Altyn Bank, the Kazakh lender controlled by China CITIC Bank, has its first tenge bonds trading on the Kazakhstan Stock Exchange (KASE) from 8 October. The notes, code ATBNb3, total 100 billion tenge over three years and pay a 16.5% annual coupon every six months. KASE confirmed the terms in a notice dated 7 October.
The money was raised on 24 September. That day KASE held a dedicated placement: 12 participants submitted 36 bids, 32 of which were still active when the book closed, worth about 106.2 billion tenge, or 106.2% of the offer. Thirty-one bids were filled and the issue sold in full. Bid rates ranged from 16.30% to 16.75%, and the coupon was set at 16.50%.
KASE also published who bought. Other institutional investors took 43.8% of the issue, banks 30.0%, other legal entities 22.3%, broker-dealers 3.8% and individuals 0.1%. Halyk Finance, which organised the deal, said it received more than 30 orders during bookbuilding from banks, insurers, brokers and asset managers.
Key terms
Code: ATBNb3, ISIN KZ2C00019982.
Size: 1,000 tenge face value, 100 million bonds registered, 100 billion tenge in total.
Tenor: from 24 September 2026 to 24 September 2029, 1,080 days.
Coupon: 16.5% a year, paid semi-annually, 30/360 day count. The record date for the first payment is 23 March 2027, with payment between 24 March and 7 April.
Redemption: 24 September to 3 October 2029.
Listing: KASE official list, main board, "bonds" category; admitted to trading lists on 21 September and quoted at clean price in tenge from 8 October.
Underwriters: Halyk Finance (placement initiator) and Centras Securities.
Half of a 200 billion tenge programme
Rules related to this news
This is the first tranche under Altyn Bank's first bond programme. According to Kursiv, the programme was registered on 7 September at 200 billion tenge, so the debut issue used half the limit and the bank can place the remaining 100 billion tenge later. It has not said when or how much.
Altyn Bank chairman Murat Baysynov, in remarks published by Halyk Finance and Kapital.kz, said the proceeds would diversify the bank's funding sources and support further business growth. The issuer and the underwriter describe it as the largest debut local bond issue by amount raised. That is the parties' own claim; KASE's notices make no such comparison.
Who owns the bank
Altyn Bank has operated in Kazakhstan since 1998 and was formerly HSBC Bank Kazakhstan. In April 2018 Halyk Bank sold 60% of it to Chinese investors: China CITIC Bank took 50.1% and China Shuangwei Investment 9.9%, while Halyk Bank kept 40%. The deal was disclosed on KASE at the time, and Halyk Finance restated the 40% stake in this year's press release.
Kapital.kz and Halyk Finance also note that Fitch upgraded the bank's long-term rating from BBB to BBB+ with a stable outlook in April 2026, and that Moody's rates it Baa3.
What Chinese companies in Kazakhstan may want to watch
Tenge liquidity. Chinese contractors and manufacturers in Kazakhstan need tenge to pay local suppliers, taxes and wages. A Chinese-owned bank has now raised three-year tenge funding on the local market rather than relying on deposits alone. How much of it will turn into corporate loans, and for which sectors, the bank has not said; later disclosures should show that.
A reference point for funding costs. Three years at 16.5% is a public, checkable marker for tenge funding this autumn. When budgeting for financing in Kazakhstan, companies can compare bank offers with the results of similar-tenor bond placements on KASE.
Transparency. As a listed issuer, the bank must keep disclosing information under KASE rules. The ATBNb3 page already carries the prospectuses for the bond programme and this issue.
This article summarises public issue terms only and is not investment advice.
Sources:
Kazakhstan Stock Exchange (KASE), notice on start of trading in Altyn Bank bonds, 7 October 2026, https://kase.kz/ru/information/news/show/1577388
KASE, results of Altyn Bank bond placement, 24 September 2026, https://kase.kz/ru/information/news/show/1576338
KASE, announcement of the dedicated placement, 22 September 2026, https://kase.kz/ru/information/news/show/1576119
KASE, ATBNb3 bond page, https://kase.kz/ru/investors/bonds/ATBNb3
Halyk Finance, press release on the placement, https://halykfinance.kz/novosti/altyn-bank-uspeshno-razmestil-debyutnyy-vypusk-obligatsiy-na-kase.html
Kapital.kz, https://kapital.kz/finance/153506/altyn-bank-privlek-rekordnyj-obuem-sredstv-v-ramkah-debyutnogo-vypuska-obligacij.html
Kursiv Media (Kazakh edition), 25 September 2026, https://kz.kursiv.media/kk/2026-09-25/altyn-bank-bir-kuende-100-mlrd-tengge-qaryz-tartty/
KASE, notice on completion of the sale of 60% of Altyn Bank, 24 April 2018, https://kase.kz/en/information/news/show/1367799/
Halyk Bank, press release on the agreement to sell 60% of Altyn Bank (KASE archive), 7 June 2017, https://kase.kz/files/emitters/HSBK/hsbk_reliz_070617_eng.pdf
Key facts
- ATBNb3 from Kazakhstan-based Altyn Bank began trading on the KASE Main Market on October 8.
- Altyn Bank’s inaugural bond offering has an issue size of KZT 100 billion, a three-year tenor, a coupon rate of 16.5% per annum, and interest paid semiannually.
- KASE allocation results showed that valid subscriptions totaled approximately KZT 106.19 billion, reaching 106.2% of the planned issue size.
- Altyn Bank’s inaugural bond program totals KZT 200 billion, leaving KZT 100 billion of issuance capacity after the current offering.
- Halyk Finance and Centras Securities jointly underwrote the bond offering.
- Altyn Bank said the proceeds would be used to broaden its funding sources and support continued business expansion.
FAQ
When did ATBNb3 list, and on which market does it trade?
The bond has been trading on the KASE Main Market of the Kazakhstan Stock Exchange since October 8, quoted on a clean-price basis and settled in tenge.
What is the bond’s issue size, and what are its principal coupon terms?
The bond has an issue size of KZT 100 billion and a term running from September 24, 2026, to September 24, 2029, with a coupon rate of 16.5% per annum and interest paid semiannually.
What were the subscription results for this bond offering?
Twelve institutions submitted 36 subscription orders, of which 32 were valid at the time of allocation, totaling approximately KZT 106.19 billion, or 106.2% of the planned issue size; the bond was ultimately fully subscribed.
What will the proceeds be used for?
Altyn Bank said the proceeds would be used to broaden the bank’s funding sources and support continued business expansion. The scale of corporate lending and the industries to be targeted have not been disclosed.
Has the timing of subsequent bond issuances been determined?
Altyn Bank’s inaugural bond program totals KZT 200 billion. This offering is KZT 100 billion, while the remaining KZT 100 billion may be issued in tranches; the timing and size of further issuances have not been announced.