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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 strengthens Tashkent office with the appointment of Dilshad Khabibullaev, as Partner
Kinstellar is delighted to announce that Dilshad Khabibullaev has joined our Tashkent office as a Partner. With over two decades of experience in infrastructure, investment, and public-private partnership (PPP) projects—particularly in the transportation sector—Dilshad brings a wealth of knowledge and leadership to our team in Uzbekistan and the broader Central Asia region. Throughout his notable career, Dilshad has played a key role in pioneering transport infrastructure projects in Uzbekistan, including the country’s first airport PPP, first toll road PPP, and first traffic video surveillance investment project. His expertise spans both the automotive and aviation industries, where he has consistently delivered
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 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 advises JSC Kaspi.kz on landmark USD 650 million Eurobond issuance
Kinstellar is pleased to have acted as Kazakhstan counsel to JSC Kaspi.kz in its successful debut bond issuance, raising USD 650 million through 6.250% senior unsecured notes due in 2030. This marks the largest investment-grade bond issuance by a private Kazakhstani company, reflecting Kaspi.kz’s strong market position and the growing appeal of Kazakhstan as an investment destination. The bonds, which garnered significant interest from investors across the US, Europe, and Asia, are listed on the London Stock Exchange and the Astana International Exchange. The funds raised will support Kaspi.kz’s ongoing business development and enhance its digital services, reinforcing its leadership in the fintech and e-commerce sectors.
Kinstellar advises Verny Capital on the sale of Burger King Kazakhstan operations
Kinstellar has advised Verny Capital on the sale of its Burger King operations in Kazakhstan. The transaction involved multiple jurisdictions, including Kazakhstan and English law, requiring the drafting and negotiation of detailed agreements. Verny Capital, a key player in expanding Burger King's presence in Kazakhstan, overseeing over 50 locations, successfully completed the sale as part of its strategic business decisions. The team was led by Counsel Pavel Kornilov and included Managing Partner Joel Benjamin, and Associates Kamila Serik and Usen Tastanbekov on Kazakhstan law, and Partner Hugh Owen, and Senior Associate Bianka Kovács on English law. Our team guided the transaction, focusing on the deal structure
Practical Note for Investors: Insights into Kazakhstan’s Banking Sector in 2025
In 2024, Kazakhstan’s financial regulator and the president of Kazakhstan emphasised repeatedly the necessity of updating the nation’s banking laws to align with global economic trends. This has been particularly relevant to the development of fintech ecosystems—a focus area for our firm over the past few years. In light of these discussions, we have prepared this note to provide a practical overview of the key proposed changes expected in 2025 and their implications for potential investors in the banking sector. We will continue monitoring these developments closely throughout the year to keep you informed. Key proposed changes and opportunities Introduction of two types of banking licenses
Practical Note: The Development of the Banking Sector within the Astana International Financial Centre (AIFC)
Since its establishment, the AIFC has generated significant interest by developing its financial services sector, particularly in banking. The financial ecosystem in the AIFC was designed to attract foreign investment, and various incentives have been introduced to encourage the growth of both traditional and Islamic banking businesses. However, despite these incentives, the development of the banking sector within the AIFC has not reached its full potential. 1. Incentives for bank establishment within the AIFC A series of tax exemptions and regulatory waivers have been provided to make it easier for banks to operate within the AIFC. These measures include: Tax exemptions: Both traditional and Islamic