Overview of KASE's GS Market in April 2025
/KASE, May 13, 2025/ – Kazakhstan Stock Exchange (KASE) presents a brief overview of the government securities (GS) market based on the results of April 2025.
As of the end of April 2025, the Government Securities sector of KASE contains 111 issues of bonds of the Ministry of Finance of the Republic of Kazakhstan, including 99 issues of MEKAM and 12 issues of Eurobonds, one issue of notes of the National Bank of the Republic of Kazakhstan, 187 issues of bonds of local executive bodies and 67 issues of bonds of foreign states.
According to the results of April, the total volume of government securities trading on KASE amounted to 791.1 bn tenge ($1.5 bn) and decreased by 17.1 %, or 163.3 bn tenge, compared to March. The average daily trading volume amounted to 36.0 bn tenge (on the secondary market – 8.7 bn tenge), the average daily number of transactions – 15 (on the secondary market – 13), the average volume of one transaction – 2.4 bn tenge (on the secondary market – 0.7 bn tenge).
In April, 56 transactions were concluded on the primary market for a total of 599.3 bn tenge ($1.2 bn), which is 2.5 %, or 15.1 bn tenge, lower than last month:
-------------------------------------------------------------------------------------------------------
Trading Trading Demand Average Current maturity
volume, volume, to supply weighted yield, % , years
Offering date Trade code ISIN bn KZT USD mln
------------- ----------- ------------ -------- -------- ---------- ------------------ ----------------
01.04.2025 MUM072_0014 KZKD00001210 51.1 101.3 103.8 % 15.50 0.3
MUM084_0020 KZKD00001285 23.2 46.0 135.6 % 14.60 0.1
MUM180_0004 KZKD00000444 36.6 72.5 141.9 % 15.78 0.7
------------- ----------- ------------ -------- -------- ---------- ------------------ ----------------
08.04.2025 MUM096_0013 KZKD00001202 70.9 136.7 137.3 % 15.40 0.2
MUM180_0005 KZKD00000493 47.7 92.0 х2.9 15.60 0.6
MUM180_0013 KZKD00000931 39.9 76.9 116.4 % 14.45 0.1
------------- ----------- ------------ -------- -------- ---------- ------------------ ----------------
15.04.2025 MUM120_0020 KZKD00001269 54.8 105.7 108.6 % 14.16 0.1
MUM192_0001 KZKD00000477 85.6 165.3 х2.6 15.60 0.4
------------- ----------- ------------ -------- -------- ---------- ------------------ ----------------
18.04.2025 DZK024_213 KZMJ00002137 3.0 5.7 100 % 0.35 2.0
KSK024_211 KZMJ00002111 2.8 5.4 100 % 0.35 2.0
SHK022_016 KZSJ00000168 21.3 40.7 100 % 4.24 1.8
ZKK024_212 KZMJ00002129 1.5 2.8 100 % 0.35 2.0
------------- ----------- ------------ -------- -------- ---------- ------------------ ----------------
22.04.2025 MKM012_0160 KZK100000373 19.4 37.2 x4.5 15.51 1.3
MUM072_0014 KZKD00001210 56.3 108.0 x2.1 15.50 0.3
MUM096_0013 KZKD00001202 62.8 120.4 150.8 % 15.40 0.2
MUM216_0001 KZKD00000972 22.5 43.2 113.5 % 14.13 0.1
------------- ----------- ------------ -------- -------- ---------- ------------------ ----------------
TOTAL 599.3 1,159.8
-------------------------------------------------------------------------------------------------------
In terms of the main categories of investors on the primary market, banks accounted for 9.6 %, other institutional investors accounted for 84.4 %, other legal entities accounted for 5.4 %, and broker-dealer organizations accounted for less than 0.7 %. Non-residents did not participate in trading on the primary government securities market in April.
In April, 275 transactions were concluded on the secondary market for a total of 191.8 bn tenge ($375.5 mln), which is 43.6 %, or 148.3 bn tenge, lower than last month.
In terms of the main categories of investors in the secondary market, banks accounted for 37.7 %, broker-dealer organizations accounted for 2.4 %, other institutional investors accounted for 2.4 %, other legal entities accounted for 54.0 %, and individuals accounted for 3.5 %. The participation of non-residents is estimated at 14.3 %.
According to the results of April, the GS indices demonstrated the following changes:
----------------------------------------------------------------------
Change
Value per month,
as of 30.04.25 tenge / b.p.
------------------------------------------ -------------- ------------
Indices of "clean" prices, tenge
----------------------------------------------------------------------
KZGB_CPs with maturity of up to 1 year 1,156,64 -1.08
KZGB_CPm with maturity of 1 to 5 years 944.82 -4.77
KZGB_CPl with maturity of over 5 years 831.51 +2.17
KZGB_CPm1m with maturity of 31 days and up 920,56 +1.02
KZGB_CP without segmentation term 950.97 +5.45
------------------------------------------
Indices of "dirty" prices, tenge
----------------------------------------------------------------------
KZGB_DPs with maturity of up to 1 year 1,331.84 +8.82
KZGB_DPm with maturity of 1 to 5 years 1,197.45 -2.77
KZGB_DPl with maturity of over 5 years 1,067.53 +13.29
KZGB_DPm1m with maturity of 31 days and up 1,079.93 +10.66
KZGB_DP without segmentation term 1,096.09 +12.71
------------------------------------------ --------------
Yield indices, %
----------------------------------------------------------------------
KZGB_Ys with maturity of up to 1 year 15.82 +197.00
KZGB_Ym with maturity of 1 to 5 years 14.94 +36.00
KZGB_Yl with maturity of over 5 years 14.41 -2.00
KZGB_Ym1m with maturity of 31 days and up 14.75 +16.00
KZGB_Y without segmentation term 14.75 +10.00
----------------------------------------------------------------------
[2025-05-13]