Overview of KASE's GS Market in September 2025
/KASE, October 6, 2025/ – Kazakhstan Stock Exchange (KASE) presents a brief overview of the government securities (GS) market based on the results of September 2025.
As of the end of September 2025, the Government Securities sector of KASE contained 110 issues of bonds of the Ministry of Finance of the Republic of Kazakhstan, including 97 issues of MEKAM and 13 issues of Eurobonds, one issue of notes of the National Bank of the Republic of Kazakhstan, 245 issues of bonds of local executive bodies and 57 issues of bonds of foreign governments.
Based on results of September, the total government securities trading volume on KASE amounted to 614.5 billion tenge ($1.1 billion), a decrease of 22.3 %, or 176.7 billion tenge, compared to August. The average daily trading volume was 29.3 billion tenge (4.4 billion tenge – on the secondary market), the average daily number of transactions was 13 (9 – on the secondary market), and the average transaction value was 2.2 billion tenge (0.5 billion tenge – on the secondary market).
In September, 94 transactions were concluded on the primary market for a total of 522.4 billion tenge ($966.9 million), which is 22.2 %, or 149.2 billion tenge, lower than the previous month:
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Trading Trading Average Term to maturity, years
volume, bn KZT volume, weighted yield, %
Issue date Trade code ISIN mln USD Bid to ask
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02.09.2025 KGK120_242 KZMJ00002426 5.4 9.9 100 % 18.90 9.9
KGK120_244 KZMJ00002442 2.5 4.6 100 % 18.90 9.9
MOM060_0052 KZK200000679 69.4 128.9 х3.4 17.03 0.9
MUM084_0019 KZKD00001244 33.0 61.3 190.0 % 17.00 5.5
MUM096_0015 KZKD00001301 32.0 59.4 х2.0 16.97 7.8
PVK120_258 KZMJ00002582 9.7 18.1 100 % 18.90 9.9
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03.09.2025 AIK120_261 KZMJ00002616 0.5 0.9 100 % 18.90 9.9
ATK120_265 KZMJ00002657 0.5 0.9 100 % 18.90 9.9
MGK120_264 KZMJ00002640 1.7 3.2 100 % 18.90 9.9
SKK120_262 KZMJ00002624 0.9 1.7 100 % 18.90 9.9
SKK180_260 KZMJ00002608 0.7 1.3 100 % 18.90 14.9
UTK120_263 KZMJ00002632 0.3 0.6 100 % 18.90 9.9
ZKK180_259 KZMJ00002590 4.3 7.9 100 % 18.90 14.9
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09.09.2025 MKM012_0161 KZK100000423 5.2 9.8 x2.1 17.42 0.7
MOM048_0056 KZK200000760 19.0 35.5 х2.4 17.44 3.9
MUM096_0014 KZKD00001228 13.7 25.5 37.6 % 17.03 5.7
MUM108_0015 KZKD00001277 0.2 0.3 29.8 % 17.00 8.5
---------- ----------- ------------ -------------- -------- ---------- ----------------- -----------------------
12.09.2025 DZK024_213 KZMJ00002137 1.0 1.9 100 % 0.35 1.6
KSK024_211 KZMJ00002111 1.0 1.9 100 % 0.35 1.6
ZKK024_222 KZMJ00002228 0.8 1.5 100 % 0.35 1.8
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16.09.2025 MKM012_0161 KZK100000423 88.4 163.3 x4.1 17.15 0.7
MUM084_0018 KZKD00001137 13.0 23.9 х2.0 17.55 2.6
MUM132_0007 KZKD00001152 11.9 22.0 130.0 % 17.00 6.9
MUM180_0011 KZKD00000790 12.6 23.2 102.5 % 17.29 3.9
---------- ----------- ------------ -------------- -------- ---------- ----------------- -----------------------
23.09.2025 MOM048_0056 KZK200000760 40.2 74.0 159.5 % 17.05 3.9
MOM060_0052 KZK200000679 3.5 6.4 6.0 % 16.89 0.9
MUM240_0001 KZKD00000550 36.1 66.5 х3.2 17.17 6.6
