Kazakhstan's Finance Ministry re-runs auction for TONIA-linked treasury notes

The Kazakhstan Stock Exchange held a repeat specialized auction to place government treasury notes (METISKAM) issued by the Ministry of Finance, with yields indexed to the compounded TONIA rate — a key benchmark for overnight money market rates in Kazakhstan. The notes have a maturity of roughly 6.7 years, making them suited to investors with a medium- to long-term horizon seeking protection against interest rate swings. Because the yield tracks TONIA, returns will move with the real cost of money in the economy, reducing interest rate risk compared with fixed-coupon bonds. For institutional investors and some retail participants, these instruments remain a convenient tool for managing interest rate exposure within a Kazakhstan sovereign debt portfolio.