Kazakhstan Issues Second Sovereign Panda Bond, Teniz Capital Acts as Local Manager

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Teniz Capital Investment Banking acted as local manager in Kazakhstan's second sovereign Panda bond issuance, completed by the Kazakh Ministry of Finance on China's onshore bond market for a total of RMB 6.6 billion, about 985 million dollars. The bonds were placed in two tranches: a three-year tranche of RMB 5 billion at 1.82 percent and a five-year tranche of RMB 1.6 billion at 1.95 percent. China International Capital Corporation Limited acted as lead manager, with China Construction Bank, ICBC, the Export-Import Bank of China, and Bank of China as joint lead managers. Teniz Capital served as the sole local manager on the Kazakh side, following its role in the debut sovereign Panda bond in May 2026. The issuance follows an upgrade of Kazakhstan's sovereign credit rating by S&P Global Ratings to BBB with a stable outlook.

Impact on stocks 6

Financials▲ · 1 stocks
Cloud & Digital Infrastructure▲ · 1 stocks
Others▲ · 4 stocks
Bank of China Limited
601988
▲ PositiveCapitalrelevance

Bank of China was a joint lead manager on Kazakhstan's sovereign Panda bond issuance.

Off-coverage companies 2

Teniz Capital Investment Banking JSCPrivate▲ Positive
Capitalrelevance

Teniz Capital served as sole local manager on Kazakhstan's RMB 6.6bn sovereign Panda bond issuance, a mandate that generates investment-banking fees.

The Export-Import Bank of ChinaPrivate▲ Positive
Capitalrelevance

The Export-Import Bank of China served as a joint lead manager on the Panda bond deal.

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