Samruk-Kazyna launches trading of new 111 billion tenge bonds on KASE

Trading of two new bond issues by Kazakhstan's National Welfare Fund Samruk-Kazyna — SKKZb34 and SKKZb35 — began on the Kazakhstan Stock Exchange on August 14. Each issue is denominated in tenge with a volume of 55.5 billion, a 15-year maturity, and a semi-annual coupon calculated using the TONIA Compounded index plus a 1% annual premium. The floating rate shields bondholders from sharp swings in the central bank's base rate, making the notes attractive to conservative investors seeking inflation protection. A placement of this scale by a quasi-sovereign issuer typically sets a benchmark yield for other corporate debt issues in the local market. For retail investors, these bonds could serve as an alternative to bank deposits, offering potentially higher returns backed by a state holding's reliability.