Sou Hu Cai Jing·2025-09-02 12:07Core Insights - The issuance of a 20 billion RMB offshore bond by the Development Bank of Kazakhstan marks several firsts in the market, including being the first RMB bond issued by a Kazakh issuer in the global market and the first publicly issued RMB bond in Central Asia [2][3] - The bond issuance is seen as a significant step in enhancing financial cooperation between China and Kazakhstan, providing a stable RMB financing channel for infrastructure projects along the Belt and Road Initiative [3] Group 1 - The bond has a maturity of three years and a coupon rate of 3.35%, with a peak order book reaching 50 billion RMB, indicating strong global investor interest [2] - The final pricing of 3.35% was significantly narrowed by 40 basis points from the initial price guidance, setting a benchmark for offshore RMB bond issuance by Central Asian enterprises [2] - The issuance attracted a diverse range of international investors, including sovereign funds, commercial banks, insurance, and asset management institutions, reflecting high market recognition of RMB assets and the cooperation prospects between China and Kazakhstan [2] Group 2 - The successful issuance of the bond is a major advancement in deepening financial cooperation and promoting connectivity in capital markets between China and Kazakhstan [3] - China International Capital Corporation (CICC) has been a pioneer in the Central Asian market, having obtained remote membership qualifications for the Astana International Financial Centre and the Astana International Exchange in 2018 [3] - CICC's role in this bond issuance is seen as a milestone, enhancing subscription quality and market influence while exploring innovative cross-border financing models under the Belt and Road Initiative [3]