Teniz Capital Investment Banking Acts as Local Manager in Kazakhstan's Second Sovereign Panda Bond Issuance

Teniz Capital Investment Banking JSC has acted as local manager in the second sovereign Panda bond issuance of the Republic of Kazakhstan, completed by the Kazakh Ministry of Finance on China's onshore bond market for a total of RMB 6.6 billion (about $985 million). The bonds were placed in two tranches: a three-year tranche of RMB 5 billion (about $745 million) at 1.82% and a five-year tranche of RMB 1.6 billion (about $240 million) at 1.95%. China International Capital Corporation Limited (CICC) acted as lead manager. China Construction Bank Limited (CCB), Industrial and Commercial Bank of China Limited (ICBC), The Export-Import Bank of China and Bank of China Limited (BOC) acted as joint lead managers. Teniz Capital Investment Banking acted as the sole local manager on the Kazakh side. The mandate follows Teniz Capital's role as local underwriter on Kazakhstan's debut sovereign Panda bond, a three-year RMB 3.4 billion (about $505 million) note priced at 1.9% and completed on 26 May 2026. The new three-year tranche priced eight basis points tighter than the debut. The issuance follows the upgrade of Kazakhstan's sovereign credit rating by S&P Global Ratings from "BBB-" to "BBB" with a stable outlook. Kazakhstan's public debt stands at 20.9% of GDP, against a 32% ceiling under its fiscal rules, and external public debt at 4.5% of GDP.