November 2025 – Kinstellar has advised Citigroup Global Markets, J.P. Morgan Securities, and Standard Chartered Bank (Joint Lead Managers), alongside Halyk Finance and Teniz Capital Investment Banking (Kazakhstan Lead Managers), on the successful issuance of USD 1.5 billion sovereign Eurobonds by the Ministry of Finance of the Republic of Kazakhstan. The bonds, with a 4.412% coupon rate and maturing in 2030, were issued under Kazakhstan’s USD 15 billion Global Medium Term Note Programme.
The issuance was highly successful, with the orderbook significantly oversubscribed, reflecting significant demand from global investors. The final yield of 4.412% is the lowest ever achieved by Kazakhstan in its sovereign Eurobond market, demonstrating strong investor confidence. The transaction attracted a broad range of institutional investors, with notable participation from Asia and the Middle East, including new investors who had not previously been involved in Kazakhstan’s sovereign debt issuances.
This achievement highlights Kazakhstan’s successful fiscal reforms and positive investor perception, further strengthening the country’s presence in international capital markets. The bonds are listed on the London Stock Exchange, Astana International Exchange and the Kazakhstan Stock Exchange.
The team was led by Counsel Pavel Kornilov and Managing Partner Joel Benjamin, with support from Associate Balzhan Sultanova, Junior Associates Kamila Serik and Akezhan Mukhambetzhanov.