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KazMunayGas Issues CNY 3.5 Billion of Bonds

28.08.2026

On 26 August 2026, KazMunayGas NC JSC (“KMG”) closed the order book for a Eurobond offering (Dim Sum bonds) with an aggregate principal amount of CNY 3.5 billion.

The issuance enabled KMG to raise financing in the Eurobond market at a historically low borrowing cost for the company. The proceeds will be used to finance KMG’s large-scale investment program.

KMG will place CNY 1.5 billion of five-year bonds with a coupon rate of 2.3% per annum and a yield of 2.45%, as well as CNY 2 billion of ten-year bonds with a coupon rate of 2.8% per annum and a yield of 2.98%.

Moody’s assigned a Baa1 credit rating to the bonds, in line with KMG’s rating. Settlement is scheduled for 2 September 2026.

The Eurobond offering was preceded by a two-day roadshow in Hong Kong, during which meetings were held with leading Asian investors. At its peak, the aggregate order book exceeded CNY 25 billion, more than seven times the announced offering size.

The order book was the largest in the history of Dim Sum bond offerings by issuers outside China and Hong Kong. Investors included banks, insurance companies, hedge funds and government investment funds.

BOC International, Bank of China (Hong Kong), China CITIC Bank International, Industrial and Commercial Bank of China (Asia) Limited and Citi acted as Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers, together with Halyk Finance, which acted as Kazakhstan Lead Manager. BOCOM International and Industrial Bank Co., Ltd. Hong Kong Branch acted as Joint Lead Managers and Joint Bookrunners.

JSC NC KazMunayGas

On 26 August 2026, KazMunayGas NC JSC (“KMG”) closed the order book for a Eurobond offering (Dim Sum bonds) with an aggregate principal amount of CNY 3.5 billion.

The issuance enabled KMG to raise financing in the Eurobond market at a historically low borrowing cost for the company. The proceeds will be used to finance KMG’s large-scale investment program.

KMG will place CNY 1.5 billion of five-year bonds with a coupon rate of 2.3% per annum and a yield of 2.45%, as well as CNY 2 billion of ten-year bonds with a coupon rate of 2.8% per annum and a yield of 2.98%.

Moody’s assigned a Baa1 credit rating to the bonds, in line with KMG’s rating. Settlement is scheduled for 2 September 2026.

The Eurobond offering was preceded by a two-day roadshow in Hong Kong, during which meetings were held with leading Asian investors. At its peak, the aggregate order book exceeded CNY 25 billion, more than seven times the announced offering size.

The order book was the largest in the history of Dim Sum bond offerings by issuers outside China and Hong Kong. Investors included banks, insurance companies, hedge funds and government investment funds.

BOC International, Bank of China (Hong Kong), China CITIC Bank International, Industrial and Commercial Bank of China (Asia) Limited and Citi acted as Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers, together with Halyk Finance, which acted as Kazakhstan Lead Manager. BOCOM International and Industrial Bank Co., Ltd. Hong Kong Branch acted as Joint Lead Managers and Joint Bookrunners.

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