GRATA International Advises Ministry of Finance of the Kyrgyz Republic on Landmark $700 Million Sovereign Bond Offering

GRATA International is proud to have acted as Kyrgyz legal counsel to the Ministry of Finance of the Kyrgyz Republic in connection with the country’s debut issuance of sovereign bonds on international capital markets.

On May 28, 2025, the Kyrgyz Republic successfully placed $700 million in sovereign bonds with a five-year maturity and a coupon rate of 7.75%. This transaction marks the country’s first-ever sovereign bond issuance and represents a major milestone in its integration into global financial markets.

The issuance attracted strong investor interest, with peak demand exceeding $2.1 billion—more than three times the final offering size. Over 100 international investors from the United Kingdom, the United States, Europe, and Asia participated in the placement.

This bond offering is the first series issued under the newly established $1.7 billion multicurrency Global Medium-Term Note (GMTN) Program. The notes were issued under Rule 144A and Regulation S and are listed on both the London Stock Exchange and the Hong Kong Stock Exchange.

Proceeds from the offering will be used to support general budgetary needs, including the financing of key infrastructure and hydroelectric power projects, aimed at enhancing the country’s long-term economic resilience and growth.

GRATA’s team, led by Partner Nurlan Kyshtobaev and Counsel Sultan Tolomushev, provided comprehensive legal support on all Kyrgyz law matters, including regulatory advice, preparation of local documentation, and coordination with international legal counsel.

We are honored to have supported the Ministry of Finance on this landmark transaction, which firmly positions Kyrgyzstan on the international capital markets map and demonstrates the government’s commitment to sustainable development.