Kazakhstan launches investor calls for planned 5-year USD eurobond under GMTN programme
On 23 September 2026 Kazakhstan held global investor calls and appointed Citi, J.P. Morgan and Société Générale as joint bookrunners and Teniz Capital as lead manager to prepare a benchmark-sized, five-year senior unsecured USD eurobond under the Republic's GMTN programme, subject to market conditions.
The desk brief
On 23 September 2026 Kazakhstan held global investor calls and appointed Citi, J.P. Morgan and Société Générale as joint bookrunners and Teniz Capital as lead manager to prepare a benchmark-sized, five-year senior unsecured USD eurobond under the Republic's GMTN programme, subject to market conditions.
A new on-the-run five-year USD sovereign from Kazakhstan would add benchmark supply in the 5y tenor and likely reallocate global USD demand across emerging-market fixed income. African sovereigns and corporates that compete for the same global investor base—notably Ghana, Côte d'Ivoire, Senegal and Nigeria—could see their five-year spread references reassessed, depending on Kazakhstan's issue size, pricing and investor take-up. Actual spread or price moves are conditional on final sizing, format and market liquidity at pricing.
Announcement of bookbuilding/pricing outcomes or a formal launch document (size, coupon, final maturity and listing) within the syndication period.
Sources & verification
Developing storyFurther independent confirmation is required.
- Kazakhstan names Teniz Capital as lead manager for new sovereign eurobond issueturkic.worldSource published (opens in a new tab)
- Kazakhstan prepares new 5-year Eurobond issueinterfax.kz (opens in a new tab)
Public references supporting this brief.