Sayat Zholshy & Partners Advising on the Second Issuance of the Kazakhstan Sovereign Panda Bonds

On 7 September 2026, the Republic of Kazakhstan successfully completed its second issuance of sovereign Panda bonds on the Chinese stock market, in a total volume of RMB 6.6 billion. 

The Panda bonds were placed in two tranches: a 3-year tranche at a coupon rate of 1.82% per annum in the amount of RMB 5 billion, and a 5-year tranche at a coupon rate of 1.95% per annum in the amount of RMB 1.6 billion.

Sayat Zholshy & Partners (SZP) and Fangda Partners, acting as Legal Counsel for the issuance, combined the expertise of two leading law firms from Kazakhstan and China.  The second issuance of Panda bonds was handled by SZP as part of a larger project focusing on the raising of funds on the Chinese stock market where SZP provided legal support for issuing and placing Dim Sum and FTZ bonds.

SZP team was headed by Senior Partner Arman Berdalin (who is also in charge of the China Desk) and Counsel Olzhas Daniyarov (Head of Banking and Finance).

The second issuance of sovereign Panda bonds demonstrates the steady expansion of Kazakhstan's presence in the Chinese capital market, contributes to the development of Kazakhstan's sovereign yield curve in Chinese renminbi, and establishes a benchmark for future issuances by Kazakhstani quasi-sovereign and corporate issuers.