Overview of KASE's GS Market in November 2025
/KASE, December 2, 2025/ – Kazakhstan Stock Exchange (KASE) presents a brief overview of the government securities (GS) market based on the results of November 2025.
As of the end of November 2025, the Government Securities sector of KASE contained 105 issues of bonds of the Ministry of Finance of the Republic of Kazakhstan, including 91 issues of MEKAM and 14 issues of Eurobonds, 1 issue of notes of the National Bank of the Republic of Kazakhstan, 252 issues of bonds of local executive bodies and 65 issues of bonds of foreign governments.
Following the results of November, the total GS trading volume on KASE amounted to 767.7 bn tenge ($1.5 bn), an increase of 28.1%, or 168.4 bn tenge, compared to October. The average daily trading volume was 38.4 bn tenge (9.2 bn tenge on the secondary market), the average daily number of transactions was 13 (8 on the secondary market), and the average transaction value was 3.1 bn tenge (1.2 bn tenge on the secondary market).
In November, 93 transactions were concluded on the primary market for a total of 584.3 bn tenge ($1,113.2 mln), which is 12.0%, or 62.8 bn tenge, higher than the previous month:
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Trading volume, bn KZT Trading volume, USD mln Bid Average Current maturity, years
Date of offering to ask weighted yield, %
Trade code ISIN
----------------- ----------- ------------ ---------------------- ----------------------- ------- ------------------ ------------------------
November 4, 2025 MOM060_0055 KZK200000778 57.2 108.2 169.3% 17.08 4.9
MUM084_0020 KZKD00001285 34.4 65.1 x2.4 17.03 6.3
MUM120_0020 KZKD00001269 62.1 117.6 x3.5 17:00 9.3
MUM192_0001 KZKD00000477 54.0 102.3 185.3% 17.11 2.0
----------------- ----------- ------------ ---------------------- ----------------------- ------- ------------------ ------------------------
November 11, 2025 MUM096_0014 KZKD00001228 47.7 91.2 151.4% 17.10 5.5
MUM096_0015 KZKD00001301 42.0 80.2 x4.9 17:00 7.6
MUM180_0008 KZKD00000659 40.0 76.4 144.9% 17.13 2.0
MUM180_0015 KZKD00001186 60.0 114.6 x2.6 16.95 10.8
----------------- ----------- ------------ ---------------------- ----------------------- ------- ------------------ ------------------------
November 14, 2025 SKK022_279 KZMJ00002798 0.5 1.0 100.0% 8.94 1.8
ZKK022_278 KZMJ00002780 1.8 3.4 100.0% 8.94 1.8
----------------- ----------- ------------ ---------------------- ----------------------- ------- ------------------ ------------------------
November 18, 2025 MOM060_0055 KZK200000778 41.3 78.8 x3.0 16.90 4.9
MUM072_0013 KZKD00001145 17.6 33.7 x2.2 17.01 1.5
MUM120_0020 KZKD00001269 50.9 97.2 x5.2 16.87 9.2
----------------- ----------- ------------ ---------------------- ----------------------- ------- ------------------ ------------------------
November 20, 2025 SHK022_021 KZSJ00000218 4.6 8.9 100.0% 4.24 1.8
----------------- ----------- ------------ ---------------------- ----------------------- ------- ------------------ ------------------------
November 25, 2025 MUM096_0015 KZKD00001301 41.8 80.4 x4.6 16.58 7.5
MUM156_0006 KZKD00000964 11.4 21.8 x2.6 16.60 5.5
MUM180_0008 KZKD00000659 7.6 14.6 x4.9 16.88 1.9
----------------- ----------- ------------ ---------------------- ----------------------- ------- ------------------ ------------------------
November 27, 2025 KGK024_241 KZMJ00002418 3.2 6.2 100.0% 0.35 1.7
KOK024_216 KZMJ00002160 2.6 5.1 100.0% 0.35 1.5
----------------- ----------- ------------ ---------------------- ----------------------- ------- ------------------ ------------------------
November 28, 2025 SHK120_022 KZSJ00000226 3.5 6.8 100.0% 18.90 10.0
----------------- ----------- ------------ ---------------------- ----------------------- ------- ------------------ ------------------------
TOTAL 584.3 1,113.2
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In terms of the main categories of investors in the primary market, banks accounted for 61.9%, broker-dealer organizations – for 1.0%, other institutional investors – for 28.6%, other legal entities – for 8.4%, and individuals – for less than 0.1%. Non-resident participation in trading on the primary GS market amounted to 5.2%.
In November, 158 transactions were concluded on the secondary market for a total of 183.4 bn tenge ($349.4 mln), which is 2.4 times, or 105.7 bn tenge, higher than the previous month.
In terms of the main categories of investors on the secondary market, banks accounted for 46.4%, broker-dealer organizations – for 2.8%, other institutional investors – for 3.3%, other legal entities – for 47.3%, and individuals – for 0.2%. Non-resident participation in trading on the secondary GS market amounted to 25.9%.
Following the results of November, GS indices demonstrated the following changes:
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Change
Value per month,
as of 30.11.25 tenge / b.p.
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"Clean" price indices, tenge
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KZGB_CPs with maturity of up to 1 year 1,195.44 +37.09
KZGB_CPm with maturity of 1 to 5 years 936.03 -76.63
KZGB_CPl with maturity of over 5 years 753.92 -197.03
KZGB_CPm1m with maturity of 31 days and up 877.27 -147.38
KZGB_CP without segmentation term 904.33 -151.59
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"Dirty" price indices, tenge
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KZGB_DPs with maturity of up to 1 year 1,453.95 +160.80
KZGB_DPm with maturity of 1 to 5 years 1,242.98 -5.88
KZGB_DPl with maturity of over 5 years 1,026.66 -151.29
KZGB_DPm1m with maturity of 31 days and up 1 102.79 -50.67
KZGB_DP without segmentation term 1,098.92 -79.87
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Yield indices, %
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KZGB_Ys with maturity of up to 1 year 16.66 +4.03
KZGB_Ym with maturity of 1 to 5 years 16.59 +5.01
KZGB_Yl with maturity of over 5 years 16.58 +5.08
KZGB_Ym1m with maturity of 31 days and up 16.59 +5.01
KZGB_Y without segmentation term 16.59 +5.01
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[2025-12-02]