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Fixed Income Weekly: September 06 - September 12, 2021

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Kazakhstan
As we had expected, the National Bank of the Republic of Kazakhstan at today's meeting (Monday, 13th) of the monetary policy committee decided to hike the base rate by 25 bps up to 9.50% per annum, while maintaining the interest rate band for liquidity management at the level of +/– 1.0%.

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 with maturities from 5 to 9.5 years for a total of KZT43.8bn (last week, one bond issue was placed for a total of KZT7.1bn). The yield on bond issues showed multidirectional dynamics. The yield on the 4-year bonds increased by 7 bps, while the yield on the other two issues decreased by 3 bps.

Notes of the National Bank of the Republic of Kazakhstan. On September 8, an auction was held on the placement of 91-day notes for a total amount of KZT280.7 bn with a yield of 9.353% (the yield of similar bonds issued a month earlier amounted to 9.3307%, while the placement amounted to KZT292.0 bn). In addition, on August 6, an auction was held on the placement of 28-day notes with a maturity of for a total amount of KZT489.7bn with a yield of 9.233% (the yield of similar bonds issued the previous week amounted to 9.2369%, while the placement was half the current one).

The weekly net borrowing balance of the Ministry of Finance of the Republic of Kazakhstan and the National Bank of the Republic of Kazakhstan in the government securities market amounted to minus KZT1 113.8 bn (minus KZT367.4 bn in the previous week). The weekly net borrowing balance of the Ministry of Finance of the Republic of Kazakhstan in the domestic market amounted to +KZT185.8 mn (minus KZT46.6 bn).

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