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Fixed Income Weekly: September 13 - September 19, 2021

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Kazakhstan

In August the government securities of the Ministry of Finance of the Republic of Kazakhstan denominated in tenge all found in circulation decreased by 0.4% mom to KZT10 169 bn (+7.3% YTD, +15.8% yoy). Long-term bonds with a fixed interest rate share 82.4% whereas with a floating rate of 11.8% of the setup in circulation. The share of medium-term securities and short-term securities is 4.3% and 1.4%, respectively. The effective yield on medium-term securities in August increased by 6 bps mom and amounted to 9.13% (+19 bps YTD). The effective yield on short-term securities remained unchanged over the month and amounted to 9.29% (-1.43 p.p. YTD), on medium-term securities the yield was 9.79% (+19bps mom; +19 bps mom; +19 bps since the beginning of the year).

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 4 to 8 years for a total of KZT22.8 bn (3 bond issues for a total of KZT43.8 bn in the previous week). The yield on all three bond issues evidenced positive dynamics, having increased by 13 bps on 4-year bonds, and by 9 bps on 6-year bonds. The yield on the smallest issue in terms of placement - 8-year bonds - increased by 8 bps.

Notes of the National Bank of the Republic of Kazakhstan. On September 13, an auction was held on the placement of 28-day notes for a total amount of KZT408.3 bn with a yield of 9.2356% (the yield of similar bonds issued the previous week amounted to 9.233%, the placement amounted to KZT489.7 bn).

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 KZT384.5 bn (last week the weekly net borrowing balance was minus KZT1 113.8 bn). The weekly net borrowing balance of the National Bank of the Republic of Kazakhstan amounted to minus KZT370.2bn (the weekly net borrowing balance last week was plus KZT185.8m).

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