May 2025 – Kinstellar has successfully advised "Baiterek" National Managing Holding in connection with its debut issuance of senior unsecured Eurobonds in an amount of up to USD 500,000,000, under Regulation S / Rule 144A. The bonds are listed on the London Stock Exchange's International Securities Market (ISM), the Vienna MTF of Wiener Börse, and the Kazakhstan Stock Exchange.
Baiterek is Kazakhstan's primary state-owned development institution, tasked with implementing government economic policy and supporting sustainable development through the financing of key sectors of the Kazakhstan economy.
This landmark transaction represents a significant step in Baiterek's access to international capital markets, further diversifies its funding base, and reinforces investor confidence in Kazakhstan's economic stability.
The Kinstellar team was led by Counsel Pavel Kornilov, supported by Managing Partner Joel Benjamin, Of Counsel Kairat Baizakov, Senior Associate Aigerim Raikhanova, Associate Kamila Serik and Junior Associate Akezhan Mukhambetzhanov, drawing on the firm's strong cross-border capital markets expertise.