Latham & Watkins Advises Kazakhstan on $2.5 Billion Sovereign Bond Issuance.
Latham & Watkins has advised the Republic of Kazakhstan in connection with its successful issuance of US$2.5 billion in sovereign bonds across two tranches. The offering included US$1.35 billion of 5.00% notes due 2032 and US$1.15 billion of 5.50% notes due 2037.
Both tranches were issued under Regulation S and Rule 144A of the US Securities Act and are listed on the London Stock Exchange (LSE), the Astana International Exchange (AIX), and the Kazakhstan Stock Exchange (KASE).
The move underscores Kazakhstan’s continued ability to access global capital, with strong interest from international investors. Proceeds from the transaction are expected to help support government spending and long-term financial planning.
On the banking side, Citigroup, J.P. Morgan, and Société Générale acted as joint lead managers. Locally, Halyk Finance and Teniz Capital provided additional support as managers on the ground in Kazakhstan.
The transaction reflects Kazakhstan’s broader strategy of keeping international investors engaged while maintaining a diverse debt profile. The bonds drew interest across a range of regions, suggesting ongoing confidence in the country’s economic outlook.
Latham & Watkins served as legal counsel to the Republic, working closely with the Ministry of Finance. The legal team was led out of London by partners Manoj Tulsiani, Mikhail Turetsky, and Ryan Benedict, with associate Alexander Kartyshev also playing a key role. U.S. tax matters were handled by Chicago partner Enrique Rene de Vera.
Latham & Watkins LLP is a leading global law firm known for its expertise in corporate, litigation, and transactional law. With over 2,000 attorneys in 14 countries, the firm advises clients across a wide range of industries, including technology, healthcare, finance, and energy. Founded in 1934, Latham & Watkins is renowned for its work with emerging companies, offering legal solutions for startups and growth-stage businesses. The firm’s Emerging Companies & Growth team helps navigate complex legal matters related to business formation, financing, and scaling, making it a trusted partner for innovative companies worldwide.
