AIX presents its results for 1Q2025
Astana International Exchange (“AIX” or “the Exchange”) is proud to present its 1Q2025 performance, marked by successful issuances of corporate Eurobonds, the launch of groundbreaking products, and the introduction of new business partners.
Assel Mukazhanova, AIX CEO, said:
“We began 2025 with ambitious goals for ourselves and the broader market. In the first quarter alone, we saw encouraging developments in the fixed income/debt capital market and introduced two new instruments – one in collaboration with the National Bank of Kazakhstan and another one focused on environmental impact. And this is just a beginning – more projects and products are on the way”
AIX results as of 31 March 2025:
- Securities listings: 277 securities listed by 156 issuers overall. For 1Q2025 – 42 listings were done by 34 issuers.
- Capital raised: (Debt + Equity): $7.2 bn since inception; $0.2 bn for Q12025.
- Trading turnover: $188m.
- Market participants: 55 trading members, including brokers from Kazakhstan, China, Europe and Middle East – 2 new brokers were onboarded in Q12025. Ten global custodians maintain sub-accounts at the AIX Central Securities Depository (AIX CSD).
- Investor accounts: Over 2 million retail investors’ accounts with AIX CSD.
AIX listings in 1Q2025
A total of 42 listings were recorded in 1Q2025, with debt placements and structured funds continuing to drive capital market activity.
- Corporate Eurobonds: ForteBank and Kaspi.kz placed five-year Eurobonds, marking the return of Kazakh second-tier banks to the international debt market after a 12-year pause. ForteBank raised $400 million on the Vienna and Astana exchanges at a coupon rate of 7.75%, while Kaspi.kz secured $650 mln through listings on the LSE and the AIX at a coupon rate of 6.25%.
- Funds and Structured Products: ETFs and structured products continue their expansion, offering investors a variety of new instruments. Thus, the first Shariah-compliant index fund in Central Asia and the Caucasus, ITS Shariah, was launched by ITS in January 2025. ETNs of Global VC SPC, notes issued by Ultima Global Markets, and Sub-Fund “D” of the Fonte EMU Fund OEIC contributed to the diversification of listed securities at AIX.
New products and services
- Launch of the National Bank’s Gold Coin in Tabys App: For the first time in Kazakhstan, local investors have the opportunity to purchase the National Bank’s gold coins in fractional units. Through a collaboration between the National Bank and AIX, Tabys App clients were introduced to a convenient and innovative way to invest in gold. One Gold Coin equals 1/20 troy ounce of gold with its value tied to the London Bullion Market Association (LBMA) price and the tenge-to-dollar exchange rate on the day prior to the transaction. Once twenty units of Gold Coin are accumulated, they can be exchanged for a physical ÚKI gold investment coin at the National Bank branches. The trading value of Gold Coins in Tabys App exceeded 100 mln Tenge within the first couple of weeks.
- Renewable energy certificates trading launch: AIX has launched trading of International Renewable Energy Certificates (I-REC), marking a new milestone in Kazakhstan’s sustainable finance ecosystem. The first transaction involved the purchase of 1,000 I-REC certificates by London-based trading firm Valor Carbon from Kazakhstan’s renewable energy producer Samruk-Green Energy. I-REC is one of the global leaders in the voluntary renewable energy certificate market, operating in over 50 countries. These certificates verify that electricity was generated from renewable sources. With this launch, AIX becomes the ninth platform globally to receive official accreditation to enable I-REC trading.
AIXQI Index
The AIXQI index reached an all-time high of 1,561.43 on 14 March 2025. As of 31 March, the index has 13 constituents.
New partnerships
Teniz Capital Brokerage partners with Tabys App: The Tabys mobile investment app, developed and launched by AIX in 2020 as a social initiative to promote financial literacy, has entered a new phase of development. To broaden users’ access to a wider array of investment products, Teniz Capital Brokerage has joined as a private partner. Project oversight remains with the Astana International Financial Centre, and, as before, client accounts are held at the AIX Central Securities Depository (AIX CSD).
Reference:
AIX was formed in 2017 within the Astana International Financial Centre development framework. AIX shareholders are AIFC, the Shanghai stock exchange, the Silk Road Fund, and NASDAQ, which also provides the AIX trading platform. The exchange operates within a regulatory environment based on the principles of English Law, thus providing a reliable investment environment. The mission of AIX is to develop an active capital market in Kazakhstan and the region by providing clear and favorable conditions for attracting financing to private and public businesses. AIX develops special segments for mining companies as well as infrastructure projects under the Belt and Road initiative. www.aix.kz
The Astana International Financial Centre (AIFC) is an independent jurisdiction that started (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. https://aifc.kz/
