Kazakhstan
Bonds of the Ministry of Finance of the Republic of Kazakhstan. Last week the Ministry of Finance of the Republic of Kazakhstan placed three bond issues for a total of KZT10bn (KZT73.3bn in the previous week). The yield on 6-year bonds remained practically unchanged and amounted to 10.45% -10.49% per annum, while 14-year bonds were placed at a rate slightly higher than 10.7% per annum. At the same time, there is a continuing decrease in demand for long tenge bonds of the Ministry of Finance of the Republic of Kazakhstan - demand did not exceed 40% of the announced volume of placement.
Notes of the National Bank. On June 14, an auction was held to place NBK notes with a circulation period of 28 days for a total amount of KZT517.3bn and with a yield of 8.994%.
At the end of last week, non-residents' ownership of NBK notes shared 16.48%, which is slightly less than the share of 16.54% at the beginning of this month.
The weekly net borrowing balance of the Ministry of Finance and the National Bank of Kazakhstan on the government securities market amounted to (- T567.2 bn).
On June 16, JSC NC KazMunayGas announced the results of the vote, according to which the holders of five Eurobond issues (maturing in 2025, 2027, 2030, 2047, 2048) approved a change to the covenants. The votes in support of the resolution on all five issues was 86.5% - 94.6%. KMG intends to pay remuneration in the amount of USD 5.22-15.51 for every USD 1000 for the consent of the holders.
On June 18, KASE held specialized trades on placement of bonds of Kazakhstan Stability Fund (KFU) JSC in the amount of KZT9.9bn with a yield to maturity of 10.05% per annum and with a circulation period of 3 years. The volume of active orders amounted to KZT18.7bn. Demand exceeded supply for this placement by 1.9 times. On the same day KFU attracted KZT9.9bn at KASE by placing bonds with a yield to maturity of 9.94% per annum and with a circulation period of 2 years. The active orders amounted to KZT35bn. Demand exceeded supply by 3.5 times. Commercial banks shared 47.1% of total active orders on the first placement while on the second -71.1%.
