Baiterek Holding places 55 billion tenge worth of ten-year bonds on KASE

Baiterek National Managing Holding has successfully placed 55 billion tenge worth of ten-year bonds on the Kazakhstan Stock Exchange. The bonds’ rate of return is 11% per annum.

The bonds were offered to a wide range of investors; the demand amounted to 104%. The money raised will be used to finance projects of the agro-industrial complex and purchase machinery to lease to agribusinesses through the Holding’s subsidiaries – the Agrarian Credit Corporation and the KazAgroFinance.

Freedom Finance JSC acted as the financial consultant and underwriter for these transactions.

Baiterek Holding is a main governmental development institution aimed at supporting entrepreneurs, developing the agro-industrial complex, and providing people with affordable housing. Moody’s has given the Holding Baa2 credit rating with a stable outlook, while Fitch assigned the Holding BBB grade with a stable outlook. The Holding’s ultimate beneficiary is the Government of the Republic of Kazakhstan.