Overview of KASE's GS Market in May 2026
As of the end of May 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, 4 issues of notes of the National Bank of the Republic of Kazakhstan, 275 issues of bonds of local executive bodies and 57 issues of bonds of foreign governments.
Based on the results of May, the total GS trading volume on KASE amounted to 849.3 bn tenge ($1.8 bn), a decrease of 12.0 %, or 115.6 bn tenge, compared to April. The average daily trading volume was 50.0 bn tenge (11.4 bn tenge on the secondary market), the average daily number of transactions was 28 (19 on the secondary market), and the average transaction value was 1.8 bn tenge (0.6 bn tenge on the secondary market).
In May, 147 transactions were concluded on the primary market for a total of 654.7 bn tenge ($1.4 bn), which is 2.0 %, or 13.0 bn tenge, lower than the previous month:
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Trading volume, Trading volume, mln USD Average Current maturity, years
Offering bn KZT Bid to
ask weighted yield, %
date Trade code ISIN
------------ ----------- ------------ ---------------- ------------------------ ---------- ------------------ ------------------------
May 5, 2026 MKM012_0163 KZK100000449 23.3 50.1 137.5 % 17.23 % 1.0
MTC048_0002 KZKF00000020 46.0 99.0 144 % 1.02 %+ 4.0
Tonia TCI
MUM096_0015 KZKD00001301 42.0 90.3 145.8 % 15.08 % 7.1
------------ ----------- ------------ ---------------- ------------------------ ---------- ------------------ ------------------------
May 12, 2026 MTC084_0001 KZKF00000038 65.5 142.0 145 % 1.02 %+ 7.0
Tonia TCI
MUM180_0009 KZKD00000717 52.0 112.7 154.3 % 16.82 % 2.6
MUM300_0001 KZKD00000725 34.8 75.5 130.5 % 15.01 % 12.6
------------ ----------- ------------ ---------------- ------------------------ ---------- ------------------ ------------------------
May 19, 2026 MKM012_0163 KZK100000449 35.6 76.1 143 % 17.27 % 1.0
MTC048_0002 KZKF00000020 59.4 127.1 x3.6 18.91 % 4.0
MUM096_0016 KZKD00001327 60.6 129.5 x2.2 15.10 % 7.8
------------ ----------- ------------ ---------------- ------------------------ ---------- ------------------ ------------------------
May 20, 2026 AIK024_312 KZMJ00003127 2.5 5.3 100 % 0.35 % 2.0
DZK024_311 KZMJ00003119 0.9 2.0 100 % 0.35 % 2.0
JTK024_309 KZMJ00003093 1.3 2.8 100 % 0.35 % 1.9
KGK024_313 KZMJ00003135 3.7 7.7 100 % 0.35 % 2.0
KSK024_291 KZMJ00002913 4.8 10.1 100 % 0.35 % 1.9
PVK024_302 KZMJ00003028 2.1 4.5 100 % 0.35 % 1.9
ZKK024_294 KZMJ00002947 4.8 10.2 100 % 0.35 % 1.9
------------ ----------- ------------ ---------------- ------------------------ ---------- ------------------ ------------------------
May 21, 2026 ARK022_310 KZMJ00003101 1.5 3.2 100 % 4.24 % 1.8
KGK022_314 KZMJ00003143 0.8 1.7 100 % 4.24 % 1.8
SHK022_023 KZSJ00000234 3.4 7.2 100 % 4.24 % 1.8
------------ ----------- ------------ ---------------- ------------------------ ---------- ------------------ ------------------------
May 26, 2026 MUM108_0014 KZKD00001236 51.9 109.9 126 % 15.11 % 6.0
MUM156_0008 KZKD00001293 53.4 113.1 140.3 % 15.03 % 12.0
MUM180_0009 KZKD00000717 57.4 121.5 131.7 % 17.00 % 2.5
------------ ----------- ------------ ---------------- ------------------------ ---------- ------------------ ------------------------
May 28, 2026 TKK022_320 KZMJ00003200 2.0 4.2 100 % 4.24 % 1.8
------------ ----------- ------------ ---------------- ------------------------ ---------- ------------------ ------------------------
May 29, 2026 AIK084_315 KZMJ00003150 11.9 24.5 100 % 14.76 % 7.0
AIK120_316 KZMJ00003168 4.0 8.2 100 % 14.76 % 10.0
AKK084_322 KZMJ00003226 2.0 4.2 100 % 14.76 % 7.0
AKK120_323 KZMJ00003234 0.7 1.4 100 % 14.76 % 10.0
KOK024_293 KZMJ00002939 5.0 10.3 100 % 0.35 % 1.8
KSK084_324 KZMJ00003242 3.2 6.5 100 % 14.76 % 7.0
KSK120_325 KZMJ00003259 1.1 2.2 100 % 14.76 % 10.0
SKK084_317 KZMJ00003176 8.9 18.4 100 % 14.76 % 7.0
SKK084_318 KZMJ00003184 4.0 8.3 100 % 14.76 % 7.0
SKK120_319 KZMJ00003192 1.3 2.8 100 % 14.76 % 10.0
TKK024_321 KZMJ00003218 3.0 6.2 100 % 0.35 % 2.0
------------ ----------- ------------ ---------------- ------------------------ ---------- ------------------ ------------------------
TOTAL 654.7 1,398.5
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In May, 324 transactions were concluded on the secondary market for a total of 194.6 bn tenge ($412.8 mln), which is 34.5 %, or 102.6 bn tenge, lower than the previous month.
In terms of the main categories of investors on the secondary market, banks accounted for 42.4 %, broker-dealer organizations – for 1.3 %, other institutional investors – for 21.1 %, other legal entities – for 33.8 %, and individuals – for 1.3 %. Non-resident participation in trading on the secondary GS market amounted to 25.3 %.
Based on the results of May, GS indices demonstrated the following changes:
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Change
Value per month,
as of 31.05.26 tenge / b.p.
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"Clean" price indices, tenge
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KZGB_CPs with maturity of up to 1 year 1,226.44 +8.09
KZGB_CPm with maturity of 1 to 5 years 965.64 +2.93
KZGB_CPl with maturity of over 5 years 821.69 +3.93
KZGB_CPm1m with maturity of 31 days and up 924.29 +2.41
KZGB_CP without segmentation term 954.50 +2.66
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"Dirty" price indices, tenge
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KZGB_CPs with maturity of up to 1 year 1,565.63 +21.57
KZGB_CPm with maturity of 1 to 5 years 1,312.97 +10.11
KZGB_CPl with maturity of over 5 years 1,175.77 +17.14
KZGB_CPm1m with maturity of 31 days and up 1,224.91 +14.21
KZGB_CP without segmentation term 1,205.76 +12.10
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Yield indices, %
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KZGB_Ys with maturity of up to 1 year 18.31 -0.01
KZGB_Ym with maturity of 1 to 5 years 16.19 -0.16
KZGB_Yl with maturity of over 5 years 14.98 -0.09
KZGB_Ym1m with maturity of 31 days and up 16.09 +0.04
KZGB_Y without segmentation term 16.07 +0.05
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[2026-06-03]