Teniz Capital Investment Banking JSC (KASE:TCIB) has acted as local manager in the second sovereign Panda bond issuance of the Republic of Kazakhstan, completed today 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.
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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.
“We congratulate the Ministry of Finance on the successful completion of this transaction. Kazakhstan has clearly become the financial hub of Central Asia and the reference issuer of the region: the first sovereign in Central Asia to enter China’s onshore market and now the first to return, at a tighter price. Each issuance deepens the corridor between Central Asian borrowers and the largest pool of capital in Asia, and we expect Kazakh quasi-sovereign and corporate issuers to follow,” said Talgat Salikhov, Chairman of the Management Board of Teniz Capital Investment Banking.
Teniz Capital has operated in Kazakhstan’s securities market since 1997 and employs more than 100 professionals across offices in Almaty, the Astana International Financial Centre and Abu Dhabi. The firm has managed securities placements worth more than 510 billion tenge (about $1.1 billion), with recent mandates from Kazakhstan’s Ministry of Finance, sovereign wealth fund Samruk-Kazyna, national railway KTZ, the Black Sea Trade and Development Bank and Bank RBK. In 2025 it acquired a 49% stake in Tabys, a retail investment fintech of the Astana International Exchange.
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