On September 2, CICC, as the Global Lead Coordinator and Settlement Bank, successfully facilitated Development Bank of Kazakhstan JSC ("DBK") in the issuance of a 3-year offshore RMB bond, with an aggregate amount of RMB 2 billion and an issuance yield of 3.35%. This marks the first RMB bond issued and listed globally by a Kazakhstan issuer, the first RMB bond from a Central Asian issuer, also the first time a Central Asian entity has listed RMB bonds on the Hong Kong Stock Exchange. With the 2025 Shanghai Cooperation Organization Summit ongoing, this bond issuance provides an innovative model of cross-border financing for China-Kazakhstan production capacity cooperation projects under the Belt and Road Initiative. It also sets a new benchmark for transnational financial cooperation and production capacity synergy in the context of high-quality Belt and Road cooperation.

The offering attracted strong global investor interest, with the book reaching a peak size of RMB 5 billion. The bond was priced at the final guidance of 3.35%, 40 basis points tighter than the initial price guidance, setting an important benchmark for future RMB bond issuances by Central Asian corporates. The deal saw active subscriptions from a diverse group of international investors, including supranationals, commercial banks, funds, and asset managers, reflecting broad market confidence in RMB assets and the prospects of China-Kazakhstan cooperation.

The issuance of DBK’s dim sum bond underscores the bank’s confidence in the cross-border RMB system and reaffirms the commitment of both China and Kazakhstan to deepening financial collaboration and advancing capital market connectivity. The successful transaction provides a stable RMB financing channel for infrastructure projects along the Belt and Road, supporting regional economic integration.

As one of the first Chinese investment banks to enter the Central Asian market, CICC became the first Chinese institution to obtain remote membership of the Astana International Financial Centre (AIFC) and Astana International Exchange (AIX) in 2018, and signed a cooperation memorandum with AIX in 2022 to jointly promote the issuance and trading of RMB-denominated products. These efforts support the development of AIFC’s offshore RMB market and explore cross-border investment and financing opportunities between China and Kazakhstan. CICC played a key role in this landmark bond issuance—grounded in its deep understanding of both Chinese and international capital markets, especially in Central Asia—significantly enhanced subscription quality and market impact. It also established an innovative cross-border financing model for China-Kazakhstan production capacity cooperation under the Belt and Road Initiative.

Going forward, CICC will continue to leverage its extensive experience in domestic and international capital markets, uphold the philosophy of “Chinese Roots, International Reach”, supporting the development of the Belt and Road Initiative and fostering a new era of global financial cooperation.