Kazakhstan Issues International Bonds Worth $1.15 Billion

Strategic Insights -

On June 24, 2025, an initial offering of international bonds XS3093658014, US486661BP50, was held on the Kazakhstan Stock Exchange (KASE) by way of subscription to them. The offering was for $1.15 billion in bonds with a semi-annual coupon and a maturity date of July 1, 2037. The Ministry of Finance of the Republic of Kazakhstan issued these government securities, which were listed under the KZ_25_3707 sector. Teniz Capital Investment Banking JSC acted as the joint bookrunner during the subscription to these bonds on KASE.

Key Takeaways:

  • The Kazakhstan Stock Exchange (KASE) held an initial offering of international bonds for the Ministry of Finance of the Republic of Kazakhstan, worth $1.15 billion.
  • The bonds, listed under the KZ_25_3707 sector, had a semi-annual coupon and a maturity date of July 1, 2037.
  • Teniz Capital Investment Banking JSC served as the joint bookrunner during the subscription process on KASE.
  • The offering results showed a total volume of 35,200,000 bonds executed, with a total value of 35,200,000 USD.
  • The number of orders executed was 3, with a total of 2 participants whose orders were executed.
  • The yield of bonds to maturity for the buyer was 5.5000% APR.
  • Banks accounted for 99.4% of the total volume of executed orders, while other legal entities made up 0.6%.
  • The Central Securities Depository (Almaty) reported that the deals on this offering were executed in full, with the subscription completed by the end of settlements.

Statistics:

  • $1.15 billion: Total value of international bonds offered
  • 35,200,000: Total volume of bonds executed
  • 35,200,000 USD: Total value of executed orders
  • 3: Number of orders executed
  • 2: Number of participants whose orders were executed
  • 5.5000%: Yield of bonds to maturity for the buyer
  • 99.4%: Percentage of total volume of executed orders accounted for by banks
  • 0.6%: Percentage of total volume of executed orders accounted for by other legal entities

Sources:

  • Kazakhstan Stock Exchange Announcement of June 24, 2025
  • Central Securities Depository (Almaty) Report on Settlements