The international publication IFR Asia has awarded the Development Bank of Kazakhstan (a subsidiary of Baiterek Holding, hereinafter – DBK, the Bank) the Renminbi Bond of the Year 2025 prize for its issuance of eurobonds denominated in Chinese yuan.
In September 2025, DBK issued bonds worth RMB 2 billion with a three-year tenor. The transaction was the first of its kind for issuers from Central Asia in the offshore renminbi (Dim Sum) market and, at the same time, the largest placement in this currency among BBB-rated borrowers outside the Asia-Pacific region. Strong investor demand enabled the Bank to achieve final pricing at the most favourable level within the indicated range.
The success of this transaction confirms the confidence of the international community in DBK’s financial strength and in Kazakhstan’s overall investment appeal, even amid volatility in global markets.
“The Bank continues to implement its strategy of diversifying funding sources, including entry into new currencies and markets. We view the renminbi market as a priority area and plan to gradually expand our presence there, including by extending borrowing maturities and building a yield curve in this currency,” said Marat Yelibayev, Chairman of the Management Board of DBK.
The use of renminbi is logical in the context of the growing trade turnover between Kazakhstan and China. This demonstrates that the Bank’s choice of currency was not incidental, but driven by specific economic objectives. In this way, DBK has paved the way for other Kazakhstani and Central Asian issuers in the Dim Sum market.
The IFR Asia award reflects the significance of the Bank’s entry into a new segment of the international debt market and confirms the high standard of preparation and execution of the transaction. The placement helped broaden the investor base and strengthen DBK’s position as an active participant in global capital markets.
“The IFR Asia award confirms the success of our debut in the offshore renminbi market and the strong interest shown by investors. Going forward, we see our role not only as a borrower, but also as a development institution that will support Kazakhstani companies in accessing international capital markets, including the renminbi market,” said Botagoz Abisheva, Deputy Chair of the Management Board of DBK, at the award ceremony in Hong Kong.
IFR Asia is one of the leading international publications covering capital markets and annually recognises the most significant transactions and achievements of financial market participants. Its awards are widely regarded as the “Oscars” of Asian finance.
