Linklaters has advised the lead managers on the Development Bank of Kazakhstan’s (DBK) RMB 3.7bn dim sum bond offering, the largest Renminbi-denominated bond issuance by an issuer from the Commonwealth of Independent States (CIS).
The offering comprised RMB 2bn five-year notes and RMB 1.7bn 10-year notes issued under DBK’s US$6.8bn Medium Term Note Programme. The notes are listed on both the Astana International Exchange and the Hong Kong Stock Exchange and clear through the Central Moneymarkets Unit (CMU).
The transaction achieved the lowest coupon to date for a CIS issuer in the dim sum bond market and attracted demand from international and regional investors.
The issuance follows DBK’s inaugural RMB 2bn dim sum bond, the first such offering by a Central Asian issuer. Together, the two transactions have established the first three-year, five-year and 10-year offshore Renminbi yield curve for a Kazakh issuer.
The Linklaters’ international, integrated team was led by partners Simon Few, Michael Ng and Terence Lau, with support from counsel Vladimir Gogokhiya. The team leveraged the knowhow and market expertise of the firm’s global platform, combined with the Hong Kong team’s deep product knowledge and understanding of the market infrastructure.
Linklaters combines longstanding experience advising on sovereign, financial institution and corporate debt offerings across Central Asia and the wider Eurasia region with deep expertise in the dim sum bond market, CMU clearing and related market infrastructure. Working as an integrated cross-border team, the firm supports Central Asian issuers and financial institutions throughout the transaction cycle, from origination to closing.
About Linklaters LLP
Linklaters LLP is a leading global law firm, advising the world’s leading banks, corporates and private capital clients on their most important and challenging transactions and assignments. We combine legal expertise with a collaborative and commercial approach to help clients navigate rapidly evolving markets and regulatory environments. Our teams operate at the forefront of all major practice areas and sectors, working as one team globally to enable clients to confidently seize opportunities and navigate risk. With offices in major business and financial centres, we deliver an outstanding service to our clients anywhere in the world.
