Overview of KASE's GS Market in May 2025
/KASE, June 10, 2025/ – Kazakhstan Stock Exchange (KASE) presents a brief overview of the government securities (GS) market based on the results of May 2025.
As of the end of May 2025, the Government Securities sector of KASE contained 111 bond issues of the Ministry of Finance of the Republic of Kazakhstan, including 99 MEKAM issues and 12 Eurobond issues, one issue of notes of the National Bank of the Republic of Kazakhstan, 190 bond issues of local executive bodies and 66 bond issues of foreign states.
Based on the results of May, the total trading volume of GS on KASE amounted to 779.3 bn tenge ($1.5 bn) and decreased by 1.5 %, or 11.9 bn tenge, compared to April. The average daily trading volume was 41.0 bn tenge (on the secondary market – 4.8 bn tenge), the average daily number of transactions was 14 (on the secondary market – 9), the average volume of one transaction was 2.9 bn tenge (on the secondary market – 0.5 bn tenge).
On the primary market in May, 90 transactions were concluded for a total of 688.1 bn tenge ($1.3 bn), which is 14.8 %, or 88.7 bn tenge, higher than in the previous month:
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Trading Trading Demand Average Current maturity, years
volume, volume, to supply weighted yield, %
Offering date Trade code ISIN bn KZT USD mln
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06.05.2025 MUM072_0014 KZKD00001210 32.0 61.7 107.6% 15.51 3.8
MUM084_0020 KZKD00001285 61.5 118.6 100.0% 14.60 6.8
MUM108_0015 KZKD00001277 51.7 99.8 156.0% 14.30 8.8
MUM192_0002 KZKD00000543 53.3 102.7 132.4% 15.65 3.0
MUM216_0002 KZKD00001079 57.5 111.0 155.0% 14.10 11.8
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13.05.2025 MKM012_0161 KZK100000423 1.9 3.8 84.6% 15.57 0.9
MUM096_0013 KZKD00001202 31.4 61.1 164.1% 15.40 4.7
MUM120_0020 KZKD00001269 92.3 179.7 х2.3 14.16 9.8
MUM180_0013 KZKD00000931 41.1 80.0 190.0% 14.45 7.9
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14.05.2025 KOK024_216 KZMJ00002160 5.3 10.3 100.0% 0.35 2.0
TKK024_215 KZMJ00002152 9.6 18.8 100.0% 0.35 2.0
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20.05.2025 MUM120_0020 KZKD00001269 25.0 48.9 58.6% 14.16 9.7
MUM156_0006 KZKD00000964 29.8 58.3 67.3% 15.58 6.0
MUM156_0008 KZKD00001293 29.9 58.6 83.1% 14.10 13.0
MUM180_0005 KZKD00000493 3.9 7.7 19.8% 15.82 1.5
MUM180_0009 KZKD00000717 31.9 62.5 109.7% 15.72 3.6
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26.05.2025 MUM156_0008 KZKD00001293 30.1 58.9 100.0% 14.10 13.0
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27.05.2025 AIK024_214 KZMJ00002145 2.9 5.7 100.0% 0.35 2.0
MKM012_0161 KZK100000423 34.0 66.6 83.0% 16.00 0.9
MUM108_0015 KZKD00001277 20.8 40.8 62.5% 14.30 8.8
MUM180_0009 KZKD00000717 18.7 36.6 64.3% 16.33 3.5
MUM180_0016 KZKD00001194 17.3 33.9 50.0% 14.10 11.7
PVK024_217 KZMJ00002178 1.6 3.1 100.0% 0.35 2.0
VKK024_218 KZMJ00002186 4.4 8.7 100.0% 0.35 2.0
------------- ----------- ------------ -------- -------- ---------- ------------------ ------------------------
TOTAL 688.1 1,337.6
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In terms of the main categories of investors on the primary market, banks accounted for 7.2 %, other institutional investors – for 87.3 %, other legal entities – for 5.3 %, and broker-dealer organizations – for 0.2 %. Non-residents did not participate in trading on the primary government securities market in May.
In the secondary market, 178 transactions were concluded in May for a total of 91.2 bn tenge ($178.1 mln), which is 52.5 %, or 100.6 bn tenge, lower than in the previous month.
In terms of the main categories of investors on the secondary market, banks accounted for 32.8 %, broker-dealer organizations – for 1.4 %, other institutional investors – for less than 0.1 %, other legal entities – for 65.0 %, individuals – 0.8 %. Non-resident participation is estimated at 17.4 %.
According to the results of May, the indices of government securities demonstrated the following changes:
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Change
Value per month,
as of 30.05.25 tenge / b.p.
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Indices of "clean" prices, tenge
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KZGB_CPs with maturity of up to 1 year 1,159.91 +3.27
KZGB_CPm with maturity of 1 to 5 years 925.52 -19.30
KZGB_CPl with maturity of over 5 years 833.72 +2.21
KZGB_CPm1m with maturity of 31 days and up 912.33 -8.23
KZGB_CP without segmentation term 942.39 -8.58
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Indices of "dirty" prices, tenge
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KZGB_DPs with maturity of up to 1 year 1,345.38 +13.54
KZGB_DPm with maturity of 1 to 5 years 1,176.48 -20.97
KZGB_DPl with maturity of over 5 years 1,068.66 +1.13
KZGB_DPm1m with maturity of 31 days and up 1,080.74 +0.81
KZGB_DP without segmentation term 1,087.49 -8.60
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Yield indices, %
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KZGB_Ys with maturity of up to 1 year 16.18 +36.00
KZGB_Ym with maturity of 1 to 5 years 16.23 +129.00
KZGB_Yl with maturity of over 5 years 14.38 -3.00
KZGB_Ym1m with maturity of 31 days and up 15.38 +63.00
KZGB_Y without segmentation term 15.35 +60.00
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[2025-06-10]