April 2026 – Kinstellar has advised J.P. Morgan on the debut issuance of KZT-denominated senior unsecured Eurobonds by Baiterek Holding, Kazakhstan’s leading state-owned development institution, raising a total of KZT 250 billion (approximately USD 530 million).
The issuance represents the second-largest KZT-denominated Eurobond transaction on record and was fully placed with international institutional investors, reflecting strong global demand for Kazakhstan credit despite continued volatility in international financial markets.
The transaction marks an important milestone in Baiterek Holding’s access to international capital markets and supports the ongoing diversification of its funding base. The proceeds will be allocated to priority sectors, including housing development and the agro-industrial complex.
The team was led by Partner Pavel Kornilov, supported by Associate Kamila Serik.