ASTANA, Kazakhstan, May 5.The National Bank (NBK), the Agency for Regulation and Development of Financial Market , the Ministry of Finance of Kazakhstan, the Astana International Financial Centre (AIFC), and the Asian Development Bank (ADB) have prepared the Bond Market Guide for Kazakhstan, Trend reports via the NBK.
This is the first document of its kind in the country’s history. The guide was developed within the framework of the ASEAN+3 Bond Market Guide initiative, a series of publications by the ASEAN+3 Bond Market Forum (ABMF), whose secretariat functions are supported by ADB. Kazakhstan joined the forum as an official observer in 2025.
The document covers all key aspects of the country’s bond market, including the historical development of the market and its main milestones, the legal and regulatory framework (securities legislation, listing requirements, disclosure rules, and access for non-residents), as well as the main types of debt instruments such as government and corporate bonds, money market instruments, and Islamic securities (sukuk).
It also reviews market infrastructure for trading, clearing, and settlement on Kazakhstan Stock Exchange (KASE) and Astana International Exchange (AIX), including the specific legal framework of the AIFC jurisdiction, taxation rules, participation costs, and conditions for foreign investors. In addition, the guide outlines current challenges, development prospects, and key priorities for further market growth.
The ASEAN+3 Bond Market Forum was established in 2010 under the Asian Bond Markets Initiative (ABMI). It serves as a leading regional platform for information exchange, policy recommendations, and promoting bond market integration across the ASEAN+3 region. The ABMF secretariat is hosted by ADB.