October 2025 – Kinstellar has advised Baiterek National Managing Holding (“Baiterek”) on the placement of USD 500 million Eurobonds with a five-year maturity and a 4.65% coupon rate. The bonds were placed among a wide range of international investors from the United States, the United Kingdom, Europe, and Asia, and are listed on the Vienna Stock Exchange (Wiener Börse) and the Kazakhstan Stock Exchange (KASE). The joint bookrunners were J.P. Morgan, Société Générale, Alatau City Invest, Halyk Finance, and Teniz Capital Investment Banking.
The new placement follows Baiterek’s debut Eurobond issuance in May 2025, in which Kinstellar also acted as legal counsel. That transaction involved USD 500 million senior unsecured Eurobonds under Regulation S / Rule 144A, listed on the London Stock Exchange’s International Securities Market (ISM), the Vienna MTF of Wiener Börse, and the Kazakhstan Stock Exchange.
This second issue achieved one of the lowest borrowing costs among comparable issuers in the region and further broadened Baiterek’s investor base. The proceeds are expected to support Baiterek’s ongoing financing activities and strengthen its presence in the international debt capital markets.
Our legal team was led by Counsel Pavel Kornilov together with Managing Partner, Joel Benjamin, with further support from Junior Associates Kamila Serik and Akezhan Mukhambetzhanov.