Historic Milestone for the Central Asian Capital Markets: Debut Panda Bond of Samruk-Kazyna

Astana International Exchange (“AIX” or “the Exchange”) is pleased to announce that Samruk-Kazyna Sovereign Wealth Fund JSC (“Samruk-Kazyna”) has successfully completed the placement of its debut Panda Bond, marking a landmark transaction for both the Fund and the capital market in Central Asia.

The issuance, denominated in Chinese yuan (CNY – onshore currency), was placed in an aggregate amount of CNY 3 billion with a tenor of three (3) years. The Bonds were priced with a final yield of 2.18% per annum, a new record low interest rate for issuers out of Central Asia. Listing on AIX took place on April 13, 2026.

This transaction represents a historic milestone, as Kazakhstani issuers have not previously accessed funding in China’s domestic debt capital market. The successful placement underscores growing investor confidence in Kazakhstan’s credit story and reflects deepening financial cooperation between Kazakhstan and China.

The bonds are rated AAA by CCXI, in line with Samruk-Kazyna’s strong credit profile, and are supported by international ratings of Baa1 / BBB- / BBB (Moody’s / S&P / Fitch).

Bank of China acted as a Lead Manager and Bookrunner for the transaction, alongside CICC, China Construction Bank, and Deutsche Bank (China). Teniz Capital Investment Banking served as the local Underwriter and Bookrunner on AIX.

The issuance attracted strong demand from a diversified base of high-quality institutional investors, demonstrating robust appetite for exposure to Kazakhstani credit in the onshore Chinese market.

Assel Mukazhanova, AIX CEO, said:

“Entry into China’s onshore market marks a strategic milestone for us, aligning with the broader opportunities arising from the Belt and Road Initiative. It not only diversifies our investor base but also allows us to benefit from favorable pricing dynamics and supportive market conditions. This transaction enhances funding flexibility, strengthens international visibility, and advances long-term ambition of building a resilient and well-balanced financial structure, while opening access to new and deep pools of capital.”

Nurlan Zhakupov, CEO of “Samruk-Kazyna” JSC, highlighted:  

 “This marks a significant step in our integration into global capital markets, as we have entered China’s domestic market for the first time. The placement demonstrated strong investor confidence in the Fund and its financial resilience and represents an important milestone in strengthening the strategic partnership between Kazakhstan and China.”

Reference:

AIX was formed in 2017 within the Astana International Financial Centre development framework. AIX shareholders are AIFC, the Shanghai stock exchange, the Silk Road Fund, and NASDAQ, which also provides the AIX trading platform. The exchange operates within a regulatory environment based on the principles of English Law, thus providing a reliable investment environment. www.aix.kz

The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz