Baiterek Holding places debut Eurobond issue

On April 29, 2025, Baiterek National Managing Holding successfully placed its debut Eurobond issuance in the total amount of USD 500 million. The bonds have a three-year maturity and a fixed coupon rate of 5.45%.

The issuance was announced on April 24, followed by a marketing campaign targeting investors from the United States, the United Kingdom, Europe, and Asia.

“The strong interest from major investors reflects a high level of trust and demand for the Holding’s securities from both local and international market participants. Despite elevated market volatility, the Holding successfully capitalized on improving market conditions. After the announcement, we held meetings with 30 investors. On April 29, the order book was opened with an initial yield guidance of 6%. As a result of strong demand—exceeding USD 1 billion—the final yield was set at 5.65%,” said Rustam Karagoishin, Chairman of Baiterek National Managing Holding.

The geographical distribution of the placed bonds was as follows: 56.1% allocated to U.S. investors, 18.2% to European investors, 11.1% to U.K. investors, 8% to Kazakhstani investors, and 6.6% to investors from the Middle East and Asia.

This issuance is the first by a CIS-region issuer following the introduction of U.S. trade tariffs in early April of this year. It sets a precedent for future Eurobond placements by both the Holding and other issuers from Kazakhstan and across the CIS region.

The transaction will strengthen the Holding’s position in the international capital markets, diversify currency risks, and broaden investment opportunities for financing new strategically significant projects—contributing meaningfully to the sustainable development of the national economy.

The joint lead managers for the issuance were Citi, J.P. Morgan, and Halyk Finance. Baiterek’s Eurobonds have been listed on the London Stock Exchange (LSE), the Vienna Stock Exchange (Wiener Börse AG), and the Kazakhstan Stock Exchange (KASE).