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Kinstellar advises on the successful USD 1.5 billion sovereign Eurobond issuance by the Ministry of Finance of the Republic of Kazakhstan
Kinstellar has advised Citigroup Global Markets, J.P. Morgan Securities, and Standard Chartered Bank (Joint Lead Managers), alongside Halyk Finance and Teniz Capital Investment Banking (Kazakhstan Lead Managers), on the successful issuance of USD 1.5 billion sovereign Eurobonds by the Ministry of Finance of the Republic of Kazakhstan. The bonds, with a 4.412% coupon rate and maturing in 2030, were issued under Kazakhstan’s USD 15 billion Global Medium Term Note Programme. The issuance was highly successful, with the orderbook significantly oversubscribed, reflecting significant demand from global investors. The final yield of 4.412% is the lowest ever achieved by Kazakhstan in its sovereign Eurobond market, demonstrating
Kinstellar advises joint global coordinators on KazMunayGas’s debut CNY-denominated Eurobond issuance
Kinstellar has advised the joint global coordinators, bookrunners and lead managers, Bank of China (Hong Kong), BOCI Asia, China CITIC Bank International, China International Capital Corporation Hong Kong Securities, Citigroup Global Markets, Industrial and Commercial Bank of China (Asia) and SkyBridge Invest, on Kazakhstan law matters in connection with the debut issuance by National Company "KazMunayGas" (“KMG”) of CNY 1.25 billion five-year senior unsecured Dim Sum bonds with a coupon rate of 2.95% and a yield of 3.15%, under its newly established CNY 10 billion Medium Term Note Programme. The issuance, rated Baa1 by Moody’s, marks KMG’s first-ever entry into the Chinese yuan bond market and represents the
Kinstellar advises the sellers on the sale of RG Gold to Zijin Gold International
Kinstellar has advised Verny Capital Group and its strategic partner – U.S. based investment fund Resource Capital Funds (RCF) on the sale of RG Gold and RG Processing, which operate the Raygorodok gold mine in Kazakhstan, to Zijin Gold International, a subsidiary of Zijin Mining Group. Verny Capital has managed RG Gold since 2014, investing heavily in infrastructure, modernization, and exploration. In partnership with RCF since 2018, the company significantly expanded production capacity and tripled its resource base to 7.6 million ounces of gold in accordance with the JORC standard. Zijin Mining Group is one of the world’s largest mining corporations with a market capitalization of around USD 100 billion
Kinstellar advises Baiterek National Managing Holding on its second USD 500 million Eurobond issuance
Kinstellar has advised Baiterek National Managing Holding (“Baiterek”) on the placement of USD 500 million Eurobonds with a five-year maturity and a 4.65% coupon rate. The bonds were placed among a wide range of international investors from the United States, the United Kingdom, Europe, and Asia, and are listed on the Vienna Stock Exchange (Wiener Börse) and the Kazakhstan Stock Exchange (KASE). The joint bookrunners were J.P. Morgan, Société Générale, Alatau City Invest, Halyk Finance, and Teniz Capital Investment Banking. The new placement follows Baiterek’s debut Eurobond issuance in May 2025, in which Kinstellar also acted as legal counsel. That transaction involved USD 500 million senior unsecured Eurobonds
Kinstellar advises Halyk Bank on strategic cross-border fintech partnership with Click
Kinstellar has recently advised JSC Halyk Bank on its USD 237 million strategic partnership with Uzbekistan’s leading fintech platform, Click – a landmark transaction reflecting the growing convergence of banking and digital services in Central Asia. Under the deal, Halyk acquires a 49% stake in Click for USD 176.4 million, while Click’s shareholders take a 49% stake in Halyk’s Uzbek subsidiary, Tenge Bank, for USD 60.76 million. Representing the largest private sector transaction in Uzbekistan to date, the deal features an innovative and balanced structure that enables both parties to remain independent while forming a powerful alliance in Uzbekistan’s rapidly evolving digital finance landscape. The partnership
Kinstellar advises PPF Group on the sale of Home Credit Bank Kazakhstan operations
Kinstellar has advised PPF Group and its shareholders on an agreement with ForteBank for the sale of 100% of Home Credit Bank Kazakhstan and its associated businesses. The terms of the transaction remain undisclosed and the deal is subject to customary regulatory approvals in Kazakhstan. Home Credit has been active in Kazakhstan since 2005, marking the fourth market entered by PPF Group’s financial services subsidiary, following its establishment in the Czech Republic in 1997. Since its inception in Kazakhstan, Home Credit has operated as a fully licensed bank specialising in consumer finance and has been a long-standing leader in the point-of-sale (POS) loan segment. ForteBank is a leading player in Kazakhstan’s
