Squire Patton Boggs has advised Sovereign Wealth Fund “Samruk-Kazyna” JSC, as counsel to the issuer as to English, U.S., Hong Kong, Kazakhstan and AIFC law, on the establishment of its US$1.5 billion Rule 144A/Regulation S Medium Term Note Programme and the inaugural issuance under the Programme of CNY2 billion 2.15% notes due 2029 and CNY1 billion 2.30% notes due 2031.
The programme provides a platform for the notes to be admitted to trading on the International Securities Market of the London Stock Exchange, and listed on the Hong Kong Stock Exchange, the Kazakhstan Stock Exchange and the Astana International Exchange, giving Samruk-Kazyna flexible access to the international debt capital markets.
The inaugural issuance marks Samruk-Kazyna’s debut in the offshore renminbi (“dim sum”) bond market and is the first dim sum issuance by a sovereign wealth fund from Central Asia. The transaction attracted strong international investor demand, with combined orderbooks of over CNY8.4 billion, approximately 2.8 times the CNY3 billion issued.
The notes were offered outside the United States in reliance on Regulation S and are listed on the Hong Kong Stock Exchange and the Astana International Exchange. The transaction was settled through the Hong Kong Monetary Authority’s Central Moneymarkets Unit.
The issuance reflects the continued development of the dim sum bond market, including its broadening global investor base and increasingly diverse issuer profile. It also demonstrates the growing financing opportunities available to international issuers as the renminbi develops as a global funding currency.
The multidisciplinary, cross-border Squire Patton Boggs debt capital markets team was led by London-based director Maxim Khrapov and brought together lawyers from across the firm's UK, US, Hong Kong, Kazakhstan and AIFC practices. The team included Partner Tomas Cerdan (Dubai); partners Naveen Pogula and Darina Kogan Bellamy and associate Jack Cofer (U.S.); senior associate Charles Lam (Hong Kong); and partner Kopzhan Musrepov and associates Inkar Bolatbekova and Aigerim Assil (Astana).
Commenting on the transaction, Maxim Khrapov said: “We are delighted to have supported Samruk-Kazyna's entry into the dim sum bond market. The transaction reflects the increasing ambition of issuers from Kazakhstan and the wider Central Asian region, as well as the growing relevance of offshore renminbi funding to international borrowers. Its successful execution was an integrated effort across our English, U.S., Hong Kong, Kazakhstan and AIFC practices.”
Darina Kogan Bellamy added: “Establishing the programme gives Samruk-Kazyna access to a broader range of international funding options and creates a strong foundation for future capital markets activity. The transaction demonstrates the strength of our combined international DCM platform. We are grateful to the Samruk-Kazyna management team for their confidence in us and thank the banks and other advisers for their close collaboration throughout the transaction.”
