Kazakhstan places record 6.6 billion yuan panda bonds in China

September 11, 2026 at 03:54 PM1 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan placed panda bonds worth 6.6 billion yuan ($983 million) on China's interbank bond market, the largest single issuance by a Central Asian country. The offering comprised a 5 billion yuan three-year tranche and a 1.6 billion yuan five-year tranche, with coupon rates of 1.82% and 1.95% respectively. The placement follows Kazakhstan's debut sovereign panda bond of 3.4 billion yuan in May, bringing total issuance to 10 billion yuan.

Key Facts

Kazakhstan issued 6.6 billion yuan ($983 million) in panda bonds on China's interbank bond market.
The issuance is the largest single panda bond placement by a Central Asian country.
The offering included a 5 billion yuan three-year tranche and a 1.6 billion yuan five-year tranche.
Coupon rates were 1.82% for the three-year tranche and 1.95% for the five-year tranche.
China International Capital Corp acted as lead underwriter and bookrunner, with Teniz Capital Investment Banking as the sole local manager from Kazakhstan.

Bond Structure

The placement comprised a 5 billion yuan three-year tranche and a 1.6 billion yuan five-year tranche. Coupon rates were set at 1.82% for the three-year notes and 1.95% for the five-year notes. The total issuance of 6.6 billion yuan is equivalent to $983 million.

Underwriting Syndicate

China International Capital Corp served as lead underwriter and bookrunner. Industrial and Commercial Bank of China, China Construction Bank, Bank of China, and Export-Import Bank of China acted as co-underwriters and joint bookrunners. Teniz Capital Investment Banking was the sole local manager from Kazakhstan.

Market Significance

The placement marks Kazakhstan's return to China's panda bond market after its debut sovereign issuance of 3.4 billion yuan in May. Combined issuance across the two placements totals 10 billion yuan. Bank of China stated the successful placement demonstrates the attractiveness of China's capital market for sovereign financing and strengthens the yuan's international role.