May 2026 – Kinstellar has advised Citigroup Global Markets, J.P. Morgan Securities, Oman Investment Bank, Société Générale, Abu Dhabi Commercial Bank, Deutsche Bank and Standard Chartered Bank (the "Managers") in connection with the issuance by Joint Stock Company "National Company "Kazakhstan Temir Zholy" ("KTZ") of USD 500 million 4.875% notes due 2031 and USD 500 million 5.250% notes due 2036.
The notes were issued under KTZ's USD 3 billion Global Medium Term Note (GMTN) Programme and are guaranteed by Joint Stock Company "Kaztemirtrans" and "KTZ Freight Transportation" LLP. They were issued under the laws of England and Wales and have been successfully listed on the Astana International Exchange (AIX).
The transaction attracted strong investor interest across both maturities and forms part of KTZ's broader funding strategy, enhancing its access to international capital markets. The proceeds are expected to support general corporate purposes including refinancing and the ongoing development of transport and logistics infrastructure.
Kinstellar's Kazakhstan team was led by Partner Pavel Kornilov, supported by Senior Associate Farkhad Rakhimov, Associates Kamila Serik and Nurbek Zhangaliyev, and Junior Associate Alan Ibrashev.