LONDON, 6 May 2026 – Baker Botts L.L.P. advised JSC Development Bank of Kazakhstan (DBK), a subsidiary of Baiterek Holding, on the successful placement of tenge denominated Eurobonds in the international capital markets.

DBK issued KZT 230 billion 3 year Eurobonds with a coupon rate of 16.95% per annum. The bonds were placed at a yield below the prevailing base rate set by the National Bank of Kazakhstan, reflecting strong demand from international investors for tenge denominated instruments. Payments under the bonds are payable in U.S. Dollars.

The issuance attracted a diversified international investor base of more than 30 investors across Europe, the United States and Asia. The Eurobonds were dual listed on the Vienna MTF of the Vienna Stock Exchange and the Astana International Exchange (AIX). Proceeds from the issuance will be used to refinance existing indebtedness and to fund DBK’s investment projects and export operations.

The global coordinators and joint bookrunners for the transaction were J.P. Morgan, Société Générale and Mashreqbank, while the Kazakhstan managers and joint bookrunners were ForteFinance and Alatau City Invest.

The Baker Botts team was led by partners Patrick Lyons and Jennifer Rees, with senior associate Amy Rees in London.

This transaction marks the fourth occasion on which the team has advised DBK in the past 12 months and follows its recent advice on DBK’s inaugural Dim Sum bond and its dual tranche and dual currency Eurobond issuances. It reinforces the firm’s established presence in Central Asia and its experience advising regional issuers on complex international debt capital markets matters.

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