Kazakhstan Issues First Sovereign Panda Bond, Raising Around $500M

Kazakhstan has issued its first sovereign panda bond, raising RMB 3.4 billion (approximately $500 million). The three-year bond carries a yield of 1.9% and was listed on both the Beijing Financial Assets Exchange and the Astana International Exchange, with subscriptions reaching twice the offering size. Kazakhstan's total external debt to China has climbed to $12.87 billion, up roughly $3.5 billion from the end of 2024. The country, once a major player in global Bitcoin mining hash rate, now draws investor attention to its crypto regulatory direction amid deepening financing ties with Beijing.