NBKR Treasury Notes  

(April 2009) 

In April, NBKR reduced the volumes of 14- and 28-day NBKR notes emission, having retained the volumes of 7-day NBKR placement the same as in the previous month. Whereas, the demand for notes on the part of investors has slightly increased. The demand exceeded the supply in the segments of 14- and 28-day NBKR notes within the whole month, in the segment of 7-day NBKR notes the supply exceeded the level of demand only in the second week. This resulted in decrease of yield for all types of NBKR notes. Generally within the month, the weighted average yield for all types of NBKR notes has decreased by 1.4 p.p. and amounted to 9.9 percent. In addition, the yield of 7-day NBKR notes has decreased by 0.8 p.p. and reached 7.1 percent, the yield of 14-day NBKR notes has decreased by 1.1 p.p. and amounted to 10.3 percent, the yield of 28-day NBKR notes has decreased by 1.0 p.p. and amounted to 11.8 percent. The auctions for 91- and 182-day NBKR notes placement were not held in April.  

The average weekly volume of demand for NBKR notes has increased by 33.5 percent within the month and amounted to KGS 590.1 Million, the average weekly volume of sales has increased by 18.0 percent and amounted to KGS 340.3 Million. 

The volume of NBKR notes in circulation has amounted to KGS 873.0 Million as of the end of April, having increased by 2.6 percent within the month. The shares of commercial banks and institutional investors within the structure of NBKR notes holders have increased from 78.5 to 80.2 percent and from 3.0 to 7.0 percent respectively. The shares of resident individuals and legal entities have decreased from 0.2 to 0.1 percent and from 18.3 to 12.8 percent respectively. The number of banks holding NBKR notes has increased from 13 to 16 banks, and the bank portfolio concentration index has decreased from 0.15 to 0.10, which indicated the medium level of concentration and corresponds to the presence of ten banks with equal shares in the market.