Zan Hub acted as a legal advisor on all aspects of Kazakhstani legislation and AIFC acting law for SWF Samruk-Kazyna in connection with issuance and placement of debut (i.e. the first in the Fund’s history) eurobonds. Placement was made in the amount of USD 500mln with 2.00% coupon and maturity in 2026.

For the first time in history, bookbuiding for the purchase of bonds took place on three exchanges simultaneously: on the London Stock Exchange (LSE), on the Kazakhstan Stock Exchange (KASE) and on the exchange of the Astana International Financial Center (AIX).

During the bookbuilding, the total demand for Eurobonds exceeded the initial offer by almost three times. Eurobonds were distributed among investors from Kazakhstan (43%), UK and Europe (37%), USA (16%) and Asia (4%). The main class of investors is represented by managing companies and funds (47%), banks (46%), as well as insurance companies and pension funds (7%).

The project was carried out by the firm partner Semion Issyk, counsel Karina Sultanaliyeva and associates Tatyana Veryovkina, Kuanysh Abzhanov and Yenlik Muratova.

Semion Issyk comments: “We are extremely happy to be at the forefront: to provide consultations to our clients on such projects, about which we can confidently say “the first in history” or “the first of their kind”. Zan Hub provided legal support of the first Eurobond offering on AIX, the first offering of shares and GDRs on AIX. We have advised on the first (and so far the only) international SPO of a quasi-public sector company. The first in the history of Kazakhstan GDR offer through ABB.

And now we have acted as a legal counsel not only on the first ever Eurobond issue by the SWF Samruk-Kazyna, but also on the first in the history of Kazakhstan Eurobond offer on three exchanges simultaneously.

We value the trust of our clients and do our best to ensure that the transactions we are working on are carried out flawlessly, even if this is the first transaction of this kind or the first transaction of such a client.”