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Squire Patton Boggs said in an announcement on its website on 2 November 2026 that it had advised Sovereign Wealth Fund Samruk-Kazyna JSC on establishing a Medium Term Note Programme and on the first bond sale carried out under it. According to the firm, it acted as counsel to the issuer under English, US, Hong Kong, Kazakhstan and AIFC law on the transaction.
Key points
- The firm said it advised Samruk-Kazyna on putting in place a programme allowing issuances worth up to US$1.5 billion, sold in reliance on the Rule 144A and Regulation S exemptions.
- Under the programme, Samruk-Kazyna issued notes worth CNY2 billion carrying a coupon of 2.15% maturing in 2029, alongside a CNY1 billion tranche at 2.30% maturing in 2031.
- The firm said the sale marked Samruk-Kazyna’s first entry into the offshore renminbi, or dim sum, bond market, and the first such issuance by a sovereign wealth fund from Central Asia.
- According to the firm, the transaction drew combined orderbooks of more than CNY8.4 billion, around 2.8 times the CNY3 billion total raised.
- The firm said settlement of the notes was carried out through the Hong Kong Monetary Authority’s Central Moneymarkets Unit.
Listing and settlement
The firm said the programme gives notes a route onto the London Stock Exchange’s International Securities Market for trading, with further listing options on exchanges in Hong Kong, Kazakhstan and Astana. The notes issued in this inaugural sale were sold outside the United States under Regulation S, with listings secured on the Hong Kong Stock Exchange and at the Astana International Exchange.
Legal team
The firm said the team working on the debt capital markets matter was headed by Maxim Khrapov, a director based in London, drawing on lawyers from its UK, US, Hong Kong, Kazakhstan and AIFC practices. Those named include Partner Tomas Cerdan in Dubai; partners Naveen Pogula and Darina Kogan Bellamy together with associate Jack Cofer in the US; senior associate Charles Lam in Hong Kong; and partner Kopzhan Musrepov with associates Inkar Bolatbekova and Aigerim Assil in Astana.
Mr Khrapov said the firm was “delighted to have supported Samruk-Kazyna’s entry into the dim sum bond market.”
Ms Kogan Bellamy said the programme “gives Samruk-Kazyna access to a broader range of international funding options and creates a strong foundation for future capital markets activity.”