Kazakh Microfinance Companies Raise Nearly 2 Billion Tenge via KASE Bonds

On Thursday, July 24, two microfinance companies completed bond placements on the Kazakhstan Stock Exchange. TAS Finance Group raised 916.4 million tenge through its MFTSb8 series, offering a coupon of 22% per annum with maturity in January 2029. MyCar Finance collected 1.1 billion tenge via its MFMCb3 bonds priced at a 21% annual yield, maturing in May 2028. Both issues feature quarterly coupon payments. The elevated yields reflect the current level of the National Bank of Kazakhstan's base rate as well as the higher risk profile associated with the microfinance sector. For retail investors, such instruments can be attractive in a high-rate environment, but they require careful assessment of credit risk.