On April 10, the auction on placement of 12-month state treasury bills was held on the floor of the Kyrgyz Stock Exchange. The weighted average yield of the issue amounted to 10.68% per annum - below not only the March level (10.7%), but also significantly lower than last year's figures.

With the announced volume of supply of 150 million KGS, the demand turned out to be more modest - 110.8 million KGS, but all submitted applications were satisfied in full.

The study of the supply of government bills on the KASE floor shows that the yield on such securities continues to systematically decline. Since the beginning of the year it has fallen by 0.32 percentage points (by almost 4%), and over the year - from 15% to 10.68%, i.e. by almost a third (by 4.32 p.p. or 28.8%).

Despite this, investor interest has increased markedly. For comparison, in April 2024, the demand for promissory notes with a yield of 15% was 1.6 times lower than at the current auction.

We would like to add that today, on April 11, KASE will hold another auction - on placement of two-year government bonds in the amount of KGS 350 million. Following the results of the previous placement of similar securities on February 14, the weighted average yield was 13.1% with a coupon rate of 5%.