GRATA International Advises “Eldik Bank” OJSC on Debut USD 500 Million Eurobond Issuance

GRATA International acted as Kyrgyz legal counsel to “Eldik Bank” OJSC in connection with the country’s first-ever Eurobond issuance by a domestic financial institution on the international capital markets.

On 24 April 2026, “Eldik Bank” OJSC successfully placed its debut Eurobond issuance in the amount of USD 500 million. The notes were issued in accordance with Rule 144A and Regulation S and were admitted to trading on the International Securities Market of the London Stock Exchange, marking a significant milestone in the Bank’s development and an important event for the financial sector of the Kyrgyz Republic.

The issuance demonstrated strong interest from international investors in Kyrgyzstan’s financial institutions and reflected growing confidence in the country’s banking sector from the global investment community, and also paved the way for our companies’ future corporate listings.

The issuance attracted strong interest from international investors: aggregate demand exceeded USD 1 billion, with more than 80 international institutional investors participating in the offering, primarily from the United Kingdom, the United States, and continental Europe, including asset managers, hedge funds, banks, and private banks.

The proceeds raised are intended to be used to expand financing for priority sectors of the economy, support infrastructure development and the implementation of strategically significant initiatives, promote sustainable development and the ESG agenda, as well as finance projects in the field of green economy.

The legal support to the project by GRATA International team was led by Partner Nurlan Kyshtobaev and Counsel Sultan Tolomushev, with the participation of Associates Aibek Shamurzaev and Bermet Mukaeva. The firm provided comprehensive legal support for the transaction under the laws of the Kyrgyz Republic, including regulatory advice, preparation and review of transaction documents governed by Kyrgyz law, as well as coordination with international legal counsel and investment banks. 

GRATA International’s participation in this project further confirms the firm’s expertise in advising on complex cross-border financing transactions and capital markets deals, as well as its leading role in supporting strategically significant projects in Kyrgyzstan.

GRATA International is proud to have contributed to the successful implementation of this transaction, which supports the further development of the financial market of the Kyrgyz Republic and strengthens its position as a reliable issuer.