Kazakhstan

Ministry of Finance of the Republic of Kazakhstan. Last week the Ministry of Finance of the Republic of Kazakhstan placed two issues of bonds for a total amount of KZT8bn (8 issues were placed for a total of KZT202.9bn in the previous week). It should be noted that the interest of market participants in those auctions was very limited, since the Ministry of Finance of the Republic of Kazakhstan managed to place 6-year bonds with a yield of 10.50% per annum for only T2 bn. Initially, it was planned to carry out an additional placement of those bonds in the amount of T18 bn, which in the end practically did not take place. Another 5-year bond issue with a yield of 10.50% per annum and an announced placement of KZT25bn, the Ministry of Finance managed to place no more than KZT6bn.

National Bank of the Republic of Kazakhstan. On August 2, the NBK held an auction on the placement of 28-day notes for a total amount of KZT318.6 bn and with a yield of 9.1906% (the yield on the issue of 28-day notes placed last week was 8.9977%). In addition, on August 4, the NBK held an auction on the placement of its 91-day notes for a total amount of KZT292bn with a yield of 9.3307% (the yield of a similar issue placed in mid-July was 9.1565%).

According to the results of the first week of August, the share of non-residents' holders of the NBK notes amounted to 13.34%, which is the lowest metrics since the end of April 2021 (12.89%).

The weekly net borrowing balance of the Ministry of Finance of Kazakhstan and the National Bank of Kazakhstan in the government securities market amounted to minus KZT828.8bn, while the net borrowing balance of the National Bank amounted to minus KZT793.1bn by the end of the week.

Placements by corporate issuers. On August 6, Kazakhstan Stability Fund JSC placed 1-year bonds for a total of KZT10bn with a yield of 9.84% per annum. Commercial banks accounted for 30.1% of the total placement while institutional investors - 46.9%.

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