Kazakhstan's Baiterek navigates global market turmoil with successful eurobond offering
On April 29, 2025, Kazakhstan’s National Management Holding Baiterek took the plunge and issued its first eurobond, raking in $500 million with a 3-year maturity and a steady 5.45 percent coupon rate. The issuance attracted strong interest from global investors, with demand surpassing $1 billion, allowing the final yield to be set at 5.65 percent, down from an initial guidance of 6 percent. Distributed mainly across the U.S., Europe, and the UK, the bonds mark the first CIS-region eurobond offering since new U.S. trade tariffs in April. Organized by Citi, J.P. Morgan, and Halyk Finance, the bonds are listed on the LSE, Vienna Stock Exchange, and KASE.
