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Kinstellar advises on the successful USD 1.5 billion sovereign Eurobond issuance by the Ministry of Finance of the Republic of Kazakhstan
Kinstellar has advised Citigroup Global Markets, J.P. Morgan Securities, and Standard Chartered Bank (Joint Lead Managers), alongside Halyk Finance and Teniz Capital Investment Banking (Kazakhstan Lead Managers), on the successful issuance of USD 1.5 billion sovereign Eurobonds by the Ministry of Finance of the Republic of Kazakhstan. The bonds, with a 4.412% coupon rate and maturing in 2030, were issued under Kazakhstan’s USD 15 billion Global Medium Term Note Programme. The issuance was highly successful, with the orderbook significantly oversubscribed, reflecting significant demand from global investors. The final yield of 4.412% is the lowest ever achieved by Kazakhstan in its sovereign Eurobond market, demonstrating
Kinstellar advises joint global coordinators on KazMunayGas’s debut CNY-denominated Eurobond issuance
Kinstellar has advised the joint global coordinators, bookrunners and lead managers, Bank of China (Hong Kong), BOCI Asia, China CITIC Bank International, China International Capital Corporation Hong Kong Securities, Citigroup Global Markets, Industrial and Commercial Bank of China (Asia) and SkyBridge Invest, on Kazakhstan law matters in connection with the debut issuance by National Company "KazMunayGas" (“KMG”) of CNY 1.25 billion five-year senior unsecured Dim Sum bonds with a coupon rate of 2.95% and a yield of 3.15%, under its newly established CNY 10 billion Medium Term Note Programme. The issuance, rated Baa1 by Moody’s, marks KMG’s first-ever entry into the Chinese yuan bond market and represents the
EBA consults new SREP Guidelines: Revisions reflect regulatory developments, including DORA and ESG, as well as lessons learned
On 24 October 2025, the European Banking Authority (“EBA”) published a consultation paper on revised guidelines on common procedures and methodologies for the supervisory review and evaluation process (“SREP”) and supervisory stress testing (EBA/CP/2025/21). The consultation period will last three months, until 26 January 2026. The revised SREP Guidelines are expected to apply from 1 January 2027. New SREP Guidelines will integrate recent legislative changes and address lessons learned Since the issuance of the initial SREP Guidelines in 2014 and its subsequent revisions in 2017 and 2021, the European regulatory framework has significantly advanced. Mainly, the CRR III/CRD IV banking package, the Digital
EU adopts 19th sanctions package against Russia
On 23 October 2025, following a European Commission proposal issued on 19 September 2025 and extended negotiations among Member States, the Council of the EU adopted its 19th sanctions package against Russia in response to its ongoing aggression against Ukraine. The latest package reinforces existing restrictions targeting Russia’s military-industrial complex, energy sector and financial system, building on the measures introduced under the 18th package. It further strengthens the EU’s efforts to combat circumvention, including by designating additional entities and individuals located in third countries. In parallel, the EU has adopted additional sanctions against Belarus, including trade-related measures
Kinstellar welcomes leading Austrian financial markets expert Miriam Broucek as Partner in Vienna
Kinstellar is delighted to announce that Miriam Broucek, a highly regarded banking & finance lawyer, has joined our newly launched Vienna office as a Partner. Her arrival marks the launch of our Banking & Finance practice in Austria, a significant step in expanding our capabilities in this core area. With her outstanding track record and expertise, Miriam will play a key role in building and leading our finance offering in Vienna, ensuring we provide clients with seamless support on complex local and cross-border matters. Miriam is a recognised expert in financial markets law with many years of experience advising Austrian and international financial institutions on a broad range of regulatory matters, including
Kinstellar advises Baiterek National Managing Holding on its second USD 500 million Eurobond issuance
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
Kinstellar advises DTCP on lead investment in Czech startup Resistant AI
