Overview of KASE's GS Market in March 2026
/KASE, April 3, 2026/ – Kazakhstan Stock Exchange (KASE) presents a brief overview of the government securities (GS) market based on the results of March 2026.
As of the end of March 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, 5 issues of notes of the National Bank of the Republic of Kazakhstan, 259 issues of bonds of local executive bodies and 58 issues of bonds of foreign states.
Based on results of March, the total GS trading volume on KASE amounted to 914.2 bn tenge ($1.9 bn), an increase of 17.9 %, or 139.0 bn tenge, compared to February. The average daily trading volume was 50.8 bn tenge (17.4 bn tenge on the secondary market), the average daily number of transactions was 19 (15 on the secondary market), and the average transaction value was 2.7 bn tenge (1.1 bn tenge on the secondary market).
In March, 66 transactions were concluded on the primary market for a total of 601.4 bn tenge ($1,222.3 mln), which is 8.0 %, or 44.8 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
---------------- ----------- ------------ ----------------------- ----------------------- ------- ------------------ ------------------------
03.03.2026 MOM060_0055 KZK200000778 47.4 94.3 152.6 % 15.10 4.6
MUM096_0015 KZKD00001301 43.5 86.5 101.2 % 15.10 7.3
MUM180_0009 KZKD00000717 56.6 112.6 142.6 % 15.98 2.8
MUM180_0016 KZKD00001194 30.9 61.4 х2.3 14.97 10.9
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04.03.2026 KGK084_290 KZMJ00002905 4.2 8.4 100 % 19.00 7.0
KGK120_289 KZMJ00002897 1.4 2.8 100 % 19.00 10.0
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10.03.2026 MKM012_0162 KZK100000431 22.6 45.8 58.3 % 16.25 0.9
MUM096_0016 KZKD00001327 90.1 182.5 150.2 % 15.10 8.0
MUX072_0003 KZKB00000040 45.9 92.9 х2.1 15.74 5.1
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17.03.2026 MTM072_0001 KZKT00000040 50.7 104.2 97.9 % 18.76 2.7
MUM072_0016 KZKD00001319 30.6 63.0 150 % 15.10 5.9
MUM180_0016 KZKD00001194 18.4 37.9 х2.5 15.00 10.9
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20.03.2026 PVK084_298 KZMJ00002988 4.2 8.8 100 % 19.15 7.0
PVK120_299 KZMJ00002996 1.4 2.9 100 % 19.15 10.0
ZKK084_300 KZMJ00003002 8.2 17.0 100 % 19.15 7.0
ZKK120_301 KZMJ00003010 2.7 5.7 100 % 19.15 10.0
---------------- ----------- ------------ ----------------------- ----------------------- ------- ------------------ ------------------------
26.03.2026 MUM072_0016 KZKD00001319 51.2 106.2 125 % 15.10 5.9
MUM096_0016 KZKD00001327 80.3 166.5 159.9 % 15.16 8.0
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27.03.2026 KOK024_293 KZMJ00002939 3.0 6.2 100 % 0.35 2.0
KSK024_291 KZMJ00002913 1.5 3.1 100 % 0.35 2.0
PVK024_302 KZMJ00003028 1.6 3.3 100 % 0.35 2.0
SKK024_295 KZMJ00002954 2.0 4.2 100 % 0.35 2.0
ZKK024_294 KZMJ00002947 3.0 6.2 100 % 0.35 2.0
---------------- ----------- ------------ ----------------------- ----------------------- ------- ------------------ ------------------------
TOTAL 601.4 1,222.3
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In terms of the main categories of investors in the primary market, banks accounted for 28.5 %, broker-dealer organizations – for 0.2 %, other institutional investors – for 63.3 %, other legal entities – for 8.0 %, and individuals – for less than 0.1 %. Non-resident participation in trading on the primary government securities market amounted to 1.8 %.
In March, 276 transactions were concluded on the secondary market for a total of 312.8 bn tenge ($639.1 mln), which is 43.1 %, or 94.3 bn tenge, higher than the previous month.
In terms of the main categories of investors on the secondary market, banks accounted for 54.3 %, broker-dealer organizations accounted for 1.0 %, other institutional investors – for 21.3 %, other legal entities – for 22.6 %, and individuals – for 0.9 %. Non-resident participation in trading on the secondary government securities market amounted to 15.1 %.
Based on results of March, 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 1,217.38 +6.07
KZGB_CPm with maturity of 1 to 5 years 962.69 +3.66
KZGB_CPl with maturity of over 5 years 818.83 +10.99
KZGB_CPm1m with maturity of 31 days and up 922.75 +7.30
KZGB_CP without segmentation term 952.81 +7.75
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"Clean" price indices, tenge
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KZGB_CPs with maturity of up to 1 year 1,530.94 +21.16
KZGB_CPm with maturity of 1 to 5 years 1,302.30 +8.66
KZGB_CPl with maturity of over 5 years 1,153.31 +27.37
KZGB_CPm1m with maturity of 31 days and up 1,200.47 +21.00
KZGB_CP without segmentation term 1,190.22 +18.10
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Yield indices, %
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KZGB_Ys with maturity of up to 1 year 17.10 +0.14
KZGB_Ym with maturity of 1 to 5 years 16.18 -0.03
KZGB_Yl with maturity of over 5 years 15.00 -0.26
KZGB_Ym1m with maturity of 31 days and up 15.74 -0.09
KZGB_Y without segmentation term 15.75 -0.06
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[2026-04-03]