroad funds received from paying interest on government bonds after April 1, 2023.
For its part, the government offers rates on domestic government bonds at market levels. In February 2024, the maximum yield on domestic government bonds placed at auctions was 18.50% p.a. in hryvnia, 4.66% p.a. in US dollars, and 3.25% p.a. in euros.
As of March 1, 2024, the largest volume of these securities was concentrated by primary dealer banks.
Instead, the second largest portfolio belongs to military bonds held by Ukrainian citizens and businesses.
UAH 51,886.9 million, or 29.2% of the total amount of purchased hryvnia military government bonds (as of February 1 - UAH 45,684.1 million, or 28.6%);
USD 1,187.3 million, or 51.6% of the total volume of military government bonds denominated in USD. As of February 1, the total amount of the government bonds denominated in USD was $1,119.2 million, or 53.8%;
EUR 106.2 million, or 17.5% of the total volume of Euro-denominated domestic government bonds (as of February 1, EUR 108.4108.4 million, or 17.1%).
Today, the total amount of military bonds held by individuals and legal entities is UAH 101.4 billion in equivalent, which is almost 2.3 times higher than the amount as of March 1, 2023.
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As of March 1, 2024, the volume of military domestic government bonds held by non-residents amounted to UAH 15,862.3 million, USD 24.2 million and EUR 0.1 million, more than doubling to UAH 43.4 billion in equivalent over the year (compared to March 1, 2023).
In February 2024, the Ministry of Finance redeemed military government bonds worth almost EUR 304.0 million.