ASTANA – The Kazakh Finance Ministry has placed $1.5 billion in sovereign Eurobonds on the international capital market with a five-year maturity, achieving the lowest yield in the nation’s history.
Photo credit: The Kazakh Finance Ministry
The issue attracted strong demand from global investors, closing with a final yield of 4.412% and a spread of 85 basis points over the U.S. Treasury bonds. The order book exceeded $4.4 billion, nearly tripling the issue size and enabling Kazakhstan to optimize pricing conditions, the ministry’s press service reported on Oct. 22.
The Eurobonds will be listed on the London Stock Exchange, the Astana International Financial Center Exchange, and the Kazakhstan Stock Exchange.
The insurance drew a diverse pool of institutional investors across Europe and the United States, as well as a record level of interest from Asia and the Middle East, including several first-time investors in Kazakh sovereign debt.
The fixed yield was the lowest among all five-year sovereign Eurobonds issued by countries with comparable investment-grade ratings, and one of the lowest globally in 2025 among issuers from Eastern Europe, Africa, and the Middle East, second only to Kuwait (A+). Notably, the yield was also below that of higher-rated issuers such as Poland, Qatar, and Saudi Arabia, underscoring strong investor confidence in Kazakhstan’s fiscal credibility.
A key factor behind the strengthened investor confidence was the consistent implementation of fiscal and tax reforms, along with the large-scale political transformations. Together, these measures have fostered a positive international perception of Kazakhstan’s investment climate.
