Overview of KASE's GS Market in February 2026
/KASE, March 3, 2026/ – Kazakhstan Stock Exchange (KASE) presents a brief overview of the government securities (GS) market based on the results of February 2026.
As of the end of February 2026, 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, 3 issues of notes of the National Bank of the Republic of Kazakhstan, 246 issues of bonds of local executive bodies and 64 issues of bonds of foreign states.
Based on results of February, the total GS trading volume on KASE amounted to 775.2 bn tenge ($1.6 bn), an increase of 46.9 %, or 247.5 bn tenge, compared to January. The average daily trading volume was 38.8 bn tenge (10.9 bn tenge – on the secondary market), the average daily number of transactions was 18 (13 – on the secondary market), and the average transaction value was 2.2 bn tenge (0.9 bn tenge – on the secondary market).
In February, 96 transactions were concluded on the primary market for a total of 556.6 bn tenge ($1,120.8 mln), which is 27.7 %, or 120.6 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
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03.02.2026 MKM012_0162 KZK100000431 28.7 56.8 х4.9 16.21 1.0
MTM072_0001 KZKT00000040 32.7 64.8 х2.1 16.09 2.8
MUM072_0016 KZKD00001319 54.5 107.9 188.1% 15.18 6.0
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10.02.2026 MUM180_0009 KZKD00000717 38.5 77.8 х3.9 15.91 2.8
MUM180_0016 KZKD00001194 64.1 129.6 х2.7 15.17 11.0
MUM300_0003 KZKD00000857 63.6 128.5 х3.7 15.10 14.0
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17.02.2026 MKM012_0162 KZK100000431 46.3 94.2 153.2% 16.15 1.0
MOM060_0055 KZK200000778 55.0 111.7 х2.8 15.14 4.6
MUM120_0020 KZKD00001269 54.4 110.5 х3.3 14.94 9.0
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24.02.2026 MOM060_0054 KZK200000737 36.1 72.7 х2.1 16.03 1.7
MUM072_0016 KZKD00001319 82.7 166.3 х2.0 15.10 5.9
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TOTAL 556.6 1 120.8
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In terms of the main categories of investors on the primary market, banks accounted for 68.1%, broker-dealer organizations – for 0.1%, other institutional investors – for 27.9%, other legal entities – for 3.9%, and individuals – for less than 0.1%. Non-resident participation in trading on the primary government securities market amounted to 3.0%.
In February, 256 transactions were concluded on the secondary market for a total of 218.6 bn tenge ($442.8 mln), which is 2.4 times, or 127.0 bn tenge, higher than the previous month.
In terms of the main categories of investors on the secondary market, banks accounted for 37.7%, broker-dealer organizations – for 12.3%, other institutional investors – for 5.6%, other legal entities – for 44.2%, and individuals – for 0.2%. Non-resident participation in trading on the secondary government securities market amounted to 33.3%.
As of the end of February, GS indices demonstrated the following changes:
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Change
Value per month,
as of 27.02.26 tenge / b.p.
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"Clean" price indices, tenge
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KZGB_CPs with maturity of up to 1 year 1,211.31 +6.64
KZGB_CPm with maturity of 1 to 5 years 959.03 +8.75
KZGB_CPl with maturity of over 5 years 807.84 +7.78
KZGB_CPm1m with maturity of 31 days and up 915.45 +9.12
KZGB_CP without segmentation term 945.06 +9.57
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"Dirty" price indices, tenge
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KZGB_DPs with maturity of up to 1 year 1,509.78 +19.22
KZGB_DPm with maturity of 1 to 5 years 1,293.64 +10.53
KZGB_DPl with maturity of over 5 years 1,125.94 +20.23
KZGB_DPm1m with maturity of 31 days and up 1,179.47 +20.52
KZGB_DP without segmentation term 1,172.12 +16.67
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Yield indices, %
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KZGB_Ys with maturity of up to 1 year 16.96 -0.19
KZGB_Ym with maturity of 1 to 5 years 16.21 -0.20
KZGB_Yl with maturity of over 5 years 15.26 -0.16
KZGB_Ym1m with maturity of 31 days and up 15.83 -0.22
KZGB_Y without segmentation term 15.81 -0.22
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[2026-03-03]