Ministry of Finance Conducts Second Domestic Government Bond Switch Auction in 2026: Bids Satisfied for UAH 10 Billion

On February 11, 2026, the Ministry of Finance of Ukraine conducted its second domestic government bond switch auction in 2026. The total amount of satisfied bids reached UAH 10 billion (at par value).

Investors were offered to exchange domestic government bonds maturing on March 18, 2026, for a new issue maturing on March 7, 2029. The maturity of the new bonds is 1,118 days (over three years).

The weighted average yield of the placed bonds amounted to 16.79%, with a cut-off yield of 16.8% and a minimum yield of 16.7%. 

As part of the switch operation, domestic government bonds maturing on March 18, 2026, totaling UAH 10.9 billion in value (10,17 million bonds) will be redeemed and cancelled by the Ministry of Finance.

For reference, on January 14, 2026, the Ministry of Finance conducted a domestic government bond switch auction with total demand amounting to UAH 17.36 billion.

Switch auctions are an important instrument of active public debt management. They help smooth short-term redemption peaks, extend the average maturity profile of public debt, support domestic market liquidity, and strengthen investor confidence in Ukraine’s government securities.