Ministry of Finance of the Republic of Kazakhstan has successfully issued sovereign Eurobonds totaling USD 2,5 billion

On June 24, 2025, the Republic of Kazakhstan successfully issued sovereign US dollar Eurobond totaling USD 2.5 billion, including:

- a 7-year tranche of USD 1.35 billion with a coupon rate of 5%;

- a 12-year tranche of USD 1.15 billion with a coupon rate of 5.5%.

The offering was preceded by an in-person roadshow led by the Ministry of Finance in London, attracting around 180 key investors. Demand for the bonds exceeded supply by more than two times, reflecting strong interest from high-quality and diversified investors across Europe, the United States, Asia, and the Middle East.

Despite challenging market conditions — including a sharp decline in oil prices, geopolitical uncertainties, and heightened volatility in base interest rates — the Ministry of Finance secured highly competitive pricing. The yields achieved were comparable to those obtained by sovereign issuers with higher credit ratings (A/AA), such as Poland, Saudi Arabia, and Chile, and significantly tighter than those of BBB-rated peers like Mexico, Hungary, and Peru.

Notably, Kazakhstan set a record by issuing bonds at one of the lowest coupon levels among A/BBB-rated sovereigns in 2025.

These pricing levels were made possible by Kazakhstan’s robust macroeconomic fundamentals, which include stable economic growth, low public debt, and strong external reserves.

Ongoing fiscal and tax reforms, along with broader political transformations initiated by the Head of State, have significantly strengthened investor confidence in the country.

The issuance also established a benchmark for future placements by quasi-sovereign and corporate issuers.

The Eurobonds will be listed on the London Stock Exchange, the Astana International Financial Centre (AIFC) Exchange, and the Kazakhstan Stock Exchange (KASE).

Following the placement, the Ministry of Finance has successfully completed the full refinancing of its previously issued Eurobonds maturing this year.