November 2025 – Kinstellar has advised the joint global coordinators, bookrunners and lead managers, Bank of China (Hong Kong), BOCI Asia, China CITIC Bank International, China International Capital Corporation Hong Kong Securities, Citigroup Global Markets, Industrial and Commercial Bank of China (Asia) and SkyBridge Invest, on Kazakhstan law matters in connection with the debut issuance by National Company "KazMunayGas" ("KMG") of CNY 1.25 billion five-year senior unsecured Dim Sum bonds with a coupon rate of 2.95% and a yield of 3.15%, under its newly established CNY 10 billion Medium Term Note Programme.
The issuance, rated Baa1 by Moody's, marks KMG's
first-ever entry into the Chinese yuan bond market and represents
the company's lowest yield achieved in the Eurobond market to
date. The bonds are listed on both the Hong Kong Stock Exchange and
the Astana International Exchange (AIX), significantly expanding
KMG's investor reach and reinforcing its access to Asian
capital markets.
Sidley Austin advised the joint global coordinators, bookrunners
and lead managers on UK and US law matters, while Kinstellar
handled the Kazakhstan law aspects of the transaction.
The Kinstellar team was led by Counsel Pavel Kornilov and Managing Partner Joel Benjamin, with support from Junior Associates Kamila Serik and Akezhan Mukhambetzhanov.
The issuance marks an important step in KMG's strategy to diversify funding sources and build new connections with investors in Asia, setting a strong precedent for future market activity by Kazakhstan issuers.