July 2025 – Kinstellar advised the Ministry of Finance of the Republic of Kazakhstan on the successful placement of USD 2.5 billion in sovereign U.S. dollar-denominated Eurobonds. The issuance consisted of two tranches: a 7-year USD 1.35 billion bond with a 5.0% coupon and a 12-year USD 1.15 billion bond with a 5.5% coupon.
This transaction marked a significant achievement, with Kazakhstan securing one of the lowest yield levels among A/BBB-rated sovereigns this year. The strong investor demand reflects the country's solid macroeconomic fundamentals, including stable economic growth, low government debt, and robust external reserves.
The Eurobonds are listed on the London Stock Exchange, the Astana International Exchange, and the Kazakhstan Stock Exchange. The proceeds were used to refinance earlier Eurobond issues that were fully redeemed. The placement also serves as a benchmark for future issuances by quasi-sovereign and corporate entities from Kazakhstan.
This transaction highlights our growing track record in advising on complex, high-profile matters. The team was led by Pavel Kornilov (Counsel), with the support of Joel Benjamin (Managing Partner), Kamila Serik (Associate) and Akezhan Mukhambetzhanov (Associate).
We appreciate the opportunity to contribute to such a milestone deal and thank the Ministry of Finance for their confidence in our team.