ASTANA, Kazakhstan, May 6. On April 29, 2025, Kazakhstan's National Management Holding Baiterek issued its debut eurobond offering, raising a total of $500 million, Trend reports.
According to the holding, the securities have a 3-year maturity, and the coupon rate is fixed at 5.45 percent. The announcement of the new issuance was made on April 24, after which the holding conducted a marketing campaign targeting investors from the US, the UK, Europe, and Asia.
"The significant interest from major investors reflects a high level of trust and demand for the holding’s securities, both from local and international market participants. Despite the high volatility observed in the markets, the holding effectively took advantage of the improving market conditions. After the issuance announcement, we held negotiations with 30 investors. On April 29, the order book was opened with an initial yield guidance of 6 percent. As a result of strong demand (over $1 billion), the final yield was set at 5.65 percent,” said Rustam Karagoishin, Chief of the Baiterek Holding.
According to Baiterek, the distribution of the issued bonds by region is as follows: 56.1 percent went to investors from the United States, 18.2 percent from Europe, 11.1 percent from the UK, 8 percent from Kazakhstan, and 6.6 percent from the Middle East and Asia.
Moreover, this issuance marked the first for issuers from the CIS region after the introduction of U.S. trade tariffs in early April of this year, and it set the foundation for future eurobond issuances both by the holding itself and other issuers from Kazakhstan and the broader CIS region.
The issuance was organized by Citi, J.P. Morgan, and Halyk Finance. Baiterek’s eurobonds are listed on the London Stock Exchange (LSE), the Vienna Stock Exchange (Wiener Börse AG), and the Kazakhstan Stock Exchange (KASE).
Kazakhstan's National Management Holding Baiterek is a state-owned development institution established to promote economic diversification, support entrepreneurship, and enhance housing affordability. It plays a pivotal role in financing non-resource sectors, fostering small and medium-sized enterprises (SMEs), and implementing sustainable development initiatives.
