The China International Capital Corporation ( CICC ), acting as the left lead global coordinator and settlement bank, has successfully facilitated the Development Bank of Kazakhstan ( DBK )’s issuance of a three-year offshore yuan bond, with an aggregate amount of 2 billion yuan ( US$280.16 million ) and an issuance yield of 3.35%.

This marks the first yuan bond issued and listed globally by a Kazakhstan issuer, the first yuan bond from a Central Asian issuer, and the first time a Central Asian entity has listed yuan bonds on the Hong Kong Stock Exchange ( HKEX ).

With the 2025 Shanghai Cooperation Organization Summit underway, this bond issuance presents an innovative model of cross-border financing for China-Kazakhstan production capacity cooperation projects under the Belt and Road Initiative ( BRI ). It also sets a new benchmark for transnational financial cooperation and production capacity synergy in the context of high-quality BRI cooperation.

The offering attracted strong global investor interest, with the book reaching a peak size of 5 billion yuan. The bond was priced at the final guidance of 3.35%, 40 basis points tighter than the initial price guidance, setting, CICC an important benchmark for future yuan bond issuances by Central Asian corporates.

The deal saw active subscriptions from a diverse group of international investors, including supranationals, commercial banks, funds and asset managers, reflecting broad market confidence in yuan-denominated assets and the prospects of China-Kazakhstan cooperation.

The issuance of DBK’s dim sum bond underscores the bank’s confidence in the cross-border yuan system. It reaffirms the commitment of both China and Kazakhstan, the entities state, to deepening financial collaboration and advancing capital market connectivity. The successful transaction provides a stable yuan financing channel for infrastructure projects along the BRI network, supporting regional economic integration.

As one of the first Chinese investment banking institution to enter the Central Asian market, CICC became the first Chinese institution to obtain remote membership of the Astana International Financial Centre ( AIFC ) and the Astana International Exchange ( AIX ) in 2018, and signed a cooperation memorandum with the AIX in 2022 to jointly promote the issuance and trading of yuan-denominated products.

These efforts support the development of the AIFC’s offshore yuan market and explore cross-border investment and financing opportunities between China and Kazakhstan. CICC, it explains, “played a key role in this landmark bond issuance – grounded in its deep understanding of both Chinese and international capital markets, especially in Central Asia – significantly enhanceing subscription quality and market impact. It also established an innovative cross-border financing model for China-Kazakhstan production capacity cooperation under the BRI.”