ASTANA, Kazakhstan, October 22. Kazakhstan has placed $1.5 billion in sovereign Eurobonds on the international capital market with a five-year maturity, Trend reports via the Ministry of Finance.
The placement attracted strong interest from global investors, allowing Kazakhstan to secure a final yield of 4.412 percent and a spread of 85 basis points over U.S. Treasuries — the lowest levels in Kazakhstan’s history on the Eurobond market.
The order book exceeded $4.4 billion, significantly oversubscribing the offering and enabling favorable pricing terms. Institutional investors from Europe and the U.S. participated actively, alongside a record number of investors from Asia and the Middle East, including newcomers who had not previously invested in Kazakhstan’s sovereign debt.
The established yield is the lowest among all five-year sovereign Eurobonds issued by countries with comparable investment ratings, and one of the lowest in 2025 among issuers in Eastern Europe, Africa, and the Middle East, second only to Kuwait (rated A+). Moreover, the yield is even lower than those of countries with higher sovereign ratings such as Poland, Qatar, and Saudi Arabia, underscoring strong global investor confidence.
Investor trust was bolstered by Kazakhstan’s ongoing fiscal and tax reforms and sweeping political transformations initiated by the Head of State, which have enhanced the country’s investment climate internationally.
The Eurobonds will be listed on the London Stock Exchange, the Astana International Financial Centre Exchange, and the Kazakhstan Stock Exchange.