Kazakhstan's second sovereign panda bond is now listed on the Astana International Exchange. The Ministry of Finance priced the deal on 7 September; AIX published the listing notice on 10 September. This note records that September market event. Figures below were checked against the exchange and the finance ministry.
According to AIX's English and Russian releases, the ministry sold a two-tranche RMB issue totaling RMB 6.6 billion. The first tranche is RMB 5 billion for three years at a 1.82% annual coupon; the second is RMB 1.6 billion for five years at 1.95%. The issuer is the Ministry of Finance of Kazakhstan, the instrument is a panda bond, and the listing venue is AIX.
Kazinform, citing the ministry on 8 September, confirmed the same numbers: on 7 September the second sovereign panda bond closed on China's bond market for RMB 6.6 billion, with tranche sizes and coupons matching AIX. The ministry named the bookrunners: China International Capital Corporation as lead; China Construction Bank, Industrial and Commercial Bank of China, the Export-Import Bank of China and Bank of China as joint leads; Teniz Capital Investment Banking as local manager.
Teniz Capital confirmed the same figures the same day and added a debut comparison: the first sovereign panda bond, priced on 26 May 2026, was a three-year RMB 3.4 billion note at 1.9%; the new three-year tranche came eight basis points tighter. The firm said it was the sole local manager on the Kazakh side. Dollar conversions in its English release are left out of this text; only RMB amounts are kept.
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The timeline fits three steps: 26 May — debut pricing; June — debut listing on AIX; 7 September — second pricing, 10 September — AIX listing notice for the second issue. The structure is unchanged: a sovereign issuer, RMB face value, China onshore pricing, and a secondary listing on the Kazakh exchange.
Via Kazinform the ministry said second-issue terms were comparable to those of some higher-rated “A” category sovereigns and pointed to S&P Global Ratings' upgrade of Kazakhstan from BBB- to BBB with a stable outlook; public debt around 20.9% of GDP and external public debt around 4.5% of GDP. Those rating and debt ratios are the ministry's wording, not an editorial score.
For market participants dealing in RMB debt or AIX listings, open sources allow checking size, tenor, coupon, listing date and the underwriter list. Use of proceeds, retail subscription channels and any calendar for later quasi-sovereign or corporate panda deals are not stated in the published texts. Coupon rates are facts of a completed issue, not a buy or sell recommendation.
Sources: Astana International Exchange, https://www.aixkz.com/en/pages/news/view/second-sovereign-panda-bond-listed-on-aix
Sources: Kazinform (citing Ministry of Finance), https://www.inform.kz/ru/kazahstan-uspeshno-osushestvil-vtoroy-vipusk-suverennih-panda-obligatsiy-f825c911
Sources: Teniz Capital (via Markets Insider), https://markets.businessinsider.com/news/stocks/teniz-capital-investment-banking-acts-as-local-manager-in-kazakhstan-s-second-sovereign-panda-bond-issuance-1036526702
Sources: Kazinform (Chinese), https://cn.inform.kz/news/chengfaxingdierzhu-7f8b8b54/
Key facts
- 哈萨克斯坦共和国财政部 completed the issuance of the second tranche of sovereign Panda bonds in China's interbank market on September 7, totaling CNY 6.6 billion.
- Kazakhstan's second tranche of sovereign Panda bonds comprises CNY 5 billion in 3-year bonds with a coupon rate of 1.82% and CNY 1.6 billion in 5-year bonds with a coupon rate of 1.95%.
- 阿斯塔纳国际交易所 announced on September 10 that Kazakhstan's second tranche of sovereign Panda bonds had been listed.
- 中金公司 served as the lead underwriter, while 中国建设银行, 中国工商银行, 中国进出口银行 and 中国银行 served as joint lead underwriters.
- 田吉兹资本投资银行股份公司 served as the local transaction manager for Kazakhstan's second tranche of sovereign Panda bonds.
- Public materials on Kazakhstan's second tranche of sovereign Panda bonds do not specify the use of proceeds or channels for individual subscriptions.
FAQ
What are the size and coupon rates of the second tranche of Kazakhstan's sovereign Panda bonds?
The total amount is CNY 6.6 billion, comprising CNY 5 billion in 3-year bonds with a coupon rate of 1.82% and CNY 1.6 billion in 5-year bonds with a coupon rate of 1.95%.
When was the second tranche of sovereign Panda bonds issued and listed?
Kazakhstan's second tranche of sovereign Panda bonds was issued in China's interbank market on September 7, and 阿斯塔纳国际交易所 announced the listing of the bonds on September 10.
Who underwrote this tranche of bonds and served as the local manager?
中金公司 served as the lead underwriter; 中国建设银行, 中国工商银行, 中国进出口银行 and 中国银行 served as joint lead underwriters; and 田吉兹资本投资银行股份公司 served as the local transaction manager.
How did the coupon rate on this tranche's 3-year bonds compare with that of the first tranche?
田吉兹资本 said that the first-tranche 3-year bonds totaled CNY 3.4 billion with a coupon rate of 1.9%, while this tranche's 3-year bonds totaled CNY 5 billion with a coupon rate of 1.82%, 8 basis points lower.
Have the use of proceeds and channels for individual subscriptions to this tranche of bonds been disclosed?
Public materials on Kazakhstan's second tranche of sovereign Panda bonds do not specify the use of proceeds, channels for individual subscriptions, or the timetable for subsequent quasi-sovereign or corporate Panda bonds.