Overview of KASE's GS Market in June 2025

/KASE, July 4, 2025/ – Kazakhstan Stock Exchange (KASE) presents a brief overview of the government securities (GS) market based on the results of June 2025. As of the end of June 2025, the Government Securities sector of KASE contained 111 issues of bonds of the Ministry of Finance of the Republic of Kazakhstan, including 99 issues of MEKAM and 12 issues of Eurobonds, one issue of notes of the National Bank of the Republic of Kazakhstan, 190 issues of bonds of local executive bodies and 66 issues of bonds of foreign states. Based on the results of June, the total volume of GS trading on KASE amounted to 766.1 billion tenge ($1.5 billion) and decreased compared to May by 1.7 % or 13.1 billion tenge. The average daily trading volume was 38.3 billion tenge (6.8 billion tenge on the secondary market), the average daily number of transactions was 20 (12 on the secondary market), the average volume of one transaction was 1.9 billion tenge (0.6 billion tenge on the secondary market). In June, 163 transactions were concluded on the primary market for a total of 630.0 billion tenge ($1.2 billion), which is 8.4 %, or 58.0 billion tenge, lower than last month: --------------------------------------------------------------------------------------------------------------- Trading Trading Demand Average Current maturity, years​ volume, volume, to supply​ weighted yield, %​ Offering date Trade code ISIN bn KZT USD mln ------------- ----------- ------------ -------- -------- ---------- ------------------ ------------------------ 03.06.2025 MUM096_0015 KZKD00001301 20.0 39.1 100.0 % 14.45 8.0 MUM180_0011 KZKD00000790 19.1 37.3 58.3 % 16.57 4.2 MUM192_0002 KZKD00000543 20.9 40.9 67.2 % 16.44 2.9 ------------- ----------- ------------ -------- -------- ---------- ------------------ ------------------------ 10.06.2025 MUM096_0012 KZKD00001160 42.9 84.3 193.2 % 16.87 4.1 MUM108_0015 KZKD00001277 10.5 20.6 20.1 % 14.30 8.7 MUM180_0005 KZKD00000493 39.9 78.4 179.9 % 16.40 1.5 ------------- ----------- ------------ -------- -------- ---------- ------------------ ------------------------ 17.06.2025 MKM012_0160 KZK100000373 11.7 22.9 83.4 % 16.32 0.6 MUM096_0011 KZKD00001095 78.4 153.1 171.3 % 16.79 3.4 MUM108_0015 KZKD00001277 2.1 4.1 83.4 % 14.30 8.7 ------------- ----------- ------------ -------- -------- ---------- ------------------ ------------------------ 20.06.2025 MOM060_0054 KZK200000737 54.3 104.5 157.1 % 16.86 2.4 MUM072_0015 KZKD00001251 29.2 56.1 144.5 % 16.85 4.7 MUX072_0003 KZKB00000040 21.2 40.7 86.2 % Inflation+ 5.8 2.50 ------------- ----------- ------------ -------- -------- ---------- ------------------ ------------------------ 24.06.2025 KSK024_211 KZMJ00002111 2.2 4.2 100 % 0.35 1.8 MUM156_0005 KZKD00000758 44.4 84.9 х3.6 16.86 1.9 TKK024_215 KZMJ00002152 2.4 4.6 100 % 0.35 1.9 ZKK024_212 KZMJ00002129 1.5 2.8 100 % 0.35 1.8 ------------- ----------- ------------ -------- -------- ---------- ------------------ ------------------------ 26.06.2025 MOM048_0053 KZK200000711 16.3 31.4 36.2 % 16.84 0.9 MTM096_0001 KZKT00000057 81.1 156.3 251.2 % 16.84 5.5 MUM096_0011 KZKD00001095 123.5 238.1 483.4 % 16.88 3.3 ------------- ----------- ------------ -------- -------- ---------- ------------------ ------------------------ 30.06.2025 AKK024_221 KZMJ00002210 1.7 3.3 100 % 0.35 2.0 ATK024_220 KZMJ00002202 2.5 4.8 100 % 0.35 2.0 DZK024_213 KZMJ00002137 3.1 5.9 100 % 0.35 1.8 JTK024_219 KZMJ00002194 1.4 2.7 100 % 0.35 2.0 ------------- ----------- ------------ -------- -------- ---------- ------------------ ------------------------ TOTAL 630.0 1,221.0 --------------------------------------------------------------------------------------------------------------- In terms of the main categories of investors in the primary market, banks accounted for 46.1 %, other institutional investors – for 42.1 %, other legal entities – for 10.8 %, broker-dealer organizations – for 1.0 %, and individuals – for less than 0.1 %. Non-resident participation is estimated at 17.0 %. In June, 241 transactions were concluded on the secondary market for a total of 136.1 billion tenge ($263.1 million), which is 49.2 %, or 44.9 billion tenge, higher than in the previous month. In terms of the main categories of investors in the secondary market, banks accounted for 46.4 %, broker-dealer organizations – for 4.0 %, other institutional investors – for 1.7 %, other legal entities – for 47.5 %, and individuals – for 0.4 %. Non-residents did not participate in trading on the secondary market of government securities in June. According to the results of June, government securities indices demonstrated the following changes: ---------------------------------------------------------------------- Change Value per month, as of 30.06.25 tenge / b.p. ------------------------------------------ -------------- ------------ Indices of "clean" prices, tenge ---------------------------------------------------------------------- KZGB_CPs with maturity of up to 1 year 1,167.54 +7.63 KZGB_CPm with maturity of 1 to 5 years 921.17 -4.35 KZGB_CPl with maturity of over 5 years 831.63 -2.09 KZGB_CPm1m with maturity of 31 days and up 910.00 -2.33 KZGB_CP without segmentation term 940.03 -2.36 ---------------------------------------------------------------------- Indices of "dirty" prices, tenge ---------------------------------------------------------------------- KZGB_DPs with maturity of up to 1 year 1,365.66 +20.28 KZGB_DPm with maturity of 1 to 5 years 1,181.50 +5.02 KZGB_DPl with maturity of over 5 years 1,076.99 +8.33 KZGB_DPm1m with maturity of 31 days and up 1,088.32 +7.58 KZGB_DP without segmentation term 1,095.12 +7.63 ------------------------------------------ --------------------------- Yield indices, % ---------------------------------------------------------------------- KZGB_Ys with maturity of up to 1 year 16.27 +9.00 KZGB_Ym with maturity of 1 to 5 years 16.62 +39.00 KZGB_Yl with maturity of over 5 years 14.51 +13.00 KZGB_Ym1m with maturity of 31 days and up 15.61 +23.00 KZGB_Y without segmentation term 15.63 +28.00 ---------------------------------------------------------------------- [2025-07-04]