21 November 2018

Republic of Kazakhstan's Issuances under Global Medium Term Note Programme

King & Wood Mallesons advised the Government of the Republic of Kazakhstan in the update of its Global Medium Term Note Programme and on the first two issuances thereunder. 

Following the Programme update at the end of October, on 9th November, Kazakhstan issued EUR 525 million 1.55% Notes due 2023 and EUR 525 million 2.375% Notes due 2028 in a combined Rule 144A/Regulation S Offering.

The US$10,000,000,000 Programme, that was last updated in 2015, is listed on the Regulated Market of the London Stock Exchange. Notes issued under the Programme may also be listed on the Astana International Exchange (AIX), which is the case for the notes issued last week.

The King & Wood Mallesons team acting as issuers counsel was co-led by partners Andrei Yakovlev (London and Dubai) and Rudolf Haas (Frankfurt). Other team members included London-based banking and finance partners Vanessa Docherty and Khai Nguyen, corporate partners Greg Stonefield and Joseph Newitt, as well as New York tax partner Jun Kang. Additional support was provided by London and Frankfurt-based banking & finance and corporate lawyers Emma Burrell, Shu Hu and Cassandra Ditzel.

Managers in the offering were Citigroup Global Markets Limited and Société Générale, as well as Kazakh investment bank “BCC Invest”.

Over the years, the LSE has welcomed more than 500 international government bonds listed from 34 different countries and denominated in 17 different currencies, including Sovereign, Regional and Local Governments on its markets, which have raised more than $2.7 trillion equivalent.

AIX is situated within the Astana International Financial Centre (AIFC), which was officially inaugurated by the government of Kazakhstan in July 2018. The AIFC is a special regulatory zone supporting the development of Astana as a regional hub for capital markets and commodities trading, private banking, asset management, Islamic finance and financial technology in Central Asia. AIFC is also importantly located along the route of China’s Belt and Road initiative.

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