Kazakhstan Moves Closer to an A Rating

JSC Teniz Capital Investment Banking, JSC Halyk Finance, Citi, J.P. Morgan, and Standard Chartered Bank acted as joint bookrunners for the placement, under which the Ministry of Finance of the Republic of Kazakhstan issued sovereign Eurobonds totaling $1.5 billion with a 5-year maturity. The final yield amounted to 4,412% per annum, while the spread to U.S. Treasuries was just 85 basis points (0.85%) — the lowest level in Kazakhstan’s issuance history.

According to the Ministry of Finance, the order book exceeded $4.4 billion, meaning that demand significantly outstripped supply, allowing the Republic to optimize the pricing parameters of the deal. The placement attracted a wide range of institutional investors from Europe, the U.S., Asia, and the Middle East, including new participants who had not previously invested in Kazakhstan’s sovereign debt.

The achieved yield was the lowest among all 5-year sovereign Eurobond issuances by countries with comparable investment ratings, and one of the lowest in 2025 among issuers from Eastern Europe, Africa, and the Middle East, second only to Kuwait (rated A+). Analysts have already called this placement «historic.» Experts note that Kazakhstan has entered the elite club of issuers able to place bonds with spreads below 100 basis points, alongside Qatar and South Korea.