Overview of KASE's GS Market in December 2025
/KASE, January 6, 2026/ – Kazakhstan Stock Exchange (KASE) presents a brief overview of the government securities (GS) market based on the results of December 2025.
As of the end of December 2025, the Government Securities sector of KASE contained 106 issues of bonds of the Ministry of Finance of the Republic of Kazakhstan, including 91 issues of MEKAM and 15 issues of Eurobonds, 1 issue of notes of the National Bank of the Republic of Kazakhstan, 248 issues of bonds of local executive bodies and 66 issues of bonds of foreign governments.
Based on the results of December, the total GS trading volume on KASE amounted to 442.5 bn tenge ($862.3 mln), a decrease of 42.4 %, or 325.2 bn tenge, compared to November. The average daily trading volume was 20.1 bn tenge (7.2 bn tenge – on the secondary market), the average daily number of transactions was 12 (11 – on the secondary market), and the average transaction value was 1.7 bn tenge (0.7 bn tenge – on the secondary market).
In December, 36 transactions were concluded on the primary market for a total of 284.0 bn tenge ($552.3 mln), which is 51.4 %, or 300.3 bn tenge, lower than in 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
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December 2, 2025 MKM012_0161 KZK100000423 4.7 9.1 x2.9 16.78 % 0.5
MUM120_0020 KZKD00001269 55.2 107.6 x8.4 16.10 % 9.2
TKK024_215 KZMJ00002152 18.1 35.2 100 % 0.35 % 1.5
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December 9, 2025 MUM096_0015 KZKD00001301 30.8 60.5 x6.7 15.55 % 7.5
MUM180_0015 KZKD00001186 23.7 46.6 x8.4 15.55 % 10.7
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December 15, 2025 KSK022_288 KZMJ00002889 0.8 1.6 100 % 8.94 % 1.8
ZKK022_287 KZMJ00002871 1.6 3.0 100 % 8.94 % 1.8
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December 17, 2025 MOM060_0055 KZK200000778 53.8 103.5 x3 15.45 % 4.8
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December 23, 2025 MUM144_0009 KZKD00001178 30.0 58.3 x3.1 15.44 % 7.7
MUM180_0008 KZKD00000659 65.4 127.0 x4.2 16.46 % 1.8
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TOTAL 284.0 552.3
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In terms of the main categories of investors in the primary market, banks accounted for 40.7 %, broker-dealer organizations – for 0.1 %, other institutional investors – for 17.4 %, and other legal entities – for 41.7 %. Non-resident participation in trading on the primary GS market amounted to 34.5 %.
In December, 232 transactions were concluded on the secondary market for a total of 158.5 bn tenge ($310.0 mln), which is 13.6 %, or 24.9 bn tenge, lower than in the previous month.
In terms of the main categories of investors on the secondary market, banks accounted for 45.1 %, broker-dealer organizations – for 0.8 %, other institutional investors – for 3.8 %, other legal entities – for 50.2 %, and individuals – for 0.1 %. Non-resident participation in trading on the secondary GS market amounted to 34.6 %.
Based on the results of December, GS indices demonstrated the following changes:
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Change
Value per month,
as of 31.12.25 tenge / b.p.
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"Clean" price indices, tenge
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KZGB_CPs with maturity of up to 1 year 1,201.58 + 43.23
KZGB_CPm with maturity of 1 to 5 years 948.63 -64.03
KZGB_CPl with maturity of over 5 years 793.82 -157.13
KZGB_CPm1m with maturity of 31 days and up 902.34 -122.31
KZGB_CP without segmentation term 931.40 -124.52
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"Dirty" price indices, tenge
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KZGB_DPs with maturity of up to 1 year 1,474.46 +181.31
KZGB_DPm with maturity of 1 to 5 years 1,270.25 +21.39
KZGB_DPl with maturity of over 5 years 1,086.63 -91.32
KZGB_DPm1m with maturity of 31 days and up 1,143.53 -9.93
KZGB_DP without segmentation term 1,140.09 -38.70
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Yield indices, %
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KZGB_Ys with maturity of up to 1 year 16.59 +3.96
KZGB_Ym with maturity of 1 to 5 years 16.25 +4.67
KZGB_Yl with maturity of over 5 years 15.56 +4.06
KZGB_Ym1m with maturity of 31 days and up 16.01 +4.43
KZGB_Y without segmentation term 15.99 +4.41
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[2026-01-06]