Kazakhstan's sovereign wealth fund Samruk-Kazyna closed the books on its first offshore renminbi (Dim Sum) bond on 16 October and raised CNH3bn in two tranches: CNH2bn of three-year notes with a 2.15% coupon and CNH1bn of five-year notes at 2.30%. The fund said orders exceeded the deal size by more than three times. The notes have been admitted to trading on the Hong Kong Stock Exchange (HKEX) and the Astana International Exchange (AIX). Reuters put the total at about $448m.
Both coupons came in 55 basis points inside initial price guidance. When the book opened on 15 October, AIX and local bookrunner Teniz Capital marketed the three-year at "2.70% area" and the five-year at "2.85% area". Tightening of that size usually means a deep book and an issuer with room to push on price, and a cover of more than three times points the same way. Teniz's term sheet sets settlement for 23 October.
What the 55bp is worth can be roughed out. Assuming issue at par, the three-year tranche costs about CNH43m a year in coupons and the five-year about CNH23m, roughly CNH66m in total. At initial guidance the bill would have been about CNH82.5m. That is around CNH16.5m a year saved, or about CNH33m over the life of the three-year notes and CNH27.5m over the five-year, close to CNH60m altogether. This is an estimate that ignores fees; the fund has not disclosed issue prices or yields, and the actual cost of funds will be in the pricing supplement.
The comparison with April has flipped. Back then Samruk-Kazyna made its debut in China's interbank market with a CNY3bn three-year Panda bond at a final yield of 2.18%, according to the fund and AIX. At the opening of the Dim Sum book, three-year guidance sat about 52bp above that. The final 2.15% coupon ended up 3bp below the onshore yield. Different markets, six months apart, and a coupon set against a yield, so the 3bp is a sign of direction rather than a precise saving: offshore investors priced the fund at least as well as onshore ones did.
A deal from the same week offers another reference. Dubai's Mashreq priced its debut CNH1bn three-year Dim Sum bond at 2.50% on 15 October, with orders peaking at CNH2.3bn. Samruk-Kazyna's three-year came 35bp lower at twice the size. One is a commercial bank and the other a state fund, with different credit profiles and investor bases, so the gap says little about who borrowed more cheaply.
There is an in-house benchmark too. The offering memorandum the fund filed with HKEX in early October lists a CNH1.25bn group bond listed on AIX and HKEX in 2025, maturing in 2030 with a 2.95% rate. IFR reported that was KazMunayGas's debut five-year Dim Sum deal. The new five-year at 2.30% is 65bp tighter.
The fund's release names Citi, Guotai Junan International, Standard Chartered, Bank of China, China CITIC Bank International and ICBC (Asia), with Teniz Capital as local bookrunner. Use of proceeds appears in three versions: financing the fund's investment projects (the release), general corporate purposes (the term sheet), and on-lending to subsidiaries for investment, export development, trade finance and refinancing (the programme memorandum).
For Chinese companies and banks working in Kazakhstan, the practical point is a new renminbi reference rate. Samruk-Kazyna's portfolio spans oil and gas, rail, power, mining and telecoms, and many of those companies deal with Chinese contractors, suppliers or buyers. If subsidiaries or other Kazakh state companies borrow in renminbi next, three- and five-year levels just above 2% are likely to serve as the benchmark. That is our assessment; the fund has not announced further issues.
Three things to watch: issue prices and yields in the pricing supplement, how much went to local investors on AIX, and whether the fund's subsidiaries follow it into the offshore renminbi market.
Sources:
Samruk-Kazyna (primary, pricing announcement), https://www.sk.kz/press-center/news/79537/?lang=en
Reuters (via The Moscow Times Russian service), https://ru.themoscowtimes.com/2026/10/16/samruk-kazyna-razmestil-dim-sam-bondy-na-3-mlrd-yuaney-a208792
National Business (citing Teniz Capital), https://nationalbusiness.kz/news/spros-na-obligatsii-samruk-kazina-vtroe-previsil-predlozhenie-4a20bc/
LS, https://lsm.kz/samruk--azyna-privlek-3-mlrd-yuanej-na-mezhdunarodnom-rynke
Teniz Capital, initial price guidance (primary), https://tenizcap.kz/en/press-center/teniz-capital-obyavlyaet-pervonachalnyy-cenovoy-orientir-po-obligaciyam-samruk-azyna-v-cnh
Astana International Exchange, official Telegram channel (primary), https://t.me/s/aixkz
Samruk-Kazyna (primary, Panda bond), https://sk.kz/press-center/news/78954/?lang=en
Astana International Exchange (Panda bond), https://www.aixkz.com/en/pages/news/view/historic-milestone-for-the-central-asian-capital-markets-debut-panda-bond-of-samruk-kazyna
Mashreq (primary), https://www.mashreq.com/en/uae/news/2026/october/mashreq-dim-sum/
IFR (Mashreq), https://www.ifre.com/bonds/2498685/mashreqbank-prints-rmb1bn-3yr-dim-sum-at-2.5
HKEXnews: Samruk-Kazyna $1.5bn GMTN programme offering memorandum (primary), https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1002/2026100200853.pdf
IFR (KMG Dim Sum background), https://www.ifre.com/bonds/2408638/kazakhstan-swf-makes-panda-debut
(Cover: AI-generated illustration, not a photograph and not a depiction of the events described.)
Key facts
- On October 16, Samruk-Kazyna completed the pricing of its first offshore RMB bond, raising RMB 3 billion.
- Samruk-Kazyna’s 3-year dim sum bond has a size of RMB 2 billion and a coupon rate of 2.15%.
- Samruk-Kazyna’s 5-year dim sum bond has a size of RMB 1 billion and a coupon rate of 2.30%.
- The final coupon rates on both Samruk-Kazyna dim sum bond tranches were 55 basis points below the initial bookbuilding guidance.
- Subscriptions for Samruk-Kazyna’s dim sum bonds exceeded the issue size by more than three times, and the bonds were approved for trading on the Hong Kong Stock Exchange and AIX.
- Samruk-Kazyna has not yet announced the issue price or yield; the actual financing cost should be checked in the pricing supplement.
FAQ
What was the size of Samruk-Kazyna’s dim sum bond issuance?
Samruk-Kazyna raised RMB 3 billion in total, consisting of RMB 2 billion in 3-year bonds with a 2.15% coupon and RMB 1 billion in 5-year bonds with a 2.30% coupon.
How did the coupon rates on the two tranches compare with the initial guidance?
The final coupon rate for each tranche was 55 basis points below the initial price guidance at the opening of bookbuilding; the initial guidance was approximately 2.70% and 2.85%, respectively.
What were the subscription and trading arrangements for the issuance?
The fund said subscriptions exceeded the issue size by more than three times, and the bonds were approved for trading on the Hong Kong Stock Exchange and the Astana International Exchange (AIX).
Have the issue price and yield been announced?
The fund has not yet disclosed the issue price or yield; the actual financing cost should be checked in the pricing supplement.
What impact will the issuance have on Chinese enterprises and financial institutions in Kazakhstan?
The original text argues that the transaction provides Chinese enterprises and financial institutions in Kazakhstan with an additional RMB interest-rate benchmark. The fund did not comment on any future issuance.