AGZ Zan Hub advised the investment bank J.P. Morgan Securities plc as the sole manager on all aspects of Kazakhstani legislation regarding this issuance and placement USD 400 million 7.75 % notes due 2030.

This is the first Eurobond issuance by a Kazakh bank in more than 10 years, marking a significant milestone not only for Kazakhstan’s capital markets, but for the entire banking sector in Kazakhstan. High demand from investors allowed to reduce the coupon rate from 8.25% to 7.75%, which emphasizes confidence in Kazakhstan's financial sector. The notes issue was an important event for Kazakhstan's capital market, contributing to the development of a balanced and sustainable financial market, attracting long-term investments and strengthening the competitiveness of the banking sector.

The Eurobonds were successfully listed on the Vienna Stock Exchange and the AIX exchange in Kazakhstan.

Zan Hub extends its gratitude to all participants in the transaction, including Linklaters' legal team, for their professionalism and efficiency. Congratulations to ForteBank, JP Morgan, and all parties on successfully achieving this important milestone!

Our team was led by partner Semion Issyk and included associates Tatyana Veryovkina and Kuanysh Abzhanov.