Kazakhstan Stock Exchange Holds Special Trading Sessions for Government Treasury Bonds

Strategic Insights -

Kazakhstan Stock Exchange (KASE) held two special trading sessions on September 16, 2025, for the offering and additional offering of government long-term treasury bonds of the Ministry of Finance of the Republic of Kazakhstan. The bonds, known as MEUKAM, were offered with a maturity of 6.9 years and a total volume of 30,000 million KZT. The special trading sessions aimed to place the bonds with investors.

Key Takeaways:

  • The first special trading session was held from 09:00 to 12:00 Astana time, with a declared offering volume of 20,000 million KZT.
  • The second special trading session was held from 15:30 to 16:00 Astana time, with a declared additional offering volume of 10,000 million KZT.
  • The bonds were offered at a "clean" price, with a market order execution ratio of 0-100% depending on market demand.
  • The total volume of active orders for the main offering was 3,840.8 million KZT, while the total volume of active orders for the additional offering was 8,065.6 million KZT.
  • The "clean" price in orders executed was 75.2770% of face value, with a yield of 17.0000% APR.
  • The bonds were subscribed by 1 participant each in the main and additional offerings, with 32.3% of the total volume purchased by banks and 67.7% by other institutional investors.
  • The total volume of MEUKAM placed was 532,797,024 bonds with a par value of 532,797,024,000 tenge.

Statistics:

  • Declared offering volume: 20,000 million KZT
  • Declared additional offering volume: 10,000 million KZT
  • Total bonds placed: 532,797,024
  • Par value of total bonds placed: 532,797,024,000 tenge
  • "Clean" price in orders executed: 75.2770% of face value
  • Yield: 17.0000% APR

Sources:

  • Kazakhstan Stock Exchange announcement of September 16, 2025.