Overview of KASE's GS Market in August 2025

/KASE, September 8, 2025/ – Kazakhstan Stock Exchange (KASE) presents a brief overview of the government securities (GS) market based on the results of August 2025. As of the end of August 2025, the Government Securities sector of KASE contains 110 issues of bonds of the Ministry of Finance of the Republic of Kazakhstan, including 97 issues of MEKAM and 13 issues of Eurobonds, one issue of notes of the National Bank of the Republic of Kazakhstan, 226 issues of bonds of local executive bodies and 63 issues of bonds of foreign states. According to the results of August, the total volume of government securities trading on KASE amounted to 791.2 bn tenge ($1.5 bn) and decreased by 7.5 %, or 63.7 bn tenge, compared to July. The average daily trading volume amounted to 37.7 bn tenge (on the secondary market – 5.7 bn tenge), the average daily number of transactions – 18 (on the secondary market – 10), the average volume of one transaction – 2.1 bn tenge (on the secondary market – 0.6 bn tenge). In August, 183 transactions were concluded on the primary market for a total of 671.7 bn tenge ($1.2 bn), which is 8.2 %, or 59.8 bn tenge, lower than last month: -------------------------------------------------------------------------------------------------------------------- Trading Trading Average Term to volume, volume, weighted yield, % maturity, years Issue date Trade code ISIN bn KZT mln USD Bid to ask ---------- --------------- ------------ -------------- -------- ---------- ----------------- ----------------------- 05.08.2025 MKM012_0161 KZK100000423 38.9 71.8 x4.4 16.85 0.8 MOM048_0056 KZK200000760 63.4 117.0 172.3 % 16.88 4.0 MUM084_0020 KZKD00001285 38.3 70.6 118.9 % 16.92 6.6 ---------- --------------- ------------ -------------- -------- ---------- ----------------- ----------------------- 12.08.2025 MOM048_0056 KZK200000760 53.3 98.3 х2.2 17.00 4.0 MUM096_0015 KZKD00001301 49.3 90.8 137.0 % 16.97 7.8 ---------- --------------- ------------ -------------- -------- ---------- ----------------- ----------------------- 19.08.2025 MUM180_0004 KZKD00000444 64.8 120.0 х2.2 16.87 1.0 MUM180_0011 KZKD00000790 84.6 156.8 х2.9 16.98 4.0 MUM300_0002 KZKD00000774 34.0 63.0 х2.5 16.75 13.9 ---------- --------------- ------------ -------------- -------- ---------- ----------------- ----------------------- 20.08.2025 AIK024_214 KZMJ00002145 1.2 2.3 100.0 % 0.35 1.8 DZK024_213 KZMJ00002137 1.0 1.9 100.0 % 0.35 1.7 KGK024_241 KZMJ00002418 1.8 3.3 100.0 % 0.35 2.0 ---------- --------------- ------------ -------------- -------- ---------- ----------------- ----------------------- 26.08.2025 MOM048_0056 KZK200000760 21.5 40.0 147.9 % 16.99 3.9 MUM084_0020 KZKD00001285 65.5 122.2 115.1 % 16.99 6.5 MUM108_0015 KZKD00001277 77.0 143.7 x2.2 16.95 8.5 ---------- --------------- ------------ -------------- -------- ---------- ----------------- ----------------------- 29.08.2025 AIK120_238 KZMJ00002384 16.1 30.0 100.0 % 18.90 10.0 AIK120_252 KZMJ00002525 0.3 0.6 100.0 % 18.90 10.0 AKK120_245 KZMJ00002459 5.1 9.6 100.0 % 18.90 10.0 ATK120_248 KZMJ00002483 8.8 16.3 100.0 % 18.90 10.0 ATK120_249 KZMJ00002491 0.2 0.3 100.0 % 18.90 10.0 DZK120_246 KZMJ00002467 4.0 7.5 100.0 % 18.90 10.0 KGK120_243 KZMJ00002434 8.4 15.6 100.0 % 18.90 10.0 KOK120_239 KZMJ00002392 9.0 16.7 100.0 % 18.90 10.0 KOK120_256 KZMJ00002566 2.0 3.7 100.0 % 18.90 10.0 KSK120_247 KZMJ00002475 3.3 6.1 100.0 % 18.90 10.0 MGK120_257 KZMJ00002574 1.1 2.1 100.0 % 18.90 10.0 SKK120_250 KZMJ00002509 0.7 1.2 100.0 % 18.90 10.0 UTK120_253 KZMJ00002533 0.3 0.5 100.0 % 18.90 10.0 VKK120_254 KZMJ00002541 10.0 18.5 100.0 % 18.90 10.0 VKK120_255 KZMJ00002558 1.4 2.6 100.0 % 18.90 10.0 ZKK120_251 KZMJ00002517 6.4 11.9 100.0 % 18.90 10.0 ---------- --------------- ------------ -------------- -------- ---------- ----------------- ----------------------- TOTAL 671.7 1,244,9 -------------------------------------------------------------------------------------------------------------------- In terms of the main categories of investors in the primary market, banks accounted for 28.9 %, broker-dealer organizations – for 1.5 %, other institutional investors – for 38.0 %, other legal entities – for 31.6 %, and individuals – for less than 0.1 %. The share of non-residents in trading on the primary government securities market was 13.6 %. In August, 201 transactions were concluded on the secondary market for a total of 119.6 bn tenge ($221.8 mln), which is 3.1 %, or 3.9 bn tenge, lower than last month. In terms of the main categories of investors on the secondary market, banks accounted for 20.7 %, broker-dealer organizations – for 6.4 %, other institutional investors – for 14.9 %, other legal entities – for 56.4 %, individuals – for 1.6 %. The share of non-residents in trading on the secondary government securities market in August was 16.9 %. Based on the results of August, the indices of government securities demonstrated the following changes: ---------------------------------------------------------------------- Change Value per month, as of 30.07.25 tenge / b.p. ------------------------------------------ -------------- ------------ Indices of "clean" prices, tenge ---------------------------------------------------------------------- KZGB_CPs with maturity of up to 1 year 1,178.82 +2.36 KZGB_CPm with maturity of 1 to 5 years 913.15 -3.47 KZGB_CPl with maturity of over 5 years 744.54 -13.83 KZGB_CPm1m with maturity of 31 days and up 862.51 -8.02 KZGB_CP without segmentation term 887.91 -9.02 ---------------------------------------------------------------------- Indices of "dirty" prices, tenge ---------------------------------------------------------------------- KZGB_DPs with maturity of up to 1 year 1,402.42 +14.39 KZGB_DPm with maturity of 1 to 5 years 1,192.52 +6.05 KZGB_DPl with maturity of over 5 years 981.53 -9.52 KZGB_DPm1m with maturity of 31 days and up 1,054.28 +0.74 KZGB_DP without segmentation term 1,052.93 -1.43 ------------------------------------------ -------------- ------------ Yield indices, % ---------------------------------------------------------------------- KZGB_Ys with maturity of up to 1 year 16.73 +40.00 KZGB_Ym with maturity of 1 to 5 years 17.10 +36.00 KZGB_Yl with maturity of over 5 years 16.74 +41.00 KZGB_Ym1m with maturity of 31 days and up 16.94 +38.00 KZGB_Y without segmentation term 16.93 +37.00 ---------------------------------------------------------------------- [2025-09-08]