Kazakhstan's sovereign wealth fund, Samruk-Kazyna, is preparing to significantly increase its international bond issuances to finance strategic projects for its portfolio companies. The fund's representatives are scheduled to meet with fund managers in London in early September and hold conference calls with investors from Europe, the Middle East, and the U.S. These meetings will introduce the fund and discuss future debt issuance plans, which are expected to include a benchmark dollar-denominated bond offering in September. Proceeds from this issuance will primarily be used to refinance $500 million in outstanding bonds. This year, Samruk-Kazyna plans to allocate $11.5 billion to investment projects, more than double the amount from the previous year.
Samruk-Kazyna has historically issued international bonds on an irregular basis, with its only current dollar-denominated issue maturing in October. Beyond the dollar-denominated bonds, the fund also launched its first yuan-denominated bond issue in April 2026. The fund is also encouraging more of its portfolio companies to access the bond market; for example, QazaqGaz issued $700 million in 10-year bonds and Kazakhstan's railway operator raised $1 billion in April. Fitch Ratings affirmed Samruk-Kazyna’s credit rating at BBB, noting stable dividends from its portfolio companies and that 83% of its 2024 financing came from the government at preferential rates.
Separately, the Kazakh government is also considering issuing panda bonds (yuan-denominated bonds) worth approximately $500 million in September. Kazakhstan already issued its first panda bonds in May 2026, raising 3.4 billion yuan ($500 million) with a three-year maturity and an annual interest rate of 1.9%. These efforts highlight a broader strategy by Kazakhstan and its state-owned entities to diversify funding sources and attract international investors.
