July 2026 – Kinstellar acted as legal counsel to J.P. Morgan Securities and Société Générale in connection with the USD 150 million tap issuance of 5.200% Notes due 2033 by Baiterek National Investment Holding under its USD 3 billion Medium Term Note Programme.
The newly issued notes were consolidated and form a single series with Baiterek's existing USD 500 million 5.200% Notes due 2033, increasing the total outstanding principal amount of the series to USD 650 million.
The successful tap issuance demonstrates continued investor confidence in Baiterek and highlights the issuer's ability to access international capital markets to support its strategic objectives. As the national management holding company of the Republic of Kazakhstan, Baiterek plays a key role in promoting sustainable economic development through support for entrepreneurship, export activities and investment projects.
The Kinstellar team was led by Pavel Kornilov (Partner), with support from Kamila Serik (Associate) and Alan Ibrashev (Junior Associate).