Kinstellar strengthens Astana presence with advisory role on Kazakhstan’s sovereign Eurobonds
Kinstellar advised the Ministry of Finance of the Republic of Kazakhstan on the successful placement of USD 2.5 billion in sovereign U.S. dollar-denominated Eurobonds. The issuance consisted of two tranches: a 7-year USD 1.35 billion bond with a 5.0% coupon and a 12-year USD 1.15 billion bond with a 5.5% coupon. This transaction marked a significant achievement, with Kazakhstan securing one of the lowest yield levels among A/BBB-rated sovereigns this year. The strong investor demand reflects the country’s solid macroeconomic fundamentals, including stable economic growth, low government debt, and robust external reserves. The Eurobonds are listed on the London Stock Exchange, the Astana International Exchange, and
Kinstellar and KST Law assist Honeywell on the sale of its Personal Protective Equipment business to Protective Industrial Products for USD 1.325 billion
Kinstellar and KST Law are delighted to have advised Honeywell on the Turkish law aspects in connection with its sale of its Personal Protective Equipment (“PPE”) busine ss to Protective Industrial Products ("PIP") for USD 1.325 billion, an all-cash transaction. PIP is a global supplier and manufacturer of PPE products and a portfolio company of Odyssey Investment Partners and this strategic move is reinforcing PIP’s global positioning in the PPE market. Congratulations to our team led by Partners Emre Özer and Mert Elçin, with key involvement from Senior Associate Sıla Şaylı and Associates Helin Akbulut and Tuğberk Çakırca, for their outstanding efforts and dedication. Our colleagues
Collateral damage for US. EU. UK companies? How Russia's anti-sanctions litigation policy threatens cross-border dispute resolution in Kazakhstan
Russia's aggressive anti-sanctions judicial policy is reshaping the legal landscape of cross-border dispute resolution. By routinely disregarding both arbitration and forum selection clauses, Russian courts are asserting jurisdiction over disputes involving sanctioned Russian parties — regardless of prior contractual arrangements. This trend creates acute risks for foreign companies that engage with Russian counterparties and simultaneously operate or hold assets in Kazakhstan, as Russian judgments may be enforced there. In this article, we examine recent developments in Russia’s anti-sanctions litigation policy and assess their potential impact within Kazakhstan’s legal framework for the recognition and enforcement
Kinstellar advises Baiterek on debut USD 500 million Eurobond issuance
Kinstellar has successfully advised “Baiterek” National Managing Holding in connection with its debut issuance of senior unsecured Eurobonds in an amount of up to USD 500,000,000, under Regulation S / Rule 144A. The bonds are listed on the London Stock Exchange’s International Securities Market (ISM), the Vienna MTF of Wiener Börse, and the Kazakhstan Stock Exchange. Baiterek is Kazakhstan’s primary state-owned development institution, tasked with implementing government economic policy and supporting sustainable development through the financing of key sectors of the Kazakhstan economy. This landmark transaction represents a significant step in Baiterek’s access to international capital markets, further
Kinstellar advises on the financial close of Central Asia’s largest healthcare PPP project in Kazakhstan
Kinstellar is delighted to announce the successful financial close of a landmark public-private partnership (PPP) healthcare initiative in Kokshetau, Kazakhstan. This transformative project, which marks a first for the region in healthcare PPPs, has secured a EUR 365 million financing package, spearheaded by the European Bank for Reconstruction and Development (EBRD) and the Asian Infrastructure Investment Bank (AIIB), alongside key contributors Proparco, ICD, DEG, and the Development Bank of Kazakhstan (DBK). After months of legal structuring, negotiations, and due diligence, the project has officially reached financial close. This milestone unlocks the next phase - the commencement of construction on the 630-bed medical
Kinstellar announces new Partner promotions
Kinstellar is delighted to announce the promotion to Partner of Magdalena Raducanu (Romania), Jan Lehký (Czech Republic), and Kuanysh Shekerbekov (Kazakhstan). Magdalena Raducanu is based in our Bucharest office and leads the Romanian Banking & Finance Service Line. She also serves as the co-head of the firm-wide Banking & Finance Service Line. Magdalena has more than 20 years of experience in all aspects of banking and financing, including project, real estate, and corporate finance as well as financial regulatory matters. Recently, she has dedicated significant efforts assisting banks on various ESG-related mandates. Magdalena joined Kinstellar in 2021 from the Bucharest office of Dentons. Since joining