LONDON, September 14, 2026 — Baker Botts L.L.P., a leading international energy, technology and life sciences law firm, advised Development Bank of Kazakhstan JSC (DBK), a subsidiary of Baiterek Holding, on its CNY 3.7 billion dual-tranche Dim Sum bond issuance in the international capital markets.

The transaction comprised a CNY 2 billion five-year tranche with a coupon rate of 2.25% per annum and a CNY 1.7 billion ten-year tranche with a coupon rate of 2.75% per annum. The bonds are listed on the Astana International Exchange (AIX) and the Hong Kong Stock Exchange (HKSE).

The issuance is the largest-ever yuan-denominated bond issuance by a CIS issuer and achieved the lowest interest rates ever recorded for issuers from the region in the Dim Sum bond market. The transaction also established the first full three-year, five-year and 10-year CNH yield curve for a Kazakh issuer and achieved the lowest coupon among Central Asian CNH issuers.

The offering attracted strong demand from international and local investors, with aggregate orders exceeding CNY 25 billion.

The joint lead managers and bookrunners were Bank of China, Bank of China (Hong Kong), China International Capital Corporation, Industrial Bank Co., Ltd. Hong Kong Branch, Deutsche Bank, Guotai Junan International, ICBC (Asia), Société Générale and BCC Invest JSC. CCB International, CMBC Capital and Shanghai Pudong Development Bank Hong Kong Branch acted as joint bookrunners.

This transaction follows Baker Botts’ recent work advising on U.S. dollar and tenge issuances under DBK’s Medium Term Note Programme. Baker Botts also acted on DBK’s inaugural CNY 2 billion Dim Sum bond issuance in September 2025, which marked the first-ever placement of Eurobonds in Chinese yuan by a government-owned Central Asian issuer.

Baker Botts Offices/Lawyers Involved:

Capital Markets: Patrick Lyons (Partner, London); Jennifer Rees (Partner, London); Amy Rees (Senior Associate, London)

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