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Fixed Income Weekly: August 23 - August 29, 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 three issues of bonds for a total of KZT17.0 bn (the previous week - 2 issues were placed for a total of KZT28.6 bn). Both 8-year and 12-year bonds were in practically the same demand, the yield on which increased by 2 and 3 bps. respectively. The least demand was for 15-year bonds, however the yield increased by 3 bps. It is noteworthy that during this placement, the purchase order was received only from one participant of the auction.

In 1H2021, the Ministry of Finance of the Republic of Kazakhstan placed government securities for the total amount of KZT1.380.5 bn (+0.3% yoy). At the same time, 82.9% of the amount of placement were domestic placements in national currency, and 17.9% were external placements of government securities denominated in Russian rubles.

Notes of the National Bank of the Republic of Kazakhstan. On August 23, an auction was held on the placement of 28 days notes for a total amount of KZT156.4bn with a yield of 9.2382% (in the previous week the volume of placements was more than 2 times higher with a comparable yield).

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 T229.8bn (minus T590.6bn in the previous week), while the net borrowing balance of the National Bank stroke at the end of the week at minus T181.9bn (minus KZT434.3 bn in the previous week).

Placements by corporate issuers. On August 27, VTB Bank JSC (Kazakhstan) placed 3-year bonds for a total of KZT9.5 bn with a yield of 11.1% per annum (the yield on the previous similar placement, held last week, was 6 bps lower). Institutional investors who purchased the bonds accounted for 31.6% while other legal entities - 63.1%.

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