KZT 800 bn or USD 2 bn equivalent! That is the total issued volume of AAA-rated DFI bonds in tenge in Kazakhstan – all of which were initiated, structured and placed by Tengri Partners Investment Banking (Kazakhstan) (“Tengri Partners”) since 2018.
In august of 2018 Tengri Partners made its debut in bringing AAA-rated development financial institutions (DFIs) to the capital market of Kazakhstan when we first placed bonds of International Finance Corporation (IFC) denominated in KZT on the Kazakhstan Stock Exchange (KASE) with a total volume of KZT8.6bn ($25m). We successfully oversaw the inclusion of DFI bonds into the basket of government securities eligible for REPO with the National Bank of Kazakhstan, considerably increasing the attractiveness of the instruments for institutional investors and, subsequently, bolstering the market activity.
The deal became a landmark event in the history of the development of capital markets in Kazakhstan de facto establishing a new asset class. Following IFC, Tengri Partners has successfully placed international bonds of Asian Development Bank (ADB) and European Bank for Reconstruction and Development (EBRD).
In that our DCM team has achieved something that became its DNA ever since i.e., bringing innovative solutions to local capital markets facilitating the flow of capital to borrowers while satisfying idiosyncratic needs for high-grade credit of institutional clients at the same time.