Overview of KASE's GS Market in September 2026
/KASE, October 01, 2026/ – Kazakhstan Stock Exchange (KASE) presents a brief overview of the government securities (GS) market based on the results of September 2026.
As of the end of September 2026, the Government Securities sector of KASE contained 97 issues of bonds of the Ministry of Finance of the Republic of Kazakhstan, including 84 issues of MEKAM and 13 issues of Eurobonds, 4 issues of notes of the National Bank of the Republic of Kazakhstan, 358 issues of bonds of local executive bodies and 68 issues of bonds of foreign states.
Based on results of September, the total GS trading volume on KASE amounted to KZT1,376.1 bn ($3.1 bn), an increase of 18.0 %, or KZT210.2 bn, compared to August. The average daily trading volume was KZT62.5 bn (20.7 bn KZT – on the secondary market), the average daily number of transactions was 35 (26 – on the secondary market), and the average transaction value was KZT1.8 bn KZT0.8 bn – on the secondary market).
In September, 194 transactions were concluded on the primary market for a total of KZT920.1 bn ($2.0 bn), which is 2.8 %, or KZT25.1 bn, higher than the previous month:
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Trading volume, Trading volume, Bid Average Current maturity,
Date of offering Trade code ISIN bn KZT USD mln to ask weighted yield, % years
---------------- ----------- ------------ --------------- --------------- ------ ----------------- -----------------
01.09.2026 MOM060_0054 KZK200000737 16.9 36.5 168.8% 15.95% 1.2
MTC048_0002 KZKF00000020 43.6 94.3 х2.9 17.95% 3.7
MUM144_0009 KZKD00001178 68.5 148.2 165% 14.13% 7.0
---------------- ----------- ------------ --------------- --------------- ------ ----------------- -----------------
08.09.2026 MOM060_0054 KZK200000737 38.0 83.7 х2.7 15.87% 1.2
MUM072_0016 KZKD00001319 72.7 160.0 171.5% 14.29% 5.4
MUM156_0008 KZKD00001293 96.8 213.1 169.2% 13.95% 11.7
MUM300_0003 KZKD00000857 40.6 89.5 183.5% 13.94% 13.5
---------------- ----------- ------------ --------------- --------------- ------ ----------------- -----------------
15.09.2026 MKM012_0163 KZK100000449 6.2 13.9 100.9% 15.85% 0.6
MOM048_0056 KZK200000760 61.2 136.7 х3.2 14.89% 2.9
MUM144_0009 KZKD00001178 52.2 116.6 158.4% 14.09% 6.9
MUM300_0003 KZKD00000857 40.7 91.0 150% 13.95% 13.4
---------------- ----------- ------------ --------------- --------------- ------ ----------------- -----------------
16.09.2026 ARK022_310 KZMJ00003101 1.0 2.3 100 % 4.24% 1.5
ATK022_382 KZMJ00003820 1.5 3.4 100 % 4.24% 1.7
KOK022_412 KZMJ00004125 2.4 5.3 100 % 4.24% 1.8
KOK024_293 KZMJ00002939 0.2 0.4 100 % 0.35% 1.5
SHK022_023 KZSJ00000234 1.5 3.4 100 % 4.24% 1.5
SKK024_295 KZMJ00002954 0.6 1.4 100 % 0.35% 1.5
TKK022_320 KZMJ00003200 1.0 2.3 100 % 4.23% 1.5
ZKK084_417 KZMJ00004174 6.9 15.3 100 % 12.81% 7.0
ZKK120_418 KZMJ00004182 2.3 5.1 100 % 12.81% 10.0
---------------- ----------- ------------ --------------- --------------- ------ ----------------- -----------------
17.09.2026 AIK046_411 KZMJ00004117 1.1 2.6 100 % 16.40% 3.8
ATK046_419 KZMJ00004190 12.5 28.1 100 % 15.15% 3.8
KOK046_416 KZMJ00004166 0.2 0.4 100 % 16.40% 3.8
KSK046_413 KZMJ00004133 0.2 0.4 100 % 15.15% 3.8
SHK046_027 KZSJ00000275 4.8 10.8 100 % 15.15% 3.8
VKK046_414 KZMJ00004141 10.1 22.6 – 16.40% 3.8
VKK046_415 KZMJ00004158 4.8 10.7 – 15.15% 3.8
---------------- ----------- ------------ --------------- --------------- ------ ----------------- -----------------
22.09.2026 MTC048_0002 KZKF00000020 32.6 72.6 х3.0 17.83% 3.6
MUM072_0016 KZKD00001319 33.9 75.5 х2.1 14.23% 5.4
MUM096_0016 KZKD00001327 44.5 99.1 181.1% 14.00% 7.5
---------------- ----------- ------------ --------------- --------------- ------ ----------------- -----------------
25.09.2026 JTK046_424 KZMJ00004240 10.9 24.8 100 % 15.04% 3.8
JTK084_425 KZMJ00004257 1.7 3.8 100 % 12.70% 7.0
JTK120_426 KZMJ00004265 0.6 1.3 100 % 12.70% 10.0
KGK084_420 KZMJ00004208 4.3 9.7 100 % 12.81% 7.0
KGK120_421 KZMJ00004216 1.4 3.2 100 % 12.81% 10.0
KSK046_410 KZMJ00004109 0.1 0.3 100 % 16.25% 3.8
KSK046_423 KZMJ00004232 6.4 14.5 100 % 15.04% 3.8
MGK046_427 KZMJ00004273 3.4 7.6 100 % 16.40% 3.8
SHK046_028 KZSJ00000283 17.7 40.0 100 % 15.04% 3.8
SKK046_428 KZMJ00004281 1.3 2.9 100 % 15.04% 3.8
VKK046_422 KZMJ00004224 9.7 21.9 – 16.25% 3.8
---------------- ----------- ------------ --------------- --------------- ------ ----------------- -----------------
28.09.2026 ABK046_429 KZMJ00004299 4.3 9.8 100 % 15.04% 3.8
---------------- ----------- ------------ --------------- --------------- ------ ----------------- -----------------
29.09.2026 MOM060_0054 KZK200000737 29.3 66.4 x2.7 15.82% 1.1
MOM060_0056 KZK200000786 46.9 106.2 x2.6 14.20% 4.7
MTC084_0001 KZKF00000038 54.7 123.9 x2.6 17.68% 6.6
MUM300_0001 KZKD00000725 27.9 63.1 x2.6 13.95% 12.2
---------------- ----------- ------------ --------------- --------------- ------ ----------------- -----------------
TOTAL 920.1 2,044.6
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In September, 582 transactions were concluded on the secondary market for a total of KZT455.9 bn ($1.0 bn), which is 68.3 %, or KZT185.0 bn, higher than the previous month.
In terms of the main categories of investors on the secondary market, banks accounted for 54.8 %, broker-dealer organizations – for 0.1 %, other institutional investors – for 31.6 %, other legal entities – for 13.3 %, and individuals – for 0.2 %. Non-resident participation in trading on the secondary government securities market amounted to 6.5 %.
As of the end of September, GS indices demonstrated the following changes:
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Change
Value per month,
as of 30.09.26 KZT / b.p.
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"Clean" price indices, KZT
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KZGB_CPs with maturity of up to 1 year 1,266.32 +9.17
KZGB_CPm with maturity of 1 to 5 years 997.33 +4.07
KZGB_CPl with maturity of over 5 years 853.19 +7.46
KZGB_CPm1m with maturity of 31 days and up 963.70 +7.88
KZGB_CP without segmentation term 994.11 +8.12
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"Dirty" price indices, KZT
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KZGB_DPs with maturity of up to 1 year 1,646.91 +23.01
KZGB_DPm with maturity of 1 to 5 years 1,404.30 +16.91
KZGB_DPl with maturity of over 5 years 1,254.16 +22.18
KZGB_DPm1m with maturity of 31 days and up 1,323.93 +22.50
KZGB_DP without segmentation term 1,292.74 +21.21
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Yield indices, %
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KZGB_Ys with maturity of up to 1 year 15.75 -0.40
KZGB_Ym with maturity of 1 to 5 years 14.87 -0.20
KZGB_Yl with maturity of over 5 years 14.05 -0.15
KZGB_Ym1m with maturity of 31 days and up 14.64 -0.32
KZGB_Y without segmentation term 14.65 -0.32
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[2026-10-01]