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Fixed Income Weekly: August 16 - August 22, 2021

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Kazakhstan

Bonds of the 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 of KZT28.6bn (the previous week – also 2 issues for a total of KZT33.3bn). Both 5-year and longer-term bonds were in almost the same demand. The yield on both placements did not change.

Notes of the National Bank of the Republic of Kazakhstan. On August 16, an auction was held on the placement of NBK notes with a maturity of 28 days for a total amount of KZT367.6bn with a yield of 9.2343% (9.225% in the previous week). On August 18, another auction was held on the placement of NBK notes with a maturity of 182 days for the amount of KZT100bn and a yield of 9.4427% (the yield of a similar issue placed in the end of July was 9.1179%).

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 -KZT590.6 bn, while the net borrowing balance of the National Bank was formed at the end of the week at -KZT434.3 bn.

Placements by corporate issuers. On August 18, the Moody’s rating agency upgraded its long-term rating for Development Bank of Kazakhstan JSC to the level of "Baa2", the rating outlook was changed from "Positive" to "Stable".

On August 20, Kazakhstan Stability Fund JSC placed 1-year bonds in the volume of T4.5 bn with a yield of 9.85% per annum (which corresponds to the yield of bonds with a similar maturity, placed on August 13). The share of institutional investors in the total volume of applications was 43.6%, while the share of other legal entities was 56.4%.

On August 20, VTB Bank JSC (Kazakhstan) placed 3-year bonds in the volume of KZT2.5 bn with a yield of 11.04% per annum. In the total volume of placement, institutional investors accounted for 60.1%, and other legal entities – for 39.9%.

On the same day, placement of 7-year bonds of KazAgroFinance JSC in the volume of KZT40 bn took place with a yield of 11.90% per annum. The share of broker-dealer organizations that redeemed the company's bonds amounted to 30%, while other legal entities accounted for 41.6%.

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