哈萨克斯坦债券市场指南（英）

MAY2026 BOND MARKETGUIDEFORKAZAKHSTAN MAY2026 Creative Commons Attribution3.0IGO license (CC BY3.0IGO) ©2026Asian Development Bank6ADB Avenue, Mandaluyong City,1550Metro Manila, PhilippinesTel+63286324444; Fax+63286362444www.adb.org Some rights reserved.Published in2026. ISBN978-92-9277-761-6(print),978-92-9277-762-3(PDF),978-92-9277-763-0(ebook)Publication Stock No.TCS260136-2DOI:http://dx.doi.org/10.22617/TCS260136-2 The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies ofthe AsianDevelopment Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommendedby ADB inpreference to others of a similar nature that are not mentioned. By making any designation of or reference to a particular territory or geographic area inthis document, ADB does not intend to make anyjudgments as to the legal or other status of any territory or area. Thispublicationis available under the Creative Commons Attribution3.0IGO license (CC BY3.0IGO)https://creativecommons.org/licenses/by/3.0/igo/.By using the content of this publication, you agree to be bound bytheterms of this license.For attribution, translations, adaptations, and permissions, please read the provisions andterms of use athttps://www.adb.org/terms-use#openaccess. This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed toanother source, pleasecontact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable forany claims that arise as aresult of your use of the material. Please contactpubsmarketing@adb.orgif you have questions or comments with respect to content, or if you wish toobtain copyrightpermission for your intended use that does not fall within these terms, or for permission to use theADB logo. Corrigenda to ADB publications may be found athttp://www.adb.org/publications/corrigenda. Notes:In thispublication, international standards for naming conventions—International Organization for Standardization (ISO)3166for economy codes and ISO4217for currency codes—are used to reflect the discussions of the ASEAN+3Bond Market Forum to promote and supportimplementation of international standards in financial transactions in the region. ASEAN+3comprises the Association of Southeast AsianNations (ASEAN) plus the People’s Republic of China, Japan, and the Republic of Korea. The currencies as defined in ISO4217include theeuro (EUR), Kazakhstan tenge(KZT), and United States dollar(USD). Tablesand FiguresForewordAcknowledgmentsAbbreviations I.Overview1 A.Introduction B.Historical DevelopmentC.Current Bond Market Overview 125 II.Legal and Regulatory FrameworkA.Legal Tradition 1111 B.English Translation11C.Legislative Structure12D.Kazakhstan Capital Market Regulatory Structure14E.Regulatory Framework for Debt Securities16F.Debt SecuritiesIssuance Regulatory Processes18G.Ongoing Disclosure Requirements in the Kazakhstan Bond Market27H.Self-Regulatory Organizations intheKazakhstanBond Market29I.Exchange RulesRelated to Listing, Disclosure, Trading,30and Clearing of BondsJ.Market Entry Requirements (Nonresidents)32K.Market Exit Requirements (Nonresidents)33L.Rules and Restrictions for Nonresidents34M.Regulations on Credit Rating Agencies37N.Provisions on Securities Pricing Agencies38 III.Characteristics of the Kazakhstan Bond MarketA.Definition of Securities 39B.Types of Bonds and Notes40C.Money Market Instruments48D.Market Segmentation51E.Methods of Issuing Bonds and Notes (Primary Market)53F.Governing Law and Jurisdiction (Issuance of Bonds and Notes)54G.Languages of Documentation and Disclosure55H.Accounting Standards Applied in Kazakhstan56I.Registration of Debt Securities56J.Listing of Debt Securities57K.Methods of Trading Bonds and Notes (Secondary Market)64L.Bond and Note Pricing Mechanisms65M.Market Participants65N.Definition of Professional and Qualified Investors in Kazakhstan67O.Requirements for Credit Ratings68P.Financial Guarantee Institutions70 Q.Investor Protection71R.Bondholders’ Representative73S.Bankruptcy and Insolvency Provisions74T.Default and Cross-Default75 IV.Bond and Note Transactions and Trading Market InfrastructureA.Trading of Bonds and Notes 76B.Trading Platforms78C.Mandatory Trade Reporting80D.Information on Debt Securities81E.Yield, Yield Curves, and Bond Indices88F.Repo Marlet91G.Securities Lending and Borrowing93H.Futures on Government Bonds, Interest Rates, and93Fixed-Income InstrumentsI.Key Benchmarks or Reference Rates93 V.Description of the Securities Settlement System96A.Settlement of Exchange Market Transactions97 B.Settlement of Over-the-Counter Market Transactions100C.Cross-Border Set