Kazakhstan Issues Its First Panda Bonds on China's Securities Exchange
Kazakhtelegram News Agency — According to the Ministry of Finance, Kazakhstan has successfully issued its first renminbi-denominated panda bonds on China's securities exchange.
The total amount of the bonds issued on May 26, 2026, was 3.4 billion yuan, equivalent to approximately 500 million U.S. dollars. The bonds have a three-year maturity and a fixed annual coupon rate of 1.9%.
According to the Ministry of Finance, demand for the bonds during the subscription phase was twice the supply. This reflects confidence among Chinese institutional investors in Kazakhstan’s stable economic growth and low public debt levels.
Kazakhstan has also set a record by achieving the lowest bond yield among BBB-rated countries — a level comparable to that of AA-rated nations.
The ministry noted that this record-low coupon rate is the result of sustained fiscal and tax reforms, as well as political reforms initiated by the head of state. Furthermore, the issuance of panda bonds will help establish guidelines for future bond issuances by non-state institutions and corporate entities.
The Ministry of Finance stated that this agreement marks an important step toward strengthening the comprehensive strategic partnership between Kazakhstan and China.
It is understood that the panda bonds will be listed on both the Beijing Financial Assets Exchange and the Astana International Financial Centre Exchange.
The Ministry emphasized that the government’s borrowing policy aims to diversify its debt portfolio, reduce debt servicing costs, and maintain international investors’ confidence in Kazakhstan’s sovereign credit rating. Moreover, this asset allocation was carried out within the framework of the approved external national borrowing plan.
"Currently, the public debt level remains safely within controllable limits, standing at 20% of GDP. This figure is significantly below the established ceiling of 32%, placing it among the lowest in the world," the Ministry said.
Original source: toutiao.com/article/1866332671382540/
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