Kazakhstan quasi-state sector shifts to foreign-currency bonds, volume set to exceed 8 trillion tenge in 2026

August 28, 2026 at 08:30 AM2 min

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Kazakhstan's quasi-state sector is on track to place a record 8 trillion tenge in bonds on local exchanges in 2026, with 60% of placements denominated in foreign currency. The shift reflects a structural move toward dollar and yuan funding by state-controlled companies, according to Kursiv Research.

Key Facts

Quasi-state bond placements on KASE and AIX will exceed 8 trillion tenge in 2026, a record, according to Kursiv Research.
Foreign-currency bonds account for 60% of quasi-state placements in 2026, with 43% in US dollars and 17% in Chinese yuan.
Total quasi-state placements rose 2.8 times from 2020 to 2025, reaching 7.4 trillion tenge.
In 2024, placements jumped fivefold, driven by Samruk-Kazyna and Baiterek, which placed 3.3 trillion and 3.4 trillion tenge respectively.
In the first eight months of 2026, Samruk-Kazyna placed 4.0 trillion tenge versus Baiterek's 3.4 trillion tenge.

Record Placement Volume

By incomplete August 2026, quasi-state bond placements on KASE and AIX reached 7.6 trillion tenge, already surpassing the full-year 2025 total of 7.4 trillion tenge. Kursiv Research projects the 2026 total will exceed 8 trillion tenge, a record for the sector. The growth is not solely due to inflation; state-controlled companies have increasingly used local exchanges for funding over the past three years. From 2020 to 2025, total placements by quasi-state issuers grew 2.8 times to 7.4 trillion tenge, with foreign-currency amounts converted at the exchange rate of the placement month and duplicate placements excluded.

Currency Shift

In 2026, foreign-currency bonds dominate quasi-state placements for the first time, reaching 60% of total volume. US dollar-denominated bonds account for 43% of placements, while Chinese yuan bonds account for 17%. The first significant foreign-currency placements occurred in 2021, when 33% of issuance volume was in dollars and rubles. In 2024, foreign-currency debt was 28% of placements (dollars only), rising to 46% in 2025 (dollars and yuan). Kursiv Research attributes the currency shift to objective factors, though the article does not detail them.

Issuer Dynamics

Samruk-Kazyna and its portfolio companies increased bond offerings from 0.6 trillion tenge in 2023 to 3.3 trillion tenge in 2024. Baiterek National Managing Holding and its development institutions raised placements from 0.4 trillion tenge to 3.4 trillion tenge over the same period. In 2025, Samruk-Kazyna slowed while Baiterek continued to increase, reaching 5.3 trillion tenge in total placements. In the first eight months of 2026, Samruk-Kazyna leads with 4.0 trillion tenge compared to Baiterek's 3.4 trillion tenge.