Commentary & Deal Flow

The Republic of Kazakhstan, rated Baa1/BBB/BBB (Moody's/S&P/Fitch) (all stable), has mandated Citi, J.P. Morgan and Societe Generale as Joint Lead Managers and Joint Bookrunners and Teniz Capital as Kazakhstan Lead Manager to arrange a Global Investor Call at 1pm UKT / 2pm CET / 8am EST on Wednesday, 23-Sep-26, as well as a series of fixed-income investor calls commencing on the same day.

An expected € benchmark, 144A/Reg S, senior unsecured 5yr offering will follow, subject to market conditions.

• Programme: GMTN Programme
• Listing: London Stock Exchange, Astana International Exchange (AIX) and Kazakhstan Stock Exchange (KASE)
• Stabilisation: Relevant stabilisation regulations, including FCA/ICMA, apply