Published
11/03/2026, 13:52In November, the government will once again turn to the domestic market for funds. Investors will be offered treasury bonds totaling 4.1 billion KGS with maturities ranging from two to ten years. For the budget, this is an opportunity to secure funding now by committing to payments for years to come.
The bulk of the offering—3 billion KGS—will be placed on the National Bank’s trading platform. Another 1.1 billion KGS is planned to be placed through the Kyrgyz Stock Exchange.
The allocation of securities among the platforms is determined by established procedures. Thus, on the Kyrgyz Stock Exchange, pursuant to a Cabinet of Ministers decree, only two-year bonds and 12-month treasury bills may be placed. Longer-term bonds are placed through the National Bank.
The November schedule for the Kyrgyz Stock Exchange includes two issues of two-year bonds with a 5% coupon rate. They will take place on November 13—for 300 million KGS—and on November 20—for 800 million KGS. Through the National Bank of the Kyrgyz Republic, investors will be offered five-, seven-, and ten-year securities.
Nearly half of all issuances scheduled for the month will take place on a single day. On November 20, securities totaling 2 billion KGS will be offered at auction, including 700 million KGS in seven-year bonds, 500 million KGS in ten-year bonds, and 800 million KGS in two-year bonds (on the KFB platform).
However, the total November issuance plan is larger—6.13 billion KGS. It includes the largest tranche on the schedule—3-year bonds worth 2.03 billion KGS, for which the auction took place on October 30. However, since the issuance date for these securities was set for November 2, they were included in the November government borrowing plan. The remaining amount—4.1 billion KGS—will be covered by the upcoming auctions in November itself.
The planned volumes remain preliminary. The results of the auctions will determine how much funding can be raised and what the yield will be for buyers.
