Sidley advised the joint global coordinators and lead managers, BOC International, Bank of China (Hong Kong), China CITIC Bank International, China International Capital Corporation and Citi, on the establishment of CNY 10 billion Medium Term Note Programme by JSC National Company KazMunayGas (“KMG”) and its debut offering of CNY 1.25 billion five-year senior unsecured Dim Sum bonds.
The bonds were listed on both the Hong Kong Stock Exchange and the Astana International Exchange (AIX).
This issuance represents a key milestone in KMG’s strategy to diversify funding sources and engage new investors in Asia. It is also the first time an issuer from Central Asia has established a debt programme dedicated to the Chinese yuan (Dim Sum) bond market.
Sidley’s cross-border team was led by partners Vladimir Mikhailovsky and Carrie Li, supported by Joel Lam. Sidley’s David Howe advised the trustee and agents (Bank of China (Hong Kong)) on the programme establishment and the debut offering.
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