Investor Presentation on Kazakhstan's Economic Reforms
Developing Domestic Debt Markets
Deepening domestic capital markets provide government with a borrowing pool to diversify its funding base.
• Kazakhstan's domestic capital markets have been developing steadily over
the past few years, with a 20+ CAGR in trading volumes of Government
securities over the past 5 years
• The government and NBK has enacted several reforms to improve and
develop domestic markets, including:
• Effective government bonds yield curve supported by regular benchmark
issues
Government Issued Debt Securities
(US$ bn)
16.9
18.5
15.7
16.7
12.8
。 Buy-back of illiquid governments bonds and issuance of benchmark size
bonds with the outstanding amount of over US$1 billion equivalent.
12.8
9.6
7.6
9.2
9.0
7.6
o Implementation of DVP through Clearstream
。 Law amendments to introduce multilateral netting in settlement process
1.0
2015
2016
2017
NBK Notes
2018
■Government Bonds
2019
1Q 2020
Distribution of Government bonds by holders
(% of Total, September 2020)
Other Securities
Market Entities
19%
Pension Fund
53%
Banks
28%
Source: Ministry of Finance, National Bank of Kazakhstan, Stock Exchange
17
Distribution of Government bonds by maturity
(% of Total, 2019)
<1 Year
4%
1-3 Years
19%
>10 Years
39%
3-5 Years
15%
5-10 Years
23%View entire presentation