Baiterek National Managing Holding Successfully Places $500 Million Eurobond Issue

On September 24, 2025, Baiterek National Managing Holding JSC successfully placed a $500 million Eurobond issue with a maturity of 5 years. The yield was set at 4.85%, with a coupon rate of 4.65%.

The new issue was announced on September 22, followed by an extensive marketing campaign among investors from the United States, the United Kingdom, Europe, and Asia. Over the course of two days, representatives of the Holding held around 40 meetings. Many investors were already familiar with the Holding thanks to its debut Eurobond issue in May of this year.

On September 24, the order book was opened, and demand for the securities exceeded the placement volume by more than four times. As a result, the transaction yield was fixed at 4.85%, reflecting strong investor interest and favorable market conditions. The regional allocation among a broad base of investors was as follows: 38% United States, 28% Continental Europe, 26% United Kingdom, 7% Kazakhstan, and 1% Middle East and Asia.

The joint bookrunners were J.P. Morgan, Societe Generale, Alatau City Invest, Halyk Finance, and Teniz Capital Investment Banking. The Eurobonds have been listed on the Vienna Stock Exchange (Wiener Börse AG) and the Kazakhstan Stock Exchange (KASE).

The placement represents an important strategic step for the Holding, aimed at strengthening its position in the international capital markets and expanding investment resources to implement key projects. The borrowing rate was set at a record low level: the spread against U.S. Treasuries was +114 bps, and against Kazakhstan’s sovereign Eurobonds — +35 bps. The new issue makes a significant contribution to the sustainable development of both the Holding and the economy of the Republic of Kazakhstan, reaffirming the trust of international investors and Baiterek’s status as a reliable borrower and systemic development institution.