Kinstellar has successfully advised DTCP on its lead investment in Resistant AI, a Czech startup specialising in AI-driven fraud prevention solutions for financial institutions. The investment formed part of a USD 25 million Series B financing round, which also saw participation from existing investors, including Notion Capital, GV (formerly Google Ventures), and Experian. The transaction marks a significant milestone for Resistant AI and comes at a time of mounting market urgency to defend against the surge of AI-generated fraud attempts. With operations in Prague, London and New York, the company has rapidly scaled its revenue and achieved profitability. The Series B funding will support further expansion into new territories
Kinstellar advises on Dual-Currency Eurobond issuance by Ipoteka Bank OTP Group, in Uzbekistan
Kinstellar has advised J.P. Morgan, Citi, Société Générale, OTP Bank as Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers and Bank of China and Mashreq as Co-Bookrunners; and BNY Mellon Corporate Trustee Services Limited as Trustee, on the successful Eurobond issuance by Ipoteka Bank OTP Group. This is the first-ever public Eurobond issuance by a private bank in Uzbekistan setting a new milestone for the development of country’s banking and financial sector. The Reg S-only dual-currency offering comprised USD 300 million of 5-year senior unsecured notes and the UZS 1.2 trillion of 3-year senior unsecured notes. This landmark transaction marks a major milestone for Ipoteka Bank OTP Group
Croatia introduces Draft Foreign Direct Investment Screening Act
The Croatian Government has introduced the Draft Act on the Screening of Foreign Investments, which is currently undergoing public consultations. The Draft Act seeks to establish a foreign direct investment (FDI) screening mechanism in line with Regulation (EU) 2019/452 and OECD investment standards. Its aim is to create a national framework for reviewing FDIs that may pose risks to national security or public order. The Draft Act is open to public comments (via https://esavjetovanja.gov.hr/) until 3 October 2025. Scope of application The screening mechanism will apply to: Foreign investors – natural or legal persons from third countries, and EU entities that are under direct or
Kinstellar advises on the acquisition financing of the River Garden II and III office buildings in Prague
Kinstellar has successfully advised UniCredit Bank Czech Republic and Slovakia (UCB) and Česká spořitelna (ČS) in connection with the acquisition financing of the River Garden II and III office buildings located in Prague’s Karlín district. UCB also acted as escrow agent for the settlement of the acquisition. The financing supported the purchase of the properties by Aurelia fondy SICAV, acting on behalf of its sub-fund Aurelia nemovitostní fond SMS & Axelor, podfond. The seller in the transaction was Encore Plus Properties II. Kinstellar’s core team was led by Jan Juroška (Partner) and included Martina Březinová (Counsel), Katarína Jendželovská (Senior Associate), Martin Holub (Managing
Updates on NIS2 in Romania
Following up on our initial article regarding the transposition of the NIS2 Directive (EU) 2022/2555 (“NIS2”) in Romania via Government Emergency Ordinance no. 155/30.12.2024 (“GEO 155”), we would like to inform you of the following relevant evolutions in this area as of today, 20 August 2025: The Romanian National Directorate for Cybersecurity ("DNSC”) has issued the long awaited application norms for registering with DNSC as important or essential entity. DNSC Order no. 1/2025 was published in the Official Gazette of Romania on 20 August 2025. As of publication, in-scope entities have 30 days at their disposal to register with DNSC. Registration should primarily be done using the online
Overview of the Law on Factoring: New opportunities for business financing in Ukraine
The Law of Ukraine "On Factoring" No. 4466-IX dated 3 June 2025 (the "Law") introduces a comprehensive update to existing laws governing factoring. The goal of the Law is to align Ukrainian regulations with best international standards and to establish a modern, digital, and transparent model for interaction in the receivables financing market through the assignment of monetary claims. What changes will the country’s financial markets experience due to the Law’s adoption? What new tools will Ukrainian businesses gain? The Law will take effect less than one year from now, on 30 July 2026. We offer here an overview of its key provisions, including the innovations it introduces. Click on one of the images