2-Year OTNR — Rates & Analysis

BAI: Kz 100,500 ▲ 5.8% | BFA: Kz 118,000 ▲ 138.4% | USD/AOA: 914.60 ▲ 0.2% | Oil (Brent): $71.30 ▲ 7.7% | Gold: $5,062 ▲ 4.2% | BT 91d Yield: 14.8% | Inflation: 14.6% YoY | BNA Rate: 17.5% | BAI: Kz 100,500 ▲ 5.8% | BFA: Kz 118,000 ▲ 138.4% | USD/AOA: 914.60 ▲ 0.2% | Oil (Brent): $71.30 ▲ 7.7% | Gold: $5,062 ▲ 4.2% | BT 91d Yield: 14.8% | Inflation: 14.6% YoY | BNA Rate: 17.5% |

The 2-year OTNR offers a nominal yield of approximately 20.0%. At current inflation of ~14.6%, real yields remain negative, though the spread has been narrowing as BNA’s monetary tightening takes effect.