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26.09.2025 ATK120_271 KZMJ00002715 10.0 18.5 100 % 18.90 10.0
DZK120_266 KZMJ00002665 3.0 5.6 100 % 18.90 10.0
JTK120_267 KZMJ00002673 11.6 21.3 100 % 18.90 10.0
JTK120_268 KZMJ00002681 8.6 16.0 100 % 18.90 10.0
KGK120_269 KZMJ00002699 0.4 0.8 100 % 18.90 10.0
MGK120_274 KZMJ00002749 0.2 0.3 100 % 18.90 10.0
MGK120_277 KZMJ00002772 5.1 9.5 100 % 18.90 10.0
MUM096_0015 KZKD00001301 53.1 98.1 х2.3 16.99 7.7
MUM180_0007 KZKD00000618 3.7 6.8 43.2 % 17.06 2.0
PVK120_276 KZMJ00002764 0.3 0.6 100 % 18.90 10.0
SKK120_270 KZMJ00002707 1.5 2.7 100 % 18.90 10.0
UTK120_275 KZMJ00002756 0.2 0.3 100 % 18.90 10.0
VKK120_272 KZMJ00002723 3.5 6.5 100 % 18.90 10.0
VKK120_273 KZMJ00002731 6.9 12.8 100 % 18.90 10.0
---------- ----------- ------------ -------------- -------- ---------- ----------------- -----------------------
29.09.2025 SHK120_017 KZSJ00000176 7.1 13.0 100 % 18.90 10.0
---------- ----------- ------------ -------------- -------- ---------- ----------------- -----------------------
TOTAL 522.4 966.9
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In terms of the main categories of investors in the primary market, banks accounted for 31.5 %, broker-dealer organizations – for less than 0.1 %, other institutional investors – for 28.4 %, other legal entities – for 40.1 %, individuals – for less than 0.1 %. Non-resident participation in trading on the primary government securities market amounted to 11.0 %.
In September, 189 transactions were concluded on the secondary market for a total of 92.1 billion tenge ($170.4 million), which is 23.0 %, or 27.5 billion tenge, lower than the previous month.
Among the main categories of investors in the secondary market, banks accounted for 33.1 %, broker-dealer organizations – for 2.5 %, other legal entities – for 63.7 %, individuals – for 0.7 %. Non-resident participation in secondary government securities market trading in September amounted to 43.1 %.
Based on results of September, GS indices demonstrated the following changes:
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Change
Value per month,
as of 30.09.25 tenge / b.p.
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"Clean" price indices, tenge
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KZGB_CPs with maturity of up to 1 year 1,183.64 +4.82
KZGB_CPm with maturity of 1 to 5 years 922.14 +8.99
KZGB_CPl with maturity of over 5 years 742.13 -2.41
KZGB_CPm1m with maturity of 31 days and up 865.90 +3.39
KZGB_CP without segmentation term 890.96 +3.05
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"Dirty" price indices, tenge
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KZGB_DPs with maturity of up to 1 year 1,420.63 +18.21
KZGB_DPm with maturity of 1 to 5 years 1,213.46 +20.94
KZGB_DPl with maturity of over 5 years 990.11 +8.58
KZGB_DPm1m with maturity of 31 days and up 1,069.08 +14.80
KZGB_DP without segmentation term 1,066.82 +13.89
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Yield indices, %
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KZGB_Ys with maturity of up to 1 year 16.80 +7.00
KZGB_Ym with maturity of 1 to 5 years 16.88 -22.00
KZGB_Yl with maturity of over 5 years 16.84 +10.00
KZGB_Ym1m with maturity of 31 days and up 16.88 -6.00
KZGB_Y without segmentation term 16.88 -5.00
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[2025-10-06]