LONDON, 4 September 2025 – Baker Botts L.L.P. advised JSC Development Bank of Kazakhstan (DBK), a subsidiary of Baiterek Holding, on the issuance of its CNY 2 billion 3.35% Notes due 2028, issued as Series 19 under DBK’s U.S.$5 billion Medium Term Note Programme. The transaction marks the first-ever placement of Eurobonds in Chinese Yuan by a government-owned Central Asian issuer.

The issuance is reportedly the largest Yuan-denominated bond offering from the CIS region, the first of its kind in Central Asia, and the lowest yield achieved by a BBB rated issuer from outside of China in the past 15 years. The Notes are dual listed on the Hong Kong Stock Exchange and the Kazakhstan Stock Exchange. DBK intends to use the proceeds to support Kazakhstani enterprises focused on exports to China.

The joint bookrunners for the transaction were China International Capital Corporation Hong Kong Securities Ltd., China CITIC Bank International Ltd., J.P. Morgan Securities plc, Deutsche Bank AG (Hong Kong Branch), Halyk Finance JSC, China Industrial Bank Ltd. (Hong Kong Branch), China Zheshang Bank Ltd. (Hong Kong Branch), and CMBC Securities Company Ltd.

The Baker Botts team included Partners Patrick Lyons and Jennifer Rees, with Senior Associate Amy Rees in London.

The transaction follows the team’s recent role advising DBK on its dual-tranche and dual-currency Eurobond issuances under the same U.S.$5 billion Medium Term Note Programme, closed in July 2025. 

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