Ukraine War Bonds that pay 11% are a Risky Bet Investors want to Buy

Ukraine’s first batch of war bonds came with the promise of a double-digit payout and significant risk. Some retail investors were more than happy to take it on.

War bonds have been used by governments to finance military spending for years. The U.S. financed its World War I efforts through the issuance of Liberty Bonds, while the U.K. repaid part of its WWI debt in 2014, 100 years after it first borrowed the money. Ukraine’s sale on Tuesday was part of a wider crowdfunding effort to capitalize on support for its fight against Russia.

In the era of Robinhood and Reddit, some investors have seen the bonds as opportunity for a short-term investment, or a show of support for Ukraine, or both. The problem is finding a way to buy them.