Eldik Bank Prepares for Debut Eurobond Issuance

State-owned Eldik Bank is entering the international capital market. In February 2026, it plans to debut by issuing eurobonds worth approximately $300 million. The funds raised will be directed toward developing infrastructure and constructing strategically important projects for Kyrgyzstan’s economy, as well as advancing the green economy and financing ESG projects.

An international advisor, Oppenheimer Europe — the European division of the American investment bank Oppenheimer — has been engaged to support the transaction. This advisor was selected based on a tender announced by the credit institution for consulting services related to accessing international capital markets.

The company is responsible for Eldik Bank’s international market entry strategy and preparing for the requirements of global investors. Following global practice, the advisor’s fee is expected to be about 0.5% to 1% of the funds raised.

Eldik Bank’s debut eurobond issuance will be listed on the London Stock Exchange.

It is noted that the decision to enter the international debt market was made within the framework of the state strategy for developing Kyrgyzstan’s capital market. According to the decree of the President of the Kyrgyz Republic, S.N. Japarov, one of the Cabinet of Ministers’ priority tasks is to obtain a sovereign credit rating for Kyrgyzstan and issue international sovereign bonds. Additionally, the government has been tasked with ensuring national companies’ access to global capital markets, diversifying sources of external financing, and coordinating the issuance of corporate bonds and IPOs.

Preparation for the international placement logically follows the bank’s significant capital strengthening. In June of this year, Eldik Bank completed the largest recapitalization in the country’s financial sector history, amounting to 60 billion soms. As a result, its authorized capital reached nearly 75 billion soms — more than half of the total capital of Kyrgyzstan’s banking system (147.1 billion soms). For comparison, the National Bank’s minimum requirements, which will come into effect only in 2026, will be 1 billion soms.

Currently, Kyrgyzstan holds sovereign ratings of S&P — “B+” (Stable), Fitch — “B” (Stable), Moody’s — “B3” (Positive). These ratings form the basis for corporate borrowing. Eldik Bank itself has already received a Fitch rating of “B” (Stable) and expects an S&P rating